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How to Settle Financial Relationships with Parents
December 22, 2019

How to Settle Financial Relationships with Parents

Money plays a huge role in our family life. One of the main steps in building a healthy rapport within the family is to establish financial relationships between children and parents.

When it comes to the financial part of life, we’re always embarrassed. It’s a subject that’s not easy to talk about, even with commerce accomplices. It’s even harder to discuss it with parents, and that’s why:

  • It’s practically impossible to calculate everything in cold blood, too many feelings are often included in the negotiations.
  • Our family members have a lot of shared experiences and misunderstandings.
  • We do not choose our parents, unlike partners.
  • Parents’ negotiations are the most difficult in life, but nobody teaches us this. Therefore, we have to act according to our heart. Some people give money to their mum and dad in order not to quarrel with their loved ones. Some people, on the other hand, protect their interests but give up human affairs. In this article, we will explore how to defend our economic needs without ruining our relationship with parents and relatives.

How to Get Your Parents to Give You Money

Lots of guardians do their best to assist their beloved child when he or she is in a desperate situation. They are willing to sacrifice their time, effort, and money for their children. When you struggle with cash and are certain that your parents’ financial situation is stable, you can politely ask them for a loan, explaining what you plan to spend the money on. When someone is grateful and tries to behave well, a solid precedent is set for the future, and guardians will undoubtedly give their child money if the situation ever arises again.

Let’s investigate a few tips about how to ask your guardians for a loan:

  • Talk respectfully. Take the time to sit down and talk to your guardians about the issue. Explain to them that it’s not easy for you to ask for cash and that you’re in a situation where you have no other choice. Inform your parents about your visit in advance, so you don’t have to talk about the issue over the phone or in passing.
  • Give them your plan. According to the amount, you may want to bring the records related to your request and show them to your parents. Illustrate that you have calculated the precise amount you need. Show how much money you have available towards the purchase and ask them for the rest.
  • When asking for cash for a specific item, research it online, and print out a photo that shows the price.
  • Tell your parents that you require the money to get back on the feet. Tell them that if they are willing to loan you a specific amount of money right now, you’ll be able to move forward with stabilizing yourself financially, and you won’t need to ask them for any additional funds in the future.

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How to Settle Financial Relationships with Parents

What to Do When Parents Ask for Money

What our parents have done and are doing for us is priceless. Most guardians will only ask for financial help or a loan only if they were in a troublesome circumstance. If you’ve ever been in a similar situation and borrowed cash from your parents, you want to be able to return the favor. It is essential to set up a plan for how you’ll be able to offer assistance to your parents monetarily if they are asking for money. You should ask them a few basic questions in order to make a decision:

The following points should be taken into account:

  • A bankrupt or poor man cannot help for long: in the end, he will become a financial burden for everyone. Therefore, when helping, it is necessary to correct your financial affairs at the same time. You need to contribute to the best of your ability, without slowing down the development of your own family too much.
  • The second rule: never help anyone with loans, even your parents and children (except when the choice is between life and death). Otherwise, it will be bad for everyone, in the end.
  • Do not sponsor parents’ addictions (alcoholism, gambling, etc.). Stop right away.
  • Try not to sponsor “laziness”. You can’t help someone who doesn’t want to help themselves. Sponsoring stupidity and laziness, even parenthood, is wrong.
  • The percentage of your help is simple – first, you pay for housing, utilities, transportation, food, and clothing (essential), then pay off the debt, then postpone 20% (or 10-15%, if there are still loans) for the future.

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The rest can be can spent on your parents’ needs if you want. You can give 10%; you can provide 20%; you can provide 50% – it is up to each family to decide on its own, depending on its life and financial plan and the family’s economic state. To calculate the right amount of money that you can afford giving to parents, address DebtQuest USA professionals. We will be glad to help you with such a delicate issue and restore the warm relationship between you and your parents. We believe that parents should be helped.

Another big moment. Do not forget it is possible and necessary to help your parents not only with money but also:

  • with time
  • with advice
  • help in solving life and home situations

Don’t overlook saying “thank you” and words of kindness to your parents for as long as they are alive! And in case there are monetary contradictions between you, it is never too late to address them with a money expert so that these delicate issues don’t ruin your loving family relationship. Remember that money is just a way to form a more comfortable and superior life. Never let money overshadow your feelings and psychological state.

Often, a professional expert’s view and opinion on the assessment of your financial condition helps to solve even the most complicated financial relationships and restore peace and tranquility in the family. If you can’t solve your problem on your own, be sure to try and consult financial experts from DebtQuest USA!

Organizing control over your monetary state, will not only be helpful to yourself but can also become a commendable commercial emergency bank for your parents and children.

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