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What do you do when a family member owes you money?

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What do you do when a family member owes you money?

Ways to Get Your Money Back from a Friend

  1. Offer Gentle Reminders. Sometimes this is all it takes.
  2. Suggest a Payment Plan.
  3. Offer to Help Figure Out Finances.
  4. Barter.
  5. Hold a Joint Garage Sale.
  6. Get Collateral.
  7. Visit in Person.
  8. Have Them Pay for You.

Should you loan your parents money?

Don’t go into debt to support your parents—you’ll put yourself at a financial disadvantage even if it helps them. Debt, after all, can increase your credit utilization ratio or lead to late payments, both of which can decrease your credit score and hurt your prospects for getting a mortgage or other loan.

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How do you reject lending money?

Try the following:

  1. “I’m not really in a position to lend you money.”
  2. “I really don’t feel comfortable doing that.”
  3. “I’m sorry, but no.”
  4. “That’s really not feasible for me.”

Can my parents take my money?

Your parents can’t simply take your money, and the bank won’t let them.

How do you politely ask for money back?

Here are the best ways to ask for money back:

  1. Don’t get confrontational. Credit: TriStar Pictures.
  2. Drop hints about needing money.
  3. Highlight your own financial situation.
  4. Ask for money back in writing.
  5. Be flexible about receiving money back.
  6. Add a sense of urgency.
  7. Ask them to cover your half of the bill.
  8. Ask their parents.

How do you ask your dad for money?

When asking parents (or anyone, really) for money it pays to be up front and speak plainly about your needs. Pick your moment well, but don’t catch them off guard. Warm them up by mentioning casually that you’d like to set some time to talk about finances. Then say, “I feel (x time, day or event) would be appropriate.

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Should you say no to your parents’ requests for money?

Saying no to your parents’ requests for money may hurt your relationship.   However, if you clearly set parameters as to how much you can help them and when the help will stop and your parents still ask for money, then they are the ones who have chosen to risk affecting your relationship.

How can I convince my parents to give me money?

It’s important that you set clear boundaries with your parents when it comes to giving money to them, just like they should do if lending money to you. You don’t want to create an unhealthy reliance on the money in perpetuity, and nor should you encourage them to spend the money frivolously and keep asking for more.

Is it okay to borrow money from your parents?

It is important to look at this on a case-by-case basis. Most parents would only ask for money or for a loan if they were in a very difficult situation. If you have ever been in a similar situation and borrowed money from your parents, you want to be able to return the favor.

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What to say when someone asks you to borrow money?

1 Repeat yourself firmly, kindly, and gently “I’m sorry, but no. 2 Offer to help in ways that don’t involve borrowing or lending money What else can you do to help someone who wants to borrow money? 3 Expect disappointment and even anger