In my five years of studying financial management, never was the idea of ‘how to ask for money mentioned. We were taught to have a big dream and pitch our ideas to investors and they will buy into it.
That might have worked in the 20th century, but in this millennia, knowing how to ask is almost more important than the reason for asking.
Here is my personal encounter!
I was in a fix, in need of urgent donation and none was forthcoming after practically begging my friends and loved ones. Desperate for a change, I came across a book that taught me all I am about to share.
Do you need funds and donations for an important project and can’t seem to find any help? Or, do you just wish to ask your friends and loved ones for fun? Come let’s teach you the sure ways to get a “yes” even without begging.
How to Ask For Money from Friends or Loved ones | Proven Tips
Here are the proven tips you need to imbibe when asking your family, friends, or even foes for money.
#1 Get your Finances Right before Asking
Sit down and calculate the exact amount you need.
It is rather embarrassing when asked the exact amount you need, and you begin to stutter. It shows you are not serious.
Get the figures right, let it remain the funding.
#2 Have A good Reason
Even your family and loved ones want to be sure the money you are asking for is not for frivolities. Nobody wants to spend their hard-earned sum for a below noble cause. Make sure the reason for asking for the money is just.
#3 Have A Repayment Plan
One of the secrets to getting the money you asked from family and loved ones is when they are convinced that you will repay.
Ask in the form of a loan and have the repayment plan explained to them. This protects your personal relationship with the individual when you create a fair repayment plan.
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#4 Put it in Writing
It is not enough to have a repayment plan at heart. Show your seriousness by making it a legally binding document that will be signed by both parties.
Whether it is a legal document or not, you should take this seriously.
If possible, the repayment plan should have a clause for consequences upon repayment failure and interest if applicable.
#5 Avoid Asking people Who Are not Financially Secure
It is not right to ask your friends who are not financially secure for money. Try not to put them under pressure when you know they don’t have the means to help you.
Additional Tips To Ask for Money From Family and Friends
It is ok to ask for help. In fact, this option is better if you do not want a heart attack that will arise from repaying back loans.
While you’re asking for financial assistance, consider offering your free time to help friends and family. Especially the ones paying your bills for free. Do you have spare time? You can help mow their lawn, clean, or cook.
You’ll feel better accepting their help if you can offer something in return.
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How to Ask Friends and Family for Money
Earlier in the post, we made mention of how to ask for money from family and friends.
To clarify that, ask for money respectfully. Be polite while asking. They may be your family, but they are under no obligation to help you out. They are not loan companies. So, avoid the entitlement mentality in your speech.
In the same vein, give them time to consider your request. Don’t pressure them to give you the desired loan. Rather, leave notes and polite reminders about your current needs.
Follow up the discussion with a friendly visit that’s not about finances.
When they give you the money you ask for, show gratitude.
Finally, make sure to check on them regularly to let them know you haven’t forgotten their help and that you will pay back.
In conclusion, the best way to ask family and friends for money is to just ask. But, ask politely. Also, consider their help as a loan that will be repaid. In this manner, you will only ask your family and friends for money when it is necessary. The less frequently you ask, the more chances you will have in receiving.
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