So…your bank account is empty. Like, EMPTY empty. Yikes!
Even though it might feel shameful, we’ve all been there. Living paycheck–to–paycheck can be rough, and it only takes one emergency to deplete what you’ve got saved up. Plus, EVERYTHING is more expensive lately. It’s getting harder to get by.
So what do you do?
Asking for money can be awkward, both on the person asking and the person being asked. But sometimes, it’s your only option. And sometimes, it’s a great option caring for each other is a way to build community.
But it can be tricky to start that kind of conversation. It’s important to approach the other person respectfully and politely, so you can get help without sacrificing the relationship.
Still freaked out at the thought of asking? Don’t worry, we get it. That’s why today, we’re sharing a round-up of strategies on how to ask for money politely!
How To Ask For Money Politely
Step 1: Figure out how much you need.
No one wants to lend to a person without a plan, and not knowing what you need could lead to an even more awkward conversation. Or, maybe you won’t get enough cash (or maybe too much.) None of these options are ideal.
So it’s important to look at your finances, and figure out what you’ll be asking for that’s the first step. Even if it’s scary, get out the calculator, list everything out, and start adding it up. Get the number as close as you can.
Step 2: Consider all of your options.
Asking for money isn’t the only way to get it, of course, and when your budget isn’t cutting it month after month maybe it’s time to do something different.
Is there any area of your life where you’re working for free? Is there a gig you could manage that could get you extra cash? (Psst! There are a lot of hobbies that make money
Or is it time to stop settling and ask for a raise? You’ll want to have asked and answered these questions, especially if money is a continuous issue for you!
A lot of people struggle with money, but not everyone has to. Check out these episodes on financial freedom through saving:
- Getting Financially Healthy, How Money Affects Mental Health, Holding Yourself Financially Accountable & Saving When You Don’t Make a Lot from House Guest with Kenzie Elizabeth (formerly ILYSM)
- How To Achieve Financial Freedom, Invest, Save Money, & Understand Finances With Michael Bosstick from Him & Her
- Breaking Bad Money Habits, How to Budget, Getting Out of Debt, Saving & Reshaping How You Handle Finances from House Guest with Kenzie Elizabeth
If these aren’t options for you, then begin looking at who you might ask family and friends, the bank, personal loans, and credit cards are all potential options, though each has their pros and cons.
Step 3: Make a plan.
What are you going to do with the money? Why do you need it? How and when will you pay it back? These are all questions that are going to make the “borrowing money” conversation go a lot more smoothly!
Step 4: Start the conversation with transparency and gratitude.
Once you’ve decided who you’re going to ask and what your plan is going forward, you can start the conversation.
Use your plan and the options you’ve considered to guide the conversation. Let them know the position you’re in, how much you need, and how you’re going to pay it back. Explaining the other options you’ve tried/considered may help too!
Then, thank them whether for hearing you out, or for being able to assist you financially. You deserve money for sure, but you don’t necessarily deserve THEIR money, so keep that in mind!
If they aren’t able to lend you the money, continue to be respectful and show gratitude. Relationships can be ruined through money conversations, and you don’t want to head down that road!
Step 5: Stick to your word.
If you’ve found a family member or friend who is going to help you out, make sure you stick to what you said you’d be doing! Use the money how you said you’d use it, and pay it using the repayment plan you suggested. This will help to ensure the relationship is not damaged because of the loan or gift.
Asking for money can be awkward and stressful.
We hope this post made your upcoming money convo a little less daunting! Remember, EVERYONE has been there. There’s no need to feel ashamed for needing help. Just remember to ask politely!
Money problems got you feeling like you can’t quite adult, even though you ARE an adult? Check out this Almost Adulting hat to match your vibe! Then, listen to the pod Almost Adulting with Violet Benson.
For more money saving hacks, lifestyle advice, and more, you can check out our blog too!
