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How to Convince Your Parents to Give You Money

All of us love independence and that satisfying feeling that comes from doing our own thing. However, we tend to love getting what we want more than we love our pride. If you want something big (such as money to pay rent), you’ll need to strategize before hitting your parents up. They hold the keys, after all — but getting those keys isn’t impossible.

1. Take It Seriously

Asking for money is a big deal for both you and your parents. List the things that you want to say and your parents’ potential counter-arguments. If you go into a discussion armed with a notepad and pen, your parents will know that you’ve given this a lot of thought. They’ll respect your initiative and listen to you.

2. Be Courteous

Remember to be respectful and grateful regardless of the outcome. Your parents want to give you things! If they had an endless supply of money, they would shower you with goodies and bask in the pride of spoiling their children. But they’re not fountains of money.

Instead, go with a low-pressure approach. Don’t ask for a yes or no immediately. Instead, tell them, “I don’t want you to answer right now — just think about it.” This maturity and respect will go a long way toward getting you what you need. 

3. Use Statistics and Facts

Remind your folks that things aren’t as financially easy for millennials as they were for past generations. There’s a wealth gap in which the top 1 percent is becoming exponentially richer while the rest of us suffer. Why not use this information as ammunition when making your plea? 

Before making your request, do some research so that you can provide supporting facts and figures. If you want money to buy a new guitar, for example, be ready to talk about the benefits of it, such as increased self-confidence, improved listening skills, stress relief, and higher levels of happiness and achievement.

4. Compromise

This is what adults do, and the sooner you get on board with bargaining, the better! If you’re asking for U$1,000, and if they agree to give you U$750, take it. It’s a win. 

Another strategy is to meet them halfway by offering to pay low-interest. If you don’t have your own income, offer your services. Cooking meals, cleaning the house, and even good grades can be offered as a currency.

5. Stress the Importance

This probably won’t work if you’re gunning for a $200 pair of designer jeans, but be ready to explain why the thing you want is important. For a new phone emphasize the need to have a reliable device in case of emergencies and a calendar app to keep track of your classes or work schedule.

If you’re shooting for something bigger, such as money for a newer car, don’t mention the cool LCD interior lighting effects. Instead, list the safety features and stress the danger of breaking down on the side of a busy highway. Just hope they don’t get you an Auto Club membership instead.

6. Make It About Them

Parents, like everyone else, are susceptible to flattery. Use your statements to highlight how they’ll benefit if they help you out. For example, a new car will allow you to visit them more often. A better phone means that more photos will be sent their way. With that fancy new set of ceramic cookware, you can make them a gourmet meal.   

7. Try, Try Again

If they say no, it’s not the end of the world. Calmly ask why they made their decision and respect their reasons. Above all, keep cool. Getting mad will shut the door completely. You can always ask again later — unless you throw a fit and burn that bridge. Thank them for considering your request and leave them with a good impression about the talk.

Don’t pester them by asking again and again. Instead, wait until the right time and gently tease them that you haven’t forgotten about that whatnot you asked for. Be persistent but not bothersome. You’ll be surprised how often their “no” actually means “We want to say ‘yes’ but aren’t ready yet.”

When asking for money, making the right choices requires a combination of sneakiness and tact. Get some decision-making practice with Eko’s interactive film “#TMW You Have to Ask Your Parents for Money,” part of their That Moment When series. You make the choices and guide the discussion toward blazing success — or crushing failure.

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