Times It’s Okay To Ask Your Parents For Money

October 30, 2019  |  
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asking parents for money at 30

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It’s never easy to put your pride aside and admit that you need a little financial help. It can be especially difficult to ask for that help from your parents. Doing so can leave you feeling like all of the hard work you’ve done to become independent was for nothing—here you are, asking for cash from mom and pop again, just like you did when you were 12 years old. But, don’t look at it that way. Your hard work has not been for nothing. In many, many ways, you’ve supported yourself. You have been independent, and taken the financial burden of your regular expenses off of your parents (I’m assuming). But there are some irregular expenses life throws our way that almost no regular human who isn’t a millionaire could handle on their own without a little help. Especially when you’re still young. Here are times it’s okay to ask your parents for money.

asking parents for money at 30

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First, know they asked theirs

There is a very, very good chance that your parents asked their parents for financial help once. So if you’re feeling guilty thinking, “My parents were able to make it all on their own, why can’t I?!” that probably isn’t true. Older generations tend to have significantly more money than younger ones because hello compounding interest on investments. I bet your grandparents gave your parents money a couple of times.

asking parents for money at 30

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If they have a fund for this very reason

Your parents may have been setting aside money throughout your life for this very reason—to help you. If you didn’t use it now, then they were just going to leave it to you when they passed away. At least if you use it now, they can see what wonderful thing you do with it.

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Sending a child to school

Speaking of wonderful things, if you can’t afford to send your child to a great school that you know will set her off on the right foot in life, ask your parents to help. You aren’t even asking for yourself—you’re asking for your child.

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Buying a home

Buying a home is generally a great idea if you can find something that will likely appreciate. But very few young individuals or families have all of the money they need to make the down payment. Ask your parents. They know this is an investment in your future. They’ll take joy in knowing they helped you set up what will ultimately be part of your retirement plan.

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Renovating your home

If you aren’t looking to buy a new place but instead already have an old place, perhaps someone appraised the property, and discovered certain renovations would greatly increase the value. But you don’t have the cash for those renovations. Your parents may be happy to help again here, too, as this is an investment. If you sell the property for a profit, maybe you can give them a piece of the pie.

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When a bank won’t help

Perhaps for a variety of reasons—your job history or credit score—a bank simply won’t lend you money for something you really need. Or, if they do, they’ll charge you way too much for it. If your parents are comfortable with it, they could be your lenders, and offer you a much more reasonable loan than the bank would. If you know you can make those payments to your parents, then you’re actually providing them with a safe investment opportunity.

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Seed money

Anything you’re trying to build for your future is probably something your parents are happy to help with. If you’ve thoroughly done your research, run the numbers, have a business plan, and are ready to put in the work to start your own business (knowing it takes a certain type of person), perhaps your parents will give you a little seed money.

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Medical procedures

Don’t be proud and take out a huge credit card debt to pay for an important medical procedure. It could financially ruin you. If your parents could help you pay for all or a chunk of it, bringing down your debt, ask them for help. You are their baby—they will likely always feel that keeping you healthy is their responsibility.

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Your wedding

Not only is it okay to ask your parents for money to help pay for a wedding, it might be important to do so. A lot of individuals today are trying to avoid asking their parents for this help out of pride—they think the less they let their parents pay for the wedding, the less say their parents can have in the wedding. But, that’s a bit sad. Stop being stubborn. Stop seeing how much it will cost a fast food place to cater your wedding because it’s all you can afford on your own. Let your parents pay for a bit, and let them have some say. It will make them happy.

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College resume boosters

For your child, that is. Perhaps you know that learning a second language or an instrument would vastly improve your child’s chances of getting into a good college, but you can’t quite afford to pay for the lessons. This is another time your parents would probably be glad to step in and invest in their grandchild’s future.

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To join them on vacation

So your parents want you and your family to join them on a vacation. Maybe they want you to visit for the holidays. You’re too proud to tell them that, um, you can’t afford the plane tickets for all of your family during that very expensive travel season. Don’t make up other reasons: just tell them. They’ll probably gladly pay for some of the travel, if it means getting to spend time with you and yours.

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A car emergency

You need your car to live your life—to take your kids to school and go to work and run errands. But sometimes a car issue comes up and the bill is just too big. But if you don’t have a working car, you’ll lose even more money since you need it to earn money. Ask your parents for help. They understand you’re trying to actually be responsible—you need the car to stick to your responsibilities.

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A laptop emergency

A laptop is another thing you likely need in order to make your living and just make your life run smoothly. While asking for money so you can have the fanciest, most high-tech machine out there may not be appropriate, if you need money for a new, basic laptop so you can continue to earn money, ask your parents.

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An insurance deductible

Whether it’s on your car insurance, home insurance, pet’s insurance, kid’s health insurance, or dental insurance, sometimes that deductible is just too high. But your insurance company won’t start paying any of the bills associated with the incident if you don’t cover that deductible. Ask your parents for help.

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When you tried your best

Really, think of it this way: your parents know how expensive life can be. If they’ve seen you working hard and trying your best—if it’s apparent that your intention is to be financially independent—they’ll be happy to help you when you just can’t cover something. People are generally happy to help people who are already helping themselves.

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