What to do when you are too scared to ask for money but don’t want to upset anyone?
Yeah, money’s a tricky issue and you’re right in thinking about wanting to make sure everyone feels okay about it.
First, ask yourself if it’s an absolute necessity to ask for a loan. If it’s for something like buying new clothes, a game, or a toy, then you probably don’t want to go that route. You can do without.
However, if it’s for things that are a necessity like buying food, taking care of yourself, or your kids/ family, then consider carefully if you can cut back somewhere else to purchase these things yourself.
Here’s what you can do:
- Think about how much you need (not want). You don’t want to ask for too much, but you also don’t want to ask for a second loan.
- Make a plan for how you will repay it. For example, every month you will pay back $20 (depending on how much the loan is and what you can afford to pay back).
- Think about what would happen if you could not make a repayment. Most loans would require a late payment. Maybe you could agree to babysit, help with chores, like cooking or cleaning. Talk this through with the person you’re asking a loan from. Make this a part of your agreement.
- Put it in writing, so that it’s clear what the plan is.
Here’s an Example Plan:
_(person giving loan)___ agrees to loan __(your name)___ in the amount of _(amount)__.
__(your name)___ will pay back _(amount)__ every __(monthly/weekly/every paycheck)__until loan is paid.
If a payment is missed, ___(your name)_____ will ____(babysit, cook, clean, add 1% interest)______.
Kudos to you for thinking ahead and wanting to do this the right way.
Best of luck,