Wednesday, October 26, 2011

Five Easy Steps to Asking Your Parents for Extra Money While at College

Have you seen this old joke of a university student writing a letter to his parents asking for some money?
The son :
The Parents :
In order to successful ask your parents for extra money while away at college, you need to have a strategy. You can't send off a silly note and expect your parents to send you money. Here's a simple outline of some steps to take to successfully ask your parents for extra money.

First, you should ask for extra money face-to-face whenever possible. If face-to-face isn't possible, you can ask for money over the phone. Asking for money by mail or email isn't recommended. We recommend face-to-face as parents will be able to see your body language ie: tears streaming down your face, begging on your knees, etc. It is more difficult for a parent to say 'NO' face-to-face than it is in an email.

Second, be specific about the amount of extra money that is being requested. If you simply say, "Mom, I need some extra money". She may be thinking you need only $20, but in fact you need $500.

Third, parents are more likely to hand out extra money if it's for a necessity, such as rent, food, clothes, or transportation. State that you need the money to cover one of these expenses and you'll soon have that extra money in the bank.

Fourth, if asking for some extra money backfires and your parents say 'NO' to your initial request, that's okay. This is just a step in the negotiation process. You need to have a come back if their response is 'NO'. If your parents say that the amount you are requesting is too much, you can suggest an alternative way of receiving money. You can suggest they pay for a certain bill such as the telephone bill so that you can communicate with them more often. You could suggest rather than getting a lump sum payment at once, that a monthly payment be set up.

Fifth, set out a repayment plan for the money that was received. Parents will love to see that you are responsible for money matters and that you are serious about the money that you are asking for. Most of the time parents will simply say, 'Don't worry about it' and will ask that you don't repay the money and that it's a gift.

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