Having financial difficulty and wondering how to ask for money politely? Well, the majority of us will fall into financial difficulty at some point in our lives. Perhaps there is an unexpected expense that has occurred and you don’t have the funds to pay for it. Or maybe you have been having financial difficulties for a while and you are struggling to keep your head above water.
Falling on hard times happens to the best of us, and with the cost of living crisis, more and more of us are feeling the financial pinch. Things are more expensive and our money isn’t stretching as far as it usually would.
During these times, our financial difficulties can really take their toll on our mental health, it can cause significant stress, worry, and anxiety, so asking for help and support during these times will be a relief.
Asking for money can be incredibly difficult for some people, you may feel embarrassed, ashamed or fearful, but there is no shame in asking for help, in fact speaking up when you need help represents strength and courage.
Be sure to speak to and ask whom you love and trust and will refrain from judging or condemning you.
1. Explain your situation
If you are struggling with money then the first you need to do is explain why you need it, especially if it is a large amount.
You are more likely to get someone to lend you money if you are honest about your circumstances and the difficulties you are facing.
You may not want or need to go into exact detail, but summarizing what you need it for will be helpful. For example – ‘I am struggling with running the household and need extra money to go towards paying the bills’.
It may be difficult for you to disclose your difficulties, especially if you are someone that struggles to do so, or likes to keep their affairs private but if you don’t ask then you will not get.
Remember there is no shame in telling a friend or family member that you need help. There is no need to struggle in silence.
2. Arrange a payment plan
When borrowing money from someone, it is always recommended to discuss with whoever is lending you the money how you plan to repay them back, that way you can reach a mutual agreement.
Things you can agree on are the date that you will pay the money back if it will be in instalments or in full.
Arranging a payment plan is one of the most important aspects of borrowing money, as everyone will be clear on expectations and you may find that this will ease your anxieties and theirs about borrowing/ lending the money.
3. Put the agreement in writing
Putting the agreement of the loan in writing is a more formal way to borrow money from someone. It is likely to provide the lender with some security that they will get their money back.
When putting the agreement in writing, you will need to ensure that you clearly state how much was borrowed on what date and be sure to include any dates that the money should be paid back.
Whilst most people do not put the agreement in writing when borrowing/lending to friends and family, not doing so can be problematic if the money is not paid back, it is short, late or there are disputes about how much is owed and when it was supposed to be paid back.
If there are any disputes then the matter could be dealt with legally, since it is in writing. When borrowing another
4. Keep whomever you borrowed from updated
If you have ever borrowed money to someone, I am sure you would agree that it can be very irritating not to receive the money when you are expecting to. It can be even more irritating to have to chase the person you lent money to ask when you will get it back.
If you borrow money you should always keep the person who lent it up to date. For example, if you promised to pay it back on a certain date but you are busy at work, be sure to send them a text on your break letting them know that you are busy at work but that you will transfer the money later.
Keeping the person who lent you money up to date is the polite thing to do.
5. Always be open and honest
Always be open and honest with whomever you have borrowed the money from. Not doing so can cause a breakdown in the relationship and you could wind up losing someone you love and care about.
If you are dishonest then you are also likely to burn your bridges with this person if you need help in the future and may even end up ruining your own reputation with those around you.
Examples of where it may be necessary to be open and honest are:
- Your reasons why you need the money in the first place
- When you are not able to pay the money back when you initially said you would
- If you are struggling to pay back the money you borrowed
If you are struggling to pay the money back, then it is likely that you a feeling bad about letting the lender down and the easiest thing to do may be to bury your head in the and avoid them, but I can assure you that this will only make things worse. Pluck up the courage to be open and honest with them.
6. Get some professional advice
If you are having money worries and you are struggling, then borrowing money from a loved one may help you out short term but this may not be a long-term solution to your financial difficulties.
If your financial difficulties are likely to affect you long-term then it would be wise to speak to a professional who may be able to advise you on your situation.
Professional help you can contact may be:
- Your bank
- Debt advisors
- Financial advisors
- Non profit organizations and charities
- Citizens Advice
7. Express gratitude
Last but not least, If someone is lending you money you should always express gratitude to them for helping you out, it’s the polite thing to do and aside from that gratitude can change your life!
