What Do You Do When Your Parents Ask For Money?

by | Last updated on January 24, 2024

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  1. It is better to give than to loan. If you really want to help them out, giving is the best way to do that. …
  2. Give your time. Sometimes, you can do more if you offer your time and not just money. …
  3. Plan how you can recover the money. …
  4. Seek out alternatives.

What do you say to your parents to get money?

  • Ask with gratitude, show appreciation! …
  • Trade what you want for what you can do. …
  • Make them look good. …
  • Match funds. …
  • Earn credit, slowly. …
  • Be part of the solution, not the problem. …
  • Ask for delayed response. …
  • Stage your requests carefully.

Is it OK to ask parents for money?

In order to avoid the conversation getting tense or too emotional, it’s a good idea to talk to your parents before you’d even need to borrow money in order to see how they react. “

When you don’t need the money is the best time to feel them out

,” Malani says.

Is it normal for parents to take your money?


It’s not illegal to take money from your kids in most cases

, although, of course, there are exceptions, like if the child’s money is in a specific trust and you abuse the funds. … But dipping into the children’s money without discussion can be a problem, and it does send some strange messaging.

Is it illegal for parents to take your money?

Although you may consider your parents’ withdrawal of money from your account as unfair,

their conduct is not unlawful

, provided it is permitted under the terms of the contract. When you reach a certain age (16 years old for Youthsaver accounts), you can request that the bank give you full authority over your account.

How can I make $1000 fast legally?

  1. Take advantage of sign up bonuses. …
  2. Earn referral bonuses. …
  3. Join market research opportunities. …
  4. Get cash back on your shopping. …
  5. Start a blog. …
  6. Make extra money as a virtual assistant. …
  7. Round up your change. …
  8. Become a tutor.

What is a good excuse to ask for money?

If you’ve got family that can afford to foot the bill,

school

is a very good excuse to borrow money. Anyone can fall ill at any time or have an accident that lands them in the hospital. Without health insurance, hospital bills and medication can easily break the bank and put you into debt.

What is a polite way to ask for money?

  1. You can ask them what use they have put the money to. …
  2. Ask them to cover for you someplace. …
  3. Give them a polite reminder.

How could a 12 year old make money?

  1. Work as a ‘mommy’s helper’ In the past, middle-school-age baby sitters were the norm.
  2. Help a local senior. This was actually one of my earliest jobs.
  3. Open a lemonade stand. Ah, a lemonade stand.
  4. Do yard work. …
  5. Walk dogs. …
  6. Pet sit. …
  7. Provide tech support. …
  8. Wash cars.

How can I get pocket money from my parents?

  1. Doing laundry and ironing. Kids can leave what feels like a ridiculous amount of dirty clothes in the laundry basket. …
  2. Cooking meals. …
  3. Tutoring younger siblings. …
  4. Washing cars and mowing lawns. …
  5. Organising a garage sale.

Is it illegal for parents to take your phone?

You are a minor living in their house so

they can legally take your cell phone

. If you pay for the phone and service, you can leave your parents’ home and seek housing for yourself. At 17 you could life on your own.

Can my parents take my money if I’m 18?

As a general matter turning 18 means that you are an adult and

you do not have to permit your parents to obtain your paycheck

.

Can a parent steal money from their child?

Answer: When parents take money that belongs to their children,

they may not think of it as stealing

. But that’s exactly what it is, legally and, of course, morally.

Can parents take your phone if you pay for it?


Yes

, they can.

Is it legal for parents to hit their child?

Parents/caregivers can

only use corrective force (or physical punishment) that is minor or “transitory and trifling” in nature

. For example, spanking or slapping a child hard enough that it leaves a mark or bruise would not be considered “transitory and trifling” and would not be reasonable.

What age can you take your parents off your bank account?

See: Joint Bank Accounts: What You Need To Know

But it’s also the time at

18

to consider severing the joint account and putting the new adult in charge of the money. Why? No matter how old you are, your parents will have full access to your funds as long as they are joint owners of your account.

Ahmed Ali
Author
Ahmed Ali
Ahmed Ali is a financial analyst with over 15 years of experience in the finance industry. He has worked for major banks and investment firms, and has a wealth of knowledge on investing, real estate, and tax planning. Ahmed is also an advocate for financial literacy and education.