How to Borrow Money During Tough Times

    Published: 06-16-2009
    Views: 11,176
    Elaine Swann with Everyday Style discusses how to borrow money in tough times.

    Elaine Swann: Hi! I am Elaine Swann with Everyday Style. In this video, we're discussing polite ways to talk about money. Now in this particular segment, we are going to discuss how to borrow from family members or even friends during these tough economic times. Family members and friends, that's the best place to start, if you need to borrow money, these are the perfect individuals to go to, because they are going to be a little bit more flexible with your new payment terms. But one thing, I want you to be sure to do is be honest with them about your repayment plan.

    Make sure that you map out something that you can actually adhere to and talk with them and let them know if you are not going to be able to come up with the money when you say you will, they'll really appreciate that.

    In borrowing money from friends and family members, there is a few red flags you should watch out for. For example, if a person is really showing some reluctance and it looks like you have to kind of convince them to give you money or lend you money, you might not want to trade in that area.

    Second, if the person is really sacrificing to help you, that's not something you should do. If they are making a sacrifice and you don't come through when you are supposed to, you could really, really destroy that relationship.

    There may come a time, when you'll have to approach a family member or a friend and ask him if you can live with them. You want to be sure that you have a distinct plan to go in place. In the beginning, if you can't contribute to their household financially, then make sure that you do so at some in time. Also make sure that you map out some sort of plan. For example, you might start out saying, "I am going to stay here for 6 weeks and then I am going to get a room to rent and then from there I am going to get an apartment," just have some sort of goal in mind. Be sure that do not wear out your welcome. Keep it short, sweet and simple.

    You always want to make sure that when you leave if something detrimental happens, you can always go back. So those are our tips today on polite ways to talk about money. Just remember approach everything you do with grace and style.

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