When we are young, our parents pay for most things for us. As we age, we slowly learn to pay for things ourselves, either by earning an allowance, saving up monetary gifts, or getting a job. Then, once we graduate high school and get a job (or graduate college and get a job), bills shift to us. Although this isn’t the progression in every family, most families follow a similar pattern. Once a child turns eighteen, or graduates college, they become responsible for their own finances. Although most of us try to manage our finances ourselves, sometimes there are circumstances where we need help. But just how do you know when it’s acceptable to take money from your parents, and when you need to find a different solution to a financial problem? Here are some questions to answer to determine if it’s okay to ask for or accept money from your parents.
1. Is it fair of you to accept money from your parents?
As mentioned previously, when we are young, our parents usually pay for most things for us. However, once we become adults, it is usually our responsibility to pay for our own bills. According to Gallup, 29 percent of U.S. adults under age thirty-five are currently living at home. It’s impossible to know if all of these adult children need to be living at home.
There is no specific age that you can’t accept money from your parents; once you become an adult, your decision should really be made based on the situation itself. So, first you should ask yourself if your situation really requires assistance. If you want to go on a vacation, but you don’t have the free cash, that really isn’t a good reason to ask your parents for money. Even if you have an emergency, and you have the money in your emergency fund but you don’t want to use it, you really shouldn’t ask your parents. You should save asking and accepting financial help from your parents for real emergencies (like hospital bills, loss of an income, etc.)