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Do you ask your parents to pay you money back when they ask to borrow money?

Regular Contributor

Do you ask your parents to pay you money back when they ask to borrow money?

For my parents, its a big fat no lol

 

They believed that since they spent hundreds of thousand dollars to raise me, I should let them borrow as much money from me as they want and they never have to pay a dime back lol

 

I'm okay with it most of the time because they haven't ask for anything outrageous.

 

Do you agree? Disagree? How does money play a role in your relationship with your parents?

Message 1 of 39
38 REPLIES
Valued Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

My parents have never asked to borrow money from me, but if they did, I think they would pay it back as soon as possible. Their cell phones are on my plan and they pay me like clockwork on the first of every month without me ever asking.

Fico scores as of 7/14/16 are EQ: 797 TU: 791 EX: 804
Message 2 of 39
New Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

My mother occasionally borrows money from me. The most she has ever owed me was $1,200. She always pays it back, usually around tax return time.

They way I think of it is that I'm giving her a gift and if she pays me back...great! If she doesn't, I'll probably not give too many "gifts" in the future lol

My mom isn't as well off as me. I don't mind helping out if she needs it.



Message 3 of 39
Regular Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

I've been the family bank. Including my parents. Nope. Not again.  

Starting Scores: September 2015 minus 500 across the board
Current Scores: October 2017 EQ: 715 TU: 710 EX: 716
In My Wallet:
Cap1 QS: $4.8K - AMEX BCP: $4.2K - Old Navy Visa: $7K - Nordstrom $3.8K - VS $500 (FTW!)
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Message 4 of 39
Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

Nobody wants to borrow money from me. I demand FULL disclosure as to why they always need to borrow money. It seems nobody wants to address their behavior when it comes to finances.

I also don't cosign anything. Period.
Message 5 of 39
Regular Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

They raised your ass. You dont ask them to pay you back.

Message 6 of 39
Member

Re: Do you ask your parents to pay you money back when they ask to borrow money?

Frm my country is an dishonour to demand the repyamet amongst your parents for personal lends and only for contracted business is a proper time to have repaid
Message 7 of 39
Established Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

For me, I give it to them, it's not a loan to my parents.  I'm very lucky and they have always been there for me.  

 

Now anybody else, I write it down and no more is loaned until that is paid back.  

Message 8 of 39
Community Leader
Super Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?


TheVig wrote:
Nobody wants to borrow money from me. I demand FULL disclosure as to why they always need to borrow money. It seems nobody wants to address their behavior when it comes to finances.

I also don't cosign anything. Period.

Same here.  

Message 9 of 39
Frequent Contributor

Re: Do you ask your parents to pay you money back when they ask to borrow money?

My mom has horrible credit and would always use all of her available credit and pay it back with minimum payments. But whenever she borrows money from me, she pays it back as soon as possible. I've never asked her to pay me back, this has just always been the case.

 

Recently, I even added her as an AU to all of my USAA cards, my AMEX cards, my Chase Freedom, and my Walmart store card. She has never spent an unreasonable amount even though the limits are higher than any she's ever had access to. And she transfers money to my USAA account every payday for me to make payments, usually paying in full. 

Mar 2017: EQ 733 80 INQ | TU 768 42 INQ | EX 755 80 INQ || AMEX PRG | AMEX BGR | USAA Rewards VS $17K | USAA NAMF AMEX $15K | SECU Visa $10K | Cap1 V1 (AU) $45.75K | AMEX BCE (AU) $10K | Marvel MC $25K | Walmart MC $10K | Freedom $12.2K | USAA Cash Rewards VS $18K | Walmart SC $25K | PENFED CR $9K | AMEX EDP $24K | Banana Republic SC $10K | MECU $10K | Amazon SC $25K | Barclays Apple Rewards $10K | J. Crew $13.6K | Cap1 PlayStation $3K | Cap1 QS1 $2.6K | Business: AMEX Green NPSL | AMEX SimplyCash $2K | AMEX Blue for Business $3K | Cap1 Spark Visa $7.5K | Amazon Rev. $2.5K | Amazon PIF (No PG) $1K | Walmart (No PG) $2.5K | Chase Marriott Business $30K | Chase Ink $14K
Message 10 of 39