Family members and friends who love your kids just as much as you do are always trying to help, but usually, they do it by showering the children with new toys, art kits, or stuffed animals. While these gifts bring lots of joy to the little ones and certainly shouldn’t go unappreciated, sometimes they might not be what they need. Raising kids is expensive, and while there are few things sweeter than the smiles on their faces when they’re opening new gifts, they could benefit from this money in ways different than adding another toy to the overwhelming collection.
For example, you might be struggling financially because you’re a single parent, you or your partner has suffered an injury that prevents you from working, you still learn how pre-settlement funding works, and you will need the compensation for day-to-day living, or maybe there’s simply too much on your plate. In this case, you could probably use the additional money to help finance your children’s education, from books and school supplies to even college tuition. But finances are a sensitive subject, so you can either take a direct approach and suggest to your loved ones that cash would be really appreciated or try to raise the subject politely in conversations about upcoming birthdays or holidays.
To make things easier, read our guide below and learn how to avoid awkward situations when asking for financial help that will help fund your children’s education.
Don’t Feel Ashamed
Raising a child costs money, and it’s something you will have to do no matter what. Even the most frugal parents out there would have to admit that they’ve spent a hefty amount of money on their kids’ education. Asking for financial help is not something that should make you feel ashamed, and it’s definitely not something you should be apologetic or embarrassed about. Your kids are always worth it. If you need financial assistance, there is no shame in letting your loved ones know. On the contrary – you shouldn’t be afraid to ask for help, and it’s not only about money. If you’re dealing with divorce, illness, injury, or other problems, it’d also be beneficial to simply talk about your troubles.
You can approach the subject directly by letting them know that you’re struggling financially, and you would really appreciate any help they could offer. If you choose this option, it would be best to talk with someone you’re close to and don’t beat around the bush or try to distract them by talking about something else. On the contrary, be very straightforward in explaining your situation.
If you’re not great at being direct, you can also focus on something else and casually mention that you’ll need some extra money for your child’s education and see how they react to it.
Your Loved Ones Might Have Different Ways of Giving Money
Some people prefer giving you cash, while others might want to write a check and mail it to you or transfer the money directly to your child’s school or organization. Give them plenty of options, and let them choose what they prefer. Try not to push for any particular option just because it’s the most convenient one to you and appreciate their efforts.
Be Sure the Money Is Going Toward Your Child’s Education
While it’s understandable that you may need some extra money, try not to use it for yourself because the main purpose of the funds was to help fund your child’s education. You want your loved ones to know that you value their gift and will direct it toward the right cause. If they want to give you a small amount that’s enough for you to make ends meet, letting them know where this money is going might make them feel better about giving it to you.
Following on from the previous point, set up an education fund for your child and let your loved ones know that this is the designated place for any financial help. This way, they will know for sure where their money is going.
After everything has been sorted out and the money has reached its destination, thank your loved ones for their generosity, no matter how substantial the amount of money was. Their loving gesture will definitely not go unnoticed by your child, who will appreciate everything that has been done for them. You can write “thank you” cards with your children, prepare something special like homemade cookies or just visit your loved ones and thank them by spending quality time together.
Education is one of the most important things that help people pursue a better life. If you want to give your child such an opportunity, you need to work hard and save money until you have enough to send them to school. Asking for financial help from family members and friends will always be a sensitive topic, but it doesn’t have to be uncomfortable or awkward.
Follow the steps above, and you’ll be able to discuss your situation with your loved ones logically and clearly. Let them know how much you’d appreciate their help, and explain how it will be used. You might be surprised how happy your loved ones are to help you!
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.