Seeking The Bank of Mum and Dad to Repair Costly Decisions

repair costly decisions

Written for Credi Pty Ltd by Brittany Veroba

Have you ever returned from your long awaited holiday, that took years of saving, to only find yourself starting to save all over again? On top of that, have you also found yourself breaking an expensive item as soon as you return? Does this sound like you, because it sure sounds like me!

In my case, it was my phone. I managed to keep it in one piece on my month long holiday around Europe. Trust me, I was pretty surprised with myself. I let my guard down – as you naturally would – when I arrived home. Less than a month later it would be broken at no fault but my own.

Now I am out seeking the Bank of Mum and Dad for some extra cash. This was initially proving harder than I thought. Persuading Mum and Dad to let me borrow over $1,000 with no guarantee of me paying them back was a difficult obstacle. You would have thought that trust would have been there, after 22 years, but I guess not.

So, here are 5 tips to avoid being in my position:

  1. Be Cautious

Why do expensive mistakes always occur at the most unsuitable time? Make sure you are extra careful with your belongings, especially when money is low.

And please, don’t leave your phone on the gym floor like I did. It is likely a weight will fall on it and you will be back to using a ‘brick’ phone for the next month.

  1. Emergency Money

Try and set aside some money in case of events like this occurring. Yes I know, most of you wouldn’t classify this necessarily as an emergency. I didn’t either until I actually realised how much I relied on my smartphone.

  1. Use a savings app

Savings apps such as TrackMySPEND and Pocketbook are a great way to keep track and monitor what your money is going towards. Visually seeing this can help put your spending habits into perspective.

  1. Eat out less

Our generation seems to be known for their ‘smashed avo’ and coffee obsession. Don’t worry, you can still enjoy these delicious treats, just cut down how much you are spending on food and drinks per week. Even if it is cutting down from $40 per week to $35, the smallest increments still count.

  1. #CrediMe Mum and Dad!

If only I knew about this one…. If you are still in need of money, this step makes it a lot easier when trying to form a convincing argument towards borrowing your parent’s money. Credi is an online platform that enables a contractual loan to be created between family and friends. Each agreement is tailored by both parties to suit their situation AND the platform helps you manage the whole process from start to finish (no matter how long the agreement). This way your parents will be assured that you will pay them the full amount back. For more information visit Credi and create a free Credi account today!

 

Written for Credi Pty Ltd by Brittany Veroba

 

 

NOTE: The views and opinions expressed here are mine and do not necessarily represent or reflect the views of Credi Pty Ltd.

Credi Pty Ltd (Credi) is not a bank, provider of legal advice or a financial lender.

Credi only provides a platform that allows friends, family and third parties to originate, negotiate and conclude loan agreements amongst themselves.

Credi does not provide legal advice, monitor or assess, agree, approve or decline any loan requests nor does the platform perform any funds transfer services.

Credi is not a law firm or legal practise, is not engaged in a legal practise and Credi does not act as lawyers or provide a legal service.

Nothing on this site should be considered is legal advice and you should consult a lawyer in your area to get specific legal advice and certainty of your legal rights and obligations.

The use of the Credi platform is governed by Credi’s Terms of Use.

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