Moving out of your parents' house, when you get married, go to college or get a job, comes with added responsibilities. When you live on your own, you have to pay bills, a task that can be difficult when you are starting out. If you need to borrow money from your parents, do so in a way that shows that you have become a responsible adult.
Seek a loan from your parents only when you have exhausted other resources, such as bank loans or liquid assets. If you try to pay your bills with the money that you do have and still cannot make it, your parents will likely feel that you have attempted to solve your financial problem on your own before coming to them.
Negotiate how much money to borrow with your parents and try to come up with an amount that is feasible. Ask them for enough money to help you pay your bills but do not get greedy. You do not want to alienate your parents by asking them to lend you a large amount of money. Make sure you do not cause your parents financial problems because they have helped you.
Set firm boundaries when borrowing money from your parents. Let them know that even though they have lent you money, they cannot control important aspects of your life, such as where you live, who you spend time with or what you do in your leisure time.
Draw up a contract or promissory note with your parents to protect both parties and prove that you intend to pay them back. Within the contract or promissory note, establish when you will start paying the money back, how much you will pay back at a time and how long you will repay the money. Get a lawyer if you borrow a large sum of money of around $10,000 or more because she can help you to create a repayment schedule and figure out taxes.
Start to repay the loan from your parents as soon as possible. If you can, try to give them money back early, even if it is less than the amount designed in the contract, to show that you intend to honor your agreement. If you cannot pay money back on time or need to change the agreement to pay less at a time, ask to work out a new plan with your parents.