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START HERE: Should I Accept Money From My Parents If I’m Still in Debt?
In today’s Start Here episode, Canna answers a deeply personal question many people quietly struggle with:
“What do you do when your parents want to gift you money to help you buy a home… but you’re still in credit card debt and feel ashamed to accept it?”
This episode is all about navigating the overlap between family, money, guilt, love, responsibility, and boundaries.
Canna covers:
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How to have the conversation with your parents openly and respectfully
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Why accepting money while still in debt can sometimes set you backwards
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How to use this period to clear debt fast and understand what caused it
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Why being transparent with your parents can strengthen relationships
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Why a mortgage broker should be part of your plan before you accept any money
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The essential legal step that protects both sides
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How to run a “dress rehearsal” for home ownership
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The importance of building an emergency fund so you never fall back into credit card debt
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How to show your parents gratitude while still protecting your own financial wellbeing
This episode is perfect for anyone navigating family generosity, mixed emotions, or wanting to build a solid foundation before buying a home.
🔍 Key Points
• Transparency builds trust, not disappointment
Being honest with your parents about your debt shows integrity and responsibility.
• Pay off the debt first — and learn from it
Use this time to understand how the debt happened so history never repeats.
• Speak with a mortgage broker early
Understand borrowing power, documentation requirements, and how a family gift is viewed by lenders.
• Get independent legal advice
Protect yourself and your parents by documenting what the gift means.
• Start making your future mortgage repayments NOW
Your “dress rehearsal” proves to you and the bank that you’re ready.
• Build an emergency fund
Protect
Published on 1 week ago