I’m 16 years old and have saved up $20,000 in my bank account. Now, my parents are asking to “borrow” the entire amount so they can buy my older sister a car. They say they’ll pay me back with interest.
But I’m uncomfortable with the idea of draining my account. I was planning to use this money for my own college expenses. Should I agree to lend them the money?
First off, I want to tell you: you’re already showing wisdom and courage that’s rare at 16. Saving $20,000 at your age? That’s incredible. You’ve been disciplined, thoughtful, and focused on your future. I’m proud of you.
But let’s talk about this situation. Your parents are asking to borrow all of your savings to buy your sister a car, with a promise to pay you back with interest. And you’re feeling uncomfortable.
Listen closely: that discomfort you’re feeling is a signal. Don’t ignore it.
Money isn’t just numbers in an account; it’s tied to trust, security, and relationships. Lending money to family—even with the best intentions—changes the relationship dynamic. It can create expectations, pressure, and resentment if things don’t go according to plan. You’re being asked to shoulder a financial risk that you shouldn’t have to carry.
Your parents may genuinely intend to repay you. But life happens. What if something goes wrong? What if they can’t pay you back on time—or at all? Suddenly, you’re left scrambling to cover your own college expenses. And worse, the family relationship gets tangled up in guilt, frustration, and broken promises.
Here’s the hard truth: it’s okay to say no. In fact, it’s healthy. Saying no doesn’t mean you love your family any less. It means you’re protecting your financial future—and your relationship with them. You can care about your sister’s needs and still prioritize your own stability.
If you feel pressured, here’s something you could say: “I love you, and I want to help, but I’m not comfortable lending that much money right now. I’ve been saving this for my college expenses, and I need to keep it safe for my future.”
And if you do decide to help, never loan money you can’t afford to lose. Set clear boundaries. Write a formal agreement. But honestly? I’d encourage you to hold onto your savings and let the adults find another way to solve this.
You’ve already done the hard work of preparing for your future. Keep standing firm. You’re worth protecting.