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If you're delivering bad news, it can help to try to predict the reaction you may receive. Before confessing you lost something, think about how your parents may feel about this. Have a little empathy so you can predict the reaction and figure out the best means to deliver the news.  What did you lose? Parents are unlikely to be angered by the loss of a small item, but if you lost something big and expensive, they may be angrier. They probably worked hard for the money to pay for a bigger item. They may view the fact you lost it as a form of disrespect or irresponsibility.  This is their view, however, and you should still continue to plead your case despite what they may think. Considering how your parents are likely to feel, what's the best way to approach the situation? Think about how you would react in the same situation. How would you prefer the news to be delivered? You want to make sure you don't deliver the news at a bad time. If your parents are very busy on a particular day, they may react with stress if you give them bad news. Pick a time when both of your parents are free and relatively relaxed. This can help them keep their emotions in check. Also, think about place. Where is a good place to deliver the news you lost something?  You may want to pick a public place, as this may force your parents to stay calm. They're unlikely to yell at, say, a restaurant. Try telling them over dinner or lunch when you're out. However, if you're nervous, you may feel more comfortable having the discussion at a more private place. It's never easy to tell someone you lost something. As you'll likely be nervous during the conversation, practicing what to say can help. This can prevent you from stumbling over your words while breaking the news to your parents.  It may help to write down what you want to say first. You can stand in front of a mirror and rehearse. For example, you can practice saying something like, "Mom, Dad. I wanted to let you know I lost the car keys. I know it's expensive to have them replaced, and I'm sorry." When having any difficult conversation, it's important to have goals. Before sitting down with your parents, think about what you hope to gain by telling them you lost something.  Do you simply want your parents to know what happened? If you lost something important, like a phone or credit card, it's important your parents have this news. The item may need replacing. You may also want to apologize and find a solution for the future. If you lost something your parents bought you, they likely want an apology. Think about how you will offer to fix the situation. Offering to replace or pay for the item shows your parents you are ready to deal with the consequences of your own actions.
Try to predict how your parents will react. Think of a good time and place to talk. Practice what you will say. Consider what you want and what your parents might want from the conversation.