Lovingly Limiting Loans: 6 Wise Ways To Set Money Boundaries With Family
We share laughter, create lasting memories, and support each other through thick and thin. However, navigating boundaries can be complex when it comes to financial matters.
Here are 6 wise ways shared by members of an online forum to set monetary limits with family members.
A user shares that despite being “very, very hard,” the best thing to do is keep a precise budgeted amount. If you’re asked to provide a loan, be stern about the loan terms and when you expect to receive it back.
1. Establish Clear Boundaries
Maintaining financial stability doesn’t mean you should flaunt it. Another user wisely suggests not disclosing your money situation to any family members.
2. Staying Lowkey
They state only to lend money once the previous loan has been repaid. This way, you establish a precedent of responsibility and accountability.
3. Conditional Lending
One suggests a practical alternative: if your family members need assistance, consider buying essential items for them instead of handing out plain cash.
4. Buying Instead of Giving
Reflecting on their experiences, a member advises never to lend to family, only to give what you can. This approach can alleviate the stress of asking for it back.
5. Gifts Over Loans
Now, the previous advice doesn’t mean you keep on giving until your bank gets empty. One member shares, only providing what you can afford not to get back.
6. Give What You Can Afford
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