How to Set Money Boundaries With Your Family
Saying "no" to someone asking for help can be a difficult thing for many of us. This can be especially true when the people asking for help are family—and the help they're asking for is money. But as plenty of folks who have done so will tell you, mixing family and money can bring complications, especially when all you really want to say is "no."
"Some people will go into debt to give money to someone else, and that's a huge financial mistake," says personal finance advisor Lynette Khalfani-Cox. "You have to set firm boundaries and determine the type of help you will give and under what circumstances."
Yes, this includes with your siblings, your own children, and aging parents—all people with whom it may be especially hard (but all the more important) to set those boundaries. These steps can help.