Setting Financial Boundaries With Family & Loved Ones

Discussing finances with family or any loved ones is often viewed with high anxiety. As a result, it is often put off until a later date that never comes. This does not need to be the case. With a few simple rules, you can set your financial boundaries and expectations without foreboding or drama. In fact, it will enhance your close relationships and remove possible resentments.

State your realistic financial situation. Be clear about your personal goals and limitations or challenges to reaching those goals.

Set Boundaries. Make your statements in the first person. “I am trying to build my savings to $1000″ or “I need to pay off my high interest credit card debts”. “I need to keep eating out to once a week to stay on track”. By focusing on yourself, you avoid assigning blame on your stressors.

Be clear about your boundaries. By stating you can only eat out one time per week, you have been definitive. This is a clear boundary a loved one can understand and follow. Also, you can easily remind them of the boundary if they try to press you to break it.

Consistency is the key to reaching goals financial or otherwise. If you allow yourself to deviate from the plan, it will start to crumble and fall apart faster than you can say, “I’m broke!”

Speaking of plans,  you need a budget. Not to set limits on fun but to understand how you are allocating your money for maximizing your spending power. It allows you to focus on your priorities and sets clear boundaries loved ones cannot ignore.

Need help to focus on your financial goals and pay off debt? Talk to an expert on budgeting and debt management at Apprisen. We can provide guidance on setting financial boundaries with family to ensure you stay on track.