Katharina Buczek
Don’t be shy about asking these questions. Ambiguity and assumptions will only lead to missed expectations and strife down the line.
You shouldn’t be afraid to open up about your perspective, either, since you don’t have to sacrifice your own financial well-being to be supportive.
3. Set Firm Boundaries
Once you’ve had time to consider your loved one’s situation, it’s time to set some boundaries. The term “boundaries” scares a lot of people since it sometimes comes with a cold connotation. But it’s not about being harsh; it’s about being responsible.
Let your family know what you are willing to do and what you’re not willing to do in clear terms. Perhaps you’ve decided you can lend them a small amount of money, or maybe you realized that you could only afford to offer some advice. Whatever it is, just be direct and concise. Then, stick to your word.
4. Get It In Writing
If you decide to lend some money to a family member, always get the agreement in writing. Yes, it may seem formal, and it might even feel awkward to ask for a contract between you and a loved one.
Nonetheless, this step is crucial for ensuring clarity and avoiding any misunderstandings later on.
You don’t have to go crazy with this step– just get the critical details down on paper. Then, you can rest assured that you and your family members are on the same page.
5. Manage Your Emotions
If you decide not to give a family member some funds, you may be confronted with some anger or upset. Unfortunately, money tends to stir up plenty of emotions– even in families.
