Creating Boundaries Between Your Money And Family Members

Having discussions about money can be a touchy subject, especially when the conversation involves family. In March 2020, the Atlantic wrote an article discussing why Americans don't talk about money. The report cited money taboos vary across class, race, and culture. While most of our money taboos are shaped by these things, the taboos surrounding money may feel weirder when it comes to our family. 

The reality is our family dynamic can shape our relationship with money, whether we come from a household where the bag is ever-flowing or non-existent, or if we've experienced money as a tool to build security or an item which we never had enough access.  

And when it comes to lending and borrowing money to family members whew chile, various studies have shown how lending money to loved ones can often lead to uncomfortable situations. 

In 2019, Bankrate surveyed 2,490 U.S adults and their experiences lending money to family. This survey revealed of 60% of respondents have lent money with the expectation of being paid back and 17% have lent their credit card or 21% have co-signed a financial product. For those who lend money, it often ends on a sour note for those lending money, as 37% of those surveyed have lost money while 21% of those who have lent to loved one's relationships have tarnished. So how do you navigate it? 

In my experience, it's not uncommon to see people helping each other using their finances to pour into others in need. This is especially true in under-resourced communities working with limited resources and lean onto others for support. 

Growing up, I've witnessed constant examples of what happens when people ask for financial support and how not paying someone back money is a recipe for disaster. If you're wondering how to maneuver your coins and family, keep these things in mind. 

1 —

If you need financial support don’t be afraid to ask for support!

Sometimes what prevents us from asking for help with our finances is the fear of being judged. If you have someone you can confide in and urgently need support don’t be afraid to ask for help. In my community, I️’ve seen people with a little bit of wiggle room give to help the next person. You are worthy of love and support, to get through your financial wellness journey, you can’t be afraid to speak up when in need.

2 —

Try not to rely on pay-day advance apps to maneuver your financial challenges.

Pay-day advance can be helpful when you’re low on funds and need a quick pick me up. While these apps can be a lifesaver, excessive use of payday apps can lead to expensive borrowing fees to simply access your hard-earned money early and can trap users into a vicious cycle of borrowing against your paycheck.

3 —

Identify what you need to improve your financial wellness journey.

Even when things are not going right in our mind, as much as we may try to avoid it we know if something, something, something, something just ain’t right. In examining our finances this is no different. Make some time to assess what it is you desire to improve your financial circumstance. To be honest, I️ think everyone besides the rich can use a little more money. What does improving your finances look like? Is it cutting back on your expenses? Obtaining a new job? Increasing your streams of income or should we say freedom? These are things you should consider.

4 —

Nurture your peace.

When you're feeling down and out with your finances, your peace can be disturbed. You may find yourself constantly feeling frustrated or like every problem in your life is about your “broke struggles” take time to nature your peace by prioritizing your mental health.