A recent Washington Post article by Michelle Singletary answers questions on what to do when family and finances are in jeopardy of being combined. Her advice is to try your best not to mix them. Help your family member find alternative housing or encourage them to save for secondary education rather than co-signing for her. Keep your net worth to yourself. Don’t be afraid to ask family members to pay for things when they rightly should. Lastly, don’t try to match spending on gifts – give your sincere thanks and stick to your budget.
See “Sometimes It’s Best to Say No when Mixing Family and Finances,” The Washington Post (June 27, 2014)
Posted by David Staggs, Associate Editor, Wealth Strategies Journal