Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books
No Result
View All Result
  • Login
Potentash
No Result
View All Result
A Crooked Professor, A Spiteful Mother-In-Law, Dodgy Lovers And Surprising DNA Results, Here Are Some Short Stories You Need To Check Out On The Blog

Image from https://buff.ly/3KGyZyT

6 Tips On Setting Financial Boundaries With Family

Lending money to family members can sometimes become a habit. Financial boundaries help to maintain healthy bonds.

Sabella Ombati by Sabella Ombati
6 February 2023
in Personal Finance
Reading Time: 5 mins read
19 1
0
25
SHARES
134
VIEWS
FacebookTwitterWhatsApp

Boundaries play an important role in every aspect of our lives and finances are no different. Setting financial boundaries not only helps to protect your finances but also your relationships and mental health. Sometimes it is very difficult to talk to your family members about money because of how they might perceive you. In African homes oftentimes when the parents retire or a relative is unemployed, they seek help from stable family members. Although this is okay it can end up being a habit that causes resentment. Here are a few steps you can use to set healthy boundaries with your family members.  

1. Create a Budget for Yourself  

It is essential to have a budget for yourself before you start lending money. Creating a budget helps you to identify where parts of your income will go. This enables you to sort out immediate needs and see if there is money left for you to lend without hurting your pocket. You can identify a budgeting method that works best for you and use it to control your finances.  

2. Set Limits  

When choosing to set financial boundaries always be realistic. If a family member or members needs money you may need to limit how much you can give. The budget helps you to be able to see how much you can set aside for lending.   

3. Set Financial Goals  

Like the budget, financial goals make it easier to set financial boundaries. Take time to sit down and think about what you wish to achieve long-term and short-term. Laying down your financial goals also helps you to see how much you can lend without affecting your goals. Remember to set short-term, midterm and long-term goals. Once you have set your goals prioritize them, so you don’t lose track of what you wish to achieve. Losing track of your goals also contributes to giving more than you can.  

4. Identify Recurring Requests  

Helping a family member every once in a while is okay especially if they are dealing with an issue or unemployment. However, it is essential to note the people who request financial aid now and then. Receiving numerous requests can end up causing an unhealthy relationship between you and them. It also affects your budget since you might find yourself digging into your savings to keep helping them.   

5. Speak Up   

One of the biggest issues that most people face is the pressure of lending money to family. Sometimes even when you know you are not in a position to you find it hard to say no. The best way to do this is to have ground rules. The first step to setting ground rules is to identify how you feel when someone asks for money. Do you feel resentful? Do you feel like the need to say yes? Being aware of your feelings will help in your decision-making process. Once you have sorted through your feelings then communicate your boundaries.  

This doesn’t mean you have to say no directly. Be truthful as to why you are not in a position to lend money often. You can also take this opportunity to be upfront about the limits you have set based on your budget. Remember the earlier you set boundaries the better.  

6. Expect Resistance   

The downside of setting boundaries is the resistance that comes afterwards. The people you are setting boundaries with may end up being upset. Therefore, it is important to prepare for this resistance and stand firm in your priorities. When it is your closest family members it is easy to feel guilty but remember you are taking care of yourself. With time your family will come to terms with why you set the boundaries and they will respect your decision.

Here are other articles you can check out

10 Tips For Borrowing And Lending Money To Family And Friends

5 Ways To Deal With Your Friends When It Comes To Money

Dealing With The ‘Black Tax’

Dealing With ‘Black Tax’ Part 2: Building Generational Wealth To Break The Black Tax Cycle

Family: Dealing With Emotional Black Tax

How To Set Healthy Relationship Boundaries And Benefits

How To Set Boundaries And Stop Being A People Pleaser

Why You Should Be More Careful With Your Money

Families And Finances: The Problem With Black Tax

Ikigai The Japanese Concept: Discover Your Passion With These Four Simple Steps

Share10Tweet6SendShare2Pin3
Previous Post

Greenwashing: How Companies Are Making Exaggerated Claims About Their Environmental Impact. How You Can Spot The Lies

Next Post

Fallopian Tube Removal And Why It Could Help Beat Ovarian Cancer

Sabella Ombati

Sabella Ombati

I am a media practitioner who is passionate about creative writing and content creation. During my free time I love to engage in outdoor activities or create African paintings.

Next Post
The husband stitch and other medical procedures that violate women

Fallopian Tube Removal And Why It Could Help Beat Ovarian Cancer

Please login to join discussion

Recommended

Different Ways You Can Use Visualization To Achieve Your Goals

Different Ways You Can Use Visualization To Achieve Your Goals

4 January 2023
23
Health: 7 Benefits Of Purple Tea You May Not Know About

Here Are Ways That You Can Use Purple Tea For Your Skin And Hair

11 May 2023
140

Popular Stories

  • The Singlehood Series: I Left Her After She Met My Parents Because Some Red Flags Became Visible During The Visit

    The Singlehood Series: I Left Her After She Met My Parents Because Some Red Flags Became Visible During The Visit

    2 shares
    Share 1 Tweet 1
  • He Kept Saying He Was Over His Ex, But He Left My Birthday Dinner To Rush To Her Side

    2 shares
    Share 0 Tweet 0
  • We Met At A Funeral, And For A While, Grief Felt Just Like Love

    2 shares
    Share 0 Tweet 0
  • I Hooked Up With My Sister’s Best Friend

    328 shares
    Share 131 Tweet 82
  • The Campus Girl Is Not A Wife Wrote Ivy Aseka: Such Sour Grapes Writing Is Damaging With Its Stereotypes

    271 shares
    Share 108 Tweet 68

Potentash Blog

Potentash is an award-winning lifestyle blog. We publish lifestyle content that intersects with health, women, beauty, travel, business, relationships, finances and entertainment.

Explore

  • The Singlehood Series
  • From Stairs To Ramps
  • Man Around Nairobi
  • Pearls And Heels
  • Personal Finance
  • Food + Beverage
  • Editor’s Pick
  • Reviews

Get the Potentash Newsletter

  • Newsletter Archive
  • Subscribe
  • Frequently Asked Questions
  • Privacy Policy
  • Contact Us

Copyright © 2023. Potentash, In Partnership with Decima

Welcome Back!

Sign In with Linked In
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
No Result
View All Result
  • Relationships
    • The Singlehood Series
    • Dating
    • Sex
    • Parenting
  • Lifestyle
    • Home
    • Food + Beverage
    • Fashion
    • Interviews
  • Stories
    • The Singlehood Series
    • Fiction
    • Poetry
  • Skin + Beauty
    • Skin
      • Skincare
    • Hair
      • Haircare
  • Wellness
    • Physical Health
    • Emotional Wellness
    • Mental Wellness
    • Social Wellness
    • Spiritual Wellness
  • Business
    • Business Finance
    • Personal Finance
    • Entrepreneurship
    • Investments
    • Personal Investments
  • Entertainment
    • Internet
    • Events
    • Music
    • Books

Copyright © 2023. Potentash, In Partnership with Decima