Tips to Establish and Maintain Healthy Financial Boundaries In Any Relationship
Setting financial boundaries may feel uncomfortable, but it is an essential skill that can assist you to achieve your monetary goals.
While establishing healthy boundaries around money may seem like a challenging task—but, it can help attain financial prosperity. If you are someone who struggles to establish and maintain financial boundaries, below are some tips that can help you get into the habit.
Communicate early
It may seem awkward and difficult to convey after or during a heated conflict. Therefore, communicate your money boundaries with your loved ones when things are going great. There is always a better chance of being heard by others when you communicate during peaceful times and not when you are involved in a disagreement.
Make a budget for yourself
It is crucial to create a budget for yourself. Having a budget will help determine where your money should go—handing over the control to you. Choose a suitable budgeting method and use it as a tool to establish healthy money boundaries.
Rebrand yourself
People who are givers — are often relied on by family, friends, or partners — and they struggle to place themselves and their financial needs first. If you are a giver — it's time to “rebrand” yourself and alter the role you play in every relationship. There is no need to eliminate your giving spirit, but you must establish boundaries.
Offer context
After you have decided how you want to spend your money, you can convey it to people. When you share your financial goals and expenditure plans with people—it becomes less likely for people to bother you. This way, you don’t have to say ‘No.’ All you are saying is, ‘This is what I want to achieve this year, and I have to save more money.”
Plan in advance to say “no” when people seek financial help
Refusing to lend money is never easy, especially if it involves friends and family. Therefore, having a reason to say no in advance can help stick to your decision. For instance, you may refuse by saying—you are trying to save money for a new car or an international holiday.
Don't feel bad for saying no
Saying no is challenging, but it is critical to remind yourself that taking care of others’ finances is not your responsibility. Do not allow guilt to convince you to offer more money than you can comfortably lend.
