Having money is a luxury and a blessing to many people. But it can also have its downfalls. Unfortunately, some people within your life will financially abuse you as long as you let them.
When it’s friends and acquaintances, it’s very easy to turn a blind eye, but when it’s family, it becomes more difficult.
When it comes to family, it is almost impossible to turn them down. But if they consistently are only asking you or talking with you because they need money from you, it may be time for you to cut ties for a little while.
If nothing else, there needs to be clear boundaries and an understanding between you and them when it comes to financial concerns.
Because it is such a challenging topic, it might be helpful to understand and have some ideas of how to set those boundaries. So if you’re struggling with this situation, keep reading because we’re going to go into that.
What Do You Do When Your Family Wants Money?
Several steps must be taken when dealing with money and family. It’s a very tricky situation, so understanding what to do when your family wants money can help you set those clear boundaries we talked about in the intro.
Here is an idea of some steps you can take when your family wants money:
- First, talk with them and figure out what their intentions are. There may be a reason behind the financial request. Or you just hand them the money you need to understand what you’re giving them the money for.
- Be willing to talk to them about poor financial management or money problems. You don’t have to pry into every detail, but you need to ask for important information to understand why they are continually asking for money.
- If you opt to give them the money, then you need to make sure you hold them accountable. Set a clear picture of how and when you expect them to repay.
How Much Money Should You Give to Your Parents?
Of all the sacred familial ties, the parent-child bond is the most. If they constantly ask for money, it may be even more challenging to say no or understand how they got into this situation.
How much money you should give your parents depends on your thought process. Some will say that you should give them as much as they need because of their raising.
Others will be a little more budget minded and look to utilize a discretionary fund to allocate funds to their parents.
How Do You Politely Refuse to Give Money?
When it comes to the family, the best thing to do is to figure out a way to talk politely, but this may be difficult because they are your family, and you don’t want to cause any friction amongst each other. So sometimes saying no is the only option for you.
This may be especially true if it’s someone who constantly asks for money. The best way to do this is to be empathetic with them but explain to them your viewpoint is not.
Let them know that you want to help them, but it can be anything but in a financial manner if you’re looking to refuse them. On the other hand, giving them resources may be utilized to help them with financial assistance.
How to Talk About It With Them?
If this is someone who is consistently always asking you for money, it may be difficult for you to maintain composure. The best thing to do when you’re starting to get irritated or frustrated is to maintain your calm and talk to them in an even tone.
Once again, discussing why they need it and why you’re saying no may be hard, but it is necessary. You need to form clear and definitive boundaries when it comes to financial matters, even with your family.
What Should You Do if They Still Want Your Money?
If they continue harassing you about money, even if they are family, it may be better for your mental and financial health to find me and create some distance for a little bit.
This may be hard for them to understand, but having these boundaries is vitally important for your health and well-being.
Creating space between you and them doesn’t mean that you have to cut them out of your lives. But they do need to understand where they stand and your stance on the situation.
Final Thoughts on Your Family that Only Wants Your Money
Family is a tricky relationship as it is. When money gets involved, just like with friends, it can be a very challenging period, so if your family is only ever contacting you when they need money, just like with your friends, it may be a good time to give yourself some space.