Smart Money Tip: Are You Financially Responsible for Family?

Apr 15, 2021

A study released by AARP found that 1 in 3 American adults ages 40–64 provided regular financial support to their parents in the past year. Communicating your financial boundaries with your extended family is a critical step towards maintaining your own financial health.

If you find yourself in a similar situation, DO THIS TODAY: Plan time to have a conversation to be clear about what you can provide and how much - and make sure this is a line item in your own budget. Second, do not eliminate your personal savings efforts. Third, share the load with other family members so you don’t have to be the sole financial provider. And fourth, learn to say NO when needed.