Search Results for: blog financial pitfalls failure to establish financial independence

Helping Relatives with Their Finances

There are times when you may feel that you need to help out other family members financially. This can be a tricky area to go into. It is difficult to give money to someone, and then watch them use it unwisely. Loaning money to someone can also be very difficult, especially if you need the money. Also finances tend to be something that people keep to themselves, so it may be difficult to help them begin to budget or change their habits. Here are four tips when it comes to helping family members with money issues. 1) Never loan someone … Continue reading →

Family and Money

It is difficult to mix money and family. There may be times when someone in your family is in a tough financial situation and comes to you for help. Or you may simply decide you would like to help without being asked. Or you may be in a situation where you could use some help and one of your family members volunteers to help. The problem is that often loans or gifts come with emotional strings attached and so it can put everyone in an awkward situation. Here are a few guidelines: 1) If you want to loan someone the … Continue reading →

Single Parenting and Financial Assistance

Ah, the life of the single parent – while being a single parent does not mean it is the end of the world; you should be realistic about the changes. This way, you can handle the differences that lie ahead for you and your children. In many instances, becoming a single parent is a good thing. While I do not advocate divorce, in cases of infidelity and abuse, being single can provide a newfound life of freedom, peace, and self-confidence. One of the major complaints heard from single parents has to do with finances. Depending on the situation, sometimes the … Continue reading →

Financial Pitfalls: Failure to Establish Financial Independence

One important step in managing your finances is to become independent of outside help. Usually parents or in-laws offer this help and it may be small amounts of money monthly or it may be large gifts of money annually. If your parents are in a position to give you money this is can be seen as a blessing. Many parents are able to help their children with a down payment on a home. They may also help with the purchase of your first car. While these gifts are nice. It is important that you do not become dependent on them. … Continue reading →