How to Establish Financial Boundaries With Relatives and Friends

Lynnette Khalfani Cox - financial boundaries
Lynnette Khalfani Cox - financial boundaries

Have you ever wondered how to establish financial boundaries with relatives and friends? If so, you're not alone.

As a Money Coach, I'm constantly asked for suggestions on how to put an end to the money-draining behavior of family members and friends.

Well, this may come as a shock to many of you who keep getting approached for financial handouts, but the problem isn't the person asking for money. The problem is you: the person who keeps doling out the cash, over and over, vainly hoping that it will be the last time.

In truth, that "last time" will never come. To truly help someone fix their financial woes, as well as keep your own finances own track, it's often necessary to get rid of certain people in your life – at least your financial life.

Unfortunately, too many of us don't know how to say "no" when necessary.