Lynnette Khalfani-Cox, author of The Money Coach, offers ideas for handling the requests of friends and family who hope to borrow money from you. Be honest about how requests for money make you feel—guilty, mad, proud? Ask yourself why you are hesitant about saying “No.” Be realistic about the person’s situation, and don’t take too much responsibility on yourself. Finally, practice respectfully saying “No.” The goal in these exercises is for you to clarify how you feel about lending money in any particular situation, to make a decision based on facts, and to help you accept that it is all right to say, “No.”
Read full article here: 5 Tips to Establish Financial Boundaries with Relatives and Friends
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.