More Ideas To Deal With Money Issues In The Family
June 24, 2012 9 Comments
Here are a few more tips for dealing with money issues in the family.You can find more in an older post here: http://wealthymatters.com/2011/04/12/dealing-with-savers-and-spenders/#more-1285
1)Set a limit on how much each person can spend without checking in with the others.While may be restrictive, in reality it is a display of respect towards other family members.
2)Before taking on any new debt, such as a larger mortgage or a new car loan, save the amount of the future payment into a savings account for at least six months. If you can consistently save that much for six months, you can realistically afford the purchase. Better to know in advance the sacrifices you will need to make than have buyer’s remorse after the fact.
3)Build and keep an emergency fund for unseen expenses or events such as a job loss. The last thing you need when going through a difficult transition is the stress of worrying about money.