If you want to be responsible with your money, you have to know where to draw the line. When is it OK to put your own interests first? Here's a guide.
Amid rising inflation, interest rates and recession worries, money is getting tighter for many folks — and probably for you. Yet there may be charitable organizations you want to support, friends or family asking for financial help and things you want to buy for yourself. It’s possible to do these things even on a limited budget. But if you want to be responsible with your money, you have to know where to draw the line.
Saving toward a “giving budget” in a designated account can create a clear separation for your spending, says Valerie Rivera, a Chicago-based CFP. If you don’t have enough funds in the account, that signals that you can’t spare the money. A lot of people who are the first in their families to come to this country or go to college “can really quickly become other people’s financial safety nets,” Rivera says. That’s a heavy burden to bear.
Also read: You work hard to pay off debt. Here’s the surprising secret that keeps you from backsliding as the economy slows If you’re unable to pitch in personally, point your loved ones in the direction of those who can. “Familiarize yourself or help your friends and family familiarize themselves with resources in the area — if that’s a food bank, if that is secondhand clothing, if that is job services or resume help that’s in the community — to help them move forward and get a stronger foot up,” Mielitz says.
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