Rethink Family-Related Spending

This one may be the hardest one yet. Those of you who have adult children that you’re still supporting financially, listen up.

A wise man once said don’t burn yourself to keep others warm, and though some of you may not fathom not helping your kids out, it’s important for you to make sound financial decisions starting today.

Think of all the things you do for them, big and small. Do you over-stock on their favorite things from the grocery store in the hopes they’ll come around to your house? Do you forgive loans? Keep them on your phone plan? It’s not uncommon. Frankly, it’s more common than you might think.

You don’t want your kids to suffer or go without. But what happens when years down the line they’ll realize that you have no retirement savings and now have to finance your golden years on your behalf. Can you truly ask them to do that? A lot of parents can’t and won’t, simply because they want their kids to thrive.

Nobody is saying you should cut them out. Instead, talk to them about small changes that you could make, especially if you’re helping them out with their own rent or debts. This doesn’t mean you have to never buy them gifts ever again, but make sure you keep to a modest budget.

And remember, there are ways to help your family out without ruining all the financial progress you’ve made.