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We can learn both good and bad habits.
Becoming financially literate is the first step to separating yourself from your family and their financial life.
Below are some tips to help you stop letting them influenceyour financial decisions.
Develop a Budget
The first step, according to Pollack, is learning to develop a budget.
She explained that being able to differentiate between your needs and wants is key to successfully staying on budget.
Figure out how to set your own financial goals and not those dictated by your family, she said.
Then find ways to live within your means and not above them.
Then, start saving!
Even $1 a day adds up.
This is key to financial stability.
Yes, at some point in time, we may all need financial help from a family member.
But if you are going to help, be sure not to make this a routine occurrence.
Look at income and expenses.
Look at needs and wants.
Help them create a plan to get back on their feet, she explained.
When you put your money rules in black and white, he said you create a neutral playing field.
This means establishing separate personal accounts in addition to any joint family accounts.
Approach these meetings like a board meeting rather than a therapy session, he said.
This approach helps keep discussions factual and goal-oriented, reducing the likelihood of heated personal conflicts.
This transparency builds trust and empowers each family member to take ownership of their financial decisions.
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