Also, my father called a few months back needing money, and then again today.
Its put my wife and me with just about no more savings.
-Stuck
Dear Stuck,
You could take a second job.
You could get a side hustle or five.
You could work 100 hours a week or more.
Your family is using you as a walking checking account.
As long as you keep depositing money, theyll keep making withdrawals.
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Right now, youre not in a position to financially assist family members.
No Interest Til Almost 2027?
The reasons he needs money dont matter.
Keep the focus on you and how you dont have the resources to bail anyone out.
The key is to communicate this soon.
That means before hes on the phone begging for money.
Be prepared to say no and keep repeating it the next time he asks for help.
Dont be swayed by any promises to pay you back.
You cant afford to loan money if you cant afford to make that money a gift.
Did you know?
Even a contribution as small as $50 a week could relieve some of the pressure.
If so, setting limits before relatives hit you up will be key.
Decide how much you’re able to afford to offer if a family member needs money.
Consider opening a separate savings account thats earmarked for that.
But often its not.
Being cut off from an easy source of cash can be a source of motivation.
People find ways to earn extra cash or work out a plan to get caught up on payments.
Or at the very least, they find someone else to hit up.
Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny.
Send your questions about money worries to[email protected].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…