How to Loan Money to Family (and Not Regret It)
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One of the stickiest situations with couples is dealing with lending money to family. Find out different ways you can help without putting your own finances in jeopardy!
Should We Lend Money to Family and Friends?
Lending money to friends and family can be a tough situation. No matter how objective you think you are or want to be, emotions can run high.
As you just heard with Jen, she and her husband weren’t seeing eye to eye on how they could help their loved ones.
I totally get it – we’ve been there ourselves. Maybe you’ve gone through that situation too.
Or with how things are going with Covid-19 and families being affected by these closings, some of your family and close friends will need some help soon, including financial.
Now for most of us, we want to help. And if we have the means, we do.
However, there are times when things are a bit more…messier. What if you want to help, but you’re just finding your financial footing yourself?
What if you have a relative who keeps on having problems with their finances, where you are constantly bailing them out?
Those are the types of situations where we tend to stress over and sometimes get into arguments.
Family and money can put a strain on a marriage; which is why I'm happy Jen Hemphill is here on the show. She's an accredited financial counselor, author, and the host of Her Dinero Matters podcast.
In this episode we'll get into:
- how to decide whether lending loved ones is really helping them or enabling
- ways you can assist them without loaning money
- how you can work out a loan with less stress
Hope this episode helps!
Resources to Deal with Family and Finances
If you two want to make managing your money easier, here are some helpful tools, books, and apps available.
- Best Budget and Money Apps: Personal Capital, Tiller, Mint, Honeyfi
- Grow Your Stash Faster: High Yield Savings with CiT Bank
- Automatic Saving: Qapital
- Jumpstart Your Marriage and Your Money
Thank You to Our Sponsor Coastal!
Support for this podcast comes from Coastal Credit Union. If you’re living in the Raleigh Durham area and looking to bank better, come check out Coastal today!
We’ve been Coastal members for a few years have been happy with their services.
Meet Jen Hemphill of Her Dinero Matters
Her Dinero Matters is a bilingual podcast for women who want to become reinas of their money and love their dinero more.
You will hear down-to-earth interviews and panel discussions from la comunidad Latina as well as solo episodes sharing simple actionable tips and strategies which you can implement right away!
Support the Podcast!
Thank you so much for listening to the podcast!
- Spread the word! If you enjoyed this episode and think it can help a buddy get on the path to dumping debt and become financially free, please share.
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- Grab a copy of Jumpstart Your Marriage and Your Money. My book is designed for a busy couple to set up their finances in 4 weeks. Get tips and tools that have worked for other couples on their journey of building their marriage and wealth together!
Like the music in this episode? Our theme song is by Gentle Regime. Additional music by Lee Rosevere.