How to deal with spendthrift family and/or relatives?

[Pousinha]

Even to great savers, it may happen, in any way, to live with family and/or relatives that go on lavishing money and in this case draining their finances. Not very long ago I was trying to recommend online people complaining because they found themselves in that inconvenient circumstance, but in that moment I wasn't able to give a really effective advice. Until it came the idea of locking money into medium and long terms investments. Another idea could be to not keep into home lot of notes apart those for basic needs. Any other advicing idea?

 

[Alexandoy]

This reminds me of myself when I was younger. My generosity was kind of abused by my family and relatives that I usually ended up with debts. Fortunately I was able to pay the loans most of the time. But I have learned to be frugal and when someone would come to borrow money I always questioned my generosity. About 90% of people who borrowed money from me didn't pay me back. For 20 years I am now a changed person that my generosity cannot be abused anymore.

 

[Machismo]

Having someone who is financially irresponsible is as dAngerous as setting fire on your business. So the best way to handle a spendthrift is to communicate with the person about his or her spending but once he/she is not ready to make compromises, it's best to halt him/her.

 

[Kinglegend01]

Dealing with spendthrift members is really tricky because on one hand if you do it wrong you would be termed a stingy and probably ungrateful member of the family and if you do it right according to them you end up losing alot on your side and your businesss could end up on the red zone. the key thing is that you try to stay as far and inaccessible to them at almost all time and seriously I think this is the time to procastinate their helps too.

 

[maventiger]

Personally, I had such experience some years back until i created a budget called Family budget and make known to them all that only basic house needs are budgeted for and the little miscellaneous spendings is x value. Having informed them about the changes, my family spend wisely there after and they strive to get value for every $ spent.

 

[Ibrahim]

See spendthrift members is really tricky because on one hand if you do it wrong you would be termed a stingy and probably ungrateful member of the family and if you do it right according to them you end up losing alot on your side and your businesss could end up on the red zone. the key thing is that you try to stay as far and inaccessible to them at almost all time and seriously I think this is the time to procastinate their helps too.

 

[Sotherefore]

There is no actual way to stop them than to advise such family member to invest his or her money on something more profitable,you can actually show them what you want them to invest on and the profit they will make by investing in what you said,if they don't listen then is good time you live them alone if is their money to live the way they like.

 

[Ralphjoe]

This kind of mirrored the kind of life my uncle lived in the past when I stayed with him, this man do get money but he spends it all almost immediately on irrelevant things like drinks, gambling, women and all what not, it was so bad that at a time he couldn't boast of a dime in his account balance.
Then I started advising him on proper ways to channel his money so he won't have to go through the lack he suffered then, I was surprised that he took the advice, he stopped drinking, womanizing. As a result of the advice I gave him, he has shares In big companies all over country. The antidote to people like that are investment, savings will never cut it for them as they can easily access these savings.

 

[Ridorz]

I do not really to do with those that do not responsible for financial management, but if it happens that I eventually see my relatively one do so, I usually advise him to invest on something that can generate more money and make his money saved. Because some people don't know how to hold money without spending it any how.

 

[Hasan Raza]

Extravagation is not a good deed and misery is also not good we all must remain moderate in spending our income.
If you are the sponsor of your family or relatives then show them your low income or bring things after many days when say you to bring. In this way they may not say you again

 

[Afeefah]

If you are in charge of the business or the family finances, create a plan on how to manage the finances, leave a selected amount of money to your family and and if they spend it quickly, they will learn how to manage if you don't give them more no matter how much they ask.

 

[Gilead]

In my country, this is enormously present. A lot of business owners are dealing with this kind of issue..dealing with spendthrift members is never too easy for anyone.I just believe one needs to be very careful in other not to run into debts.

 

[Adexgrace]

Well, i don't have any friend or family like that or let me put it this way that, Am not really close to people like that. To those that have friends and relatives that are spendthrift, let them know your rules, give them limitation to spending because it is not easy to work or even access money.

 

[Kamon c4]

It’s really a bad behavior to be extravagant in their spendings. Though I don’t have a family member who’s extravagant but i have known people who spends lavishly. People like this have no financial value and always they go broke. Self discipline is the right solution to this

 

[Monarehman]

There is anyone spendthrift in every family who spend alot on every thing. I will deal with her or his with strictly and will give maximum amount of this person. I will manage my salary to equally for all expense.

 

[btaliat]

In order not to drain you of the one that you have, you only need to be avoiding them. Maybe you start telling them that you don't have much. Because the more you give, the more they will be coming back for more.

 

[Sincerem]

If you really what to get away with this kind of unnecessary spending spree that has to do with the responsibilities you face in your family. All you need to do, is save some of your earnings in your online wallet or in the bank for a long time, in order to use it to do remarkable things in the future.

 

[MizzLala]

I can't stand tight people, whether they are friends or family. My husband and I are very giving and generous. So because we love eating out, we used to invite friends and family out and pay for drinks and food. We noticed that none of them ever returned the favour and decided to stop. So now whenever we feel like going out eating, it's just the two of us LOL

 

[Ojonuyo]

Discipline is the way out of family that spend a lot. If you discover your family spend to much, you can discipline them by assigning certain amount of income for the month to them, if they spend it anyhow, do not give them any other money, until the month is over.

 

[Trexxxy]

I think it Is important you draw a line when it comes to financial responsibilities. If someone or family members are seriously draining your financial resources then you need to call them to order. Also Instead of having to give them money ,why not teach them to work and make money .