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Should You Give Money To Family?

helping parents financially

I am a big believer in not supporting adult children to the point of discouraging their independence and ability to provide for themselves. I think it’s fine to help your children, but not put yourself ¬†or them in a bad financial place because of it. However, looking at the other end of the spectrum, when is it an adult child’s responsibility to help their parents or family financially? I think with any money decision, it’s good to make a list of pros and cons. I’m not sure where I stand on the issue of whether or not to give money to family. Reasons To Give Money To Parents or Family You’re Grateful Maybe your family spent all their money helping you get established by paying for college or helping with expenses while you were starting out. Maybe they never made much money but supported you in other ways that helped you become successful. I think helping family in a time of need or with regular expenses they can’t afford would be a nice way to return the favor. You Can Afford It If you’ve lived within your means, have adequate savings, and don’t have debt, ¬†helping family financially might be ...

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