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Wednesday 10 august 2022

Millennial Money: When is it OK to be

selfish with money?

By LAUREN SCHWAHN of
NerdWallet
Amid rising inflation, inter-
est rates and recession
worries, money is getting
tighter for many folks —
and probably for you. Yet
there may be charitable
organizations you want
to support, friends or fam-
ily asking for financial help
and things you want to buy
for yourself. It’s possible to
do these things even on a
limited budget. But if you
want to be responsible
with your money, you have Twenty dollar bills are counted in North Andover, Mass., on
June 15, 2018.
to know where to draw the Associated Press
line.
When is it OK to put your
own interests first? Use able. Don’t let others talk Say you have an elderly
neighbor you used to pur-
you into something you’ll
these criteria as guidance.
WHEN YOUR FINANCES ARE regret. chase groceries for. “May-
be you can’t buy their gro-
Saying no can be chal-
AT RISK
Think carefully before lenging, especially when ceries for them anymore
dealing with family or a
but you can help them
spending any amount
of money on somebody close-knit community. out with the yardwork, and
maybe that eases the bur-
Senses of guilt and obliga-
else, whether that’s $20 or
$2,000. Will it jeopardize tion often cloud judgment. den on them in a different
way,” Rogers says.
Your mother raised you, so
your ability to pay bills or
save for emergencies? the least you can do is pay If you’re unable to pitch
in personally, point your
her credit card debt, right?
Picking up the lunch tab
for a friend or helping put Not if it enables her to re- loved ones in the direction
of those who can. “Famil-
peatedly overspend and
your kid through college
shouldn’t come at the cost turn to you for money. iarize yourself or help your
A lot of people who are the
friends and family famil-
of your own expenses and
goals. first in their families to come iarize themselves with re-
sources in the area if that’s
to this country or go to col-
A crucial part of this assess-
ment: Assume you’ll nev- lege “can really quickly a food bank, if that is sec-
ondhand clothing, if that is
become other people’s fi-
er get the money back.
There’s no guarantee your nancial safety nets,” Rivera job services or resume help
that’s in the community to
says. That’s a heavy bur-
loved ones will repay you,
no matter how well-inten- den to bear. conversations help them move forward
Having
and get a stronger foot
tioned they may be.
“If you can’t afford to give about finances with loved up,” Mielitz says.
ones early and often helps
Visiting 211.org is one way
it as a gift with no expecta-
tions on your end, then you set expectations. “It’s to- to find assistance with ba-
sic necessities like pay-
tally OK to reestablish or
can’t afford to help,” says
Lacy Rogers, a certified establish for the first time ing utility bills or accessing
what money looks like in
food. For people who want
financial planner in Fort
Worth, Texas. discussion with friends, in help managing their mon-
ey, Mielitz recommends
discussion with family,” says
Saving toward a “giving
budget” in a designated Kate Mielitz, an accredited setting up a free virtual
financial counselor, or AFC,
appointment with an AFC
account can create a
clear separation for your in Tumwater, Washington. through the Association
for Financial Counseling &
Take time to process each
spending, says Valerie Ri-
vera, a Chicago-based money request that comes Planning Education.
YOU’VE SET ASIDE MONEY
your way. Consider passing
CFP. If you don’t have
enough funds in the ac- if you’re concerned with TO TREAT YOURSELF
getting taken advantage
Taking care of your needs
count, that signals that you
can’t spare the money. of or supporting harmful fi- and goals (and giving to
others) is important. But ev-
nancial behavior.
YOU FEEL PRESSURED TO
PAY YOU CAN HELP IN OTHER eryone deserves a little fun,
WAYS
too.
You’re not required to
hand out money even if Supporting the people you “We’re human and we
care about doesn’t always
need balance.
you have the means to be
generous. You have the have to cost money. Your e can’t only save for later
time, skills and knowledge
and not enjoy life today,”
right to say no when you
feel stressed or uncomfort- are valuable too. Rivera says.q