Amid rising inflation, interest 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 family 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 to know where to draw the line.
When is it OK to put your own interests first? Use these criteria as guidance.
When your finances are at risk
Think carefully before spending any amount of money on somebody else, whether that’s $20 or $2,000. Will it jeopardize your ability to pay bills or save for emergencies? Picking up the lunch tab for a friend or helping put your kid through college shouldn’t come at the cost of your own expenses and goals.
A crucial part of this assessment: Assume you’ll never get the money back. There’s no guarantee your loved ones will repay you, no matter how…
This article was written by Lauren Schwahn and originally published on www.nerdwallet.com