Setting money boundaries can be uncomfortable, but it's an empowering skill that can help protect you, your relationships and your finances.
While setting boundaries around money can sometimes be a daunting task, doing so can help put you on the path to financial wellness.
Financial boundaries let you set clear expectations around how you engage with money and how you allow money to affect your relationships.Why are financial boundaries important? Boundary setting is an empowering skill. Standing firm on healthy financial limits can sometimes be uncomfortable, but doing so can help you achieve financial goals.
“Check in with yourself and recognize when you feel bad about spending money,” Evans says. “Say you go out to dinner with friends and agree to split the bill but end up paying for more than what you actually ate, and then you feel uncomfortable about what you spent. That could be a good place for a money boundary.”
He adds that once you know what you’re trying to achieve with your money, you’ll have talking points that can help you communicate your boundaries. But providing additional context for why you are setting a financial boundary may improve the odds of it being respected.
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