How Do I Set Financial Boundaries? With Kylie & Randi
One huge aspect of being on a financial journey is setting boundaries with yourself and others. On this episode of Financially Naked: Stories from The Financial Gym, two Certified Financial Trainers, Kylie, and Randi, are here to talk about financial boundaries.
Setting boundaries is essential to help you stay on track with your financial plan. Today, we discuss the importance of setting financial boundaries and provide practical tips for communicating them with others. Whether you're trying to save money, pay off debt, or maintain a healthy financial balance, setting boundaries can help you achieve your goals!
Podcast Notes
What are financial boundaries?
A financial boundary is a basic rule or limit you set to protect yourself financially. In short, you’re deciding what is and is not okay regarding your personal money rules.
You set these rules for both yourself and the others in your life.
Setting financial boundaries is much easier said than done, and they take practice.
Setting boundaries ahead of time will make conversations at the moment easier.
When you have financial goals, you may have to make trade-offs. It could look like going out less, shopping less frequently, or even telling your kids no.
The conversation about splitting the check is an example of a financial boundary.
These will look different for everyone and change as you grow and live.
How can you communicate boundaries in a kind, compassionate way?
Talking about boundaries can be uncomfortable, but not talking about them can cause resentment to build. If resentful feelings are already there, that is a sign it’s time to set boundaries.
Remember, at the end of the day, you are not responsible for other people’s happiness. You have to take care of yourself and your finances first.
It depends on who you are communicating the boundary to. How we talk to our friends and family may differ depending on our relationships. We’re tied to our family differently than our friends.
The airplane rule applies when it comes to helping others or lending money. You must put on your own oxygen mask before helping others.
If someone asks you for money, you can wait to answer. Let whoever you're talking with know you’ll review the budget and see if you can find something that works for everyone.
Remember that setting boundaries is an act of love for you and those in your life.
How can you evaluate the trade-offs required to set financial boundaries?
Having clear goals is the first step. Setting those is step one if you don’t have clear goals yet.
Your budget is a financial boundary. It’s a plan for how you plan to spend your money.
If you have a partner or a family, get them involved in the goal-setting process! When everyone knows what you’re working for as a family, those boundaries become more seamless.
Always remember that boundaries are not one-and-done. They will change as your finances evolve.
Communicating boundaries may feel hard at first, but with practice, it will become easier and even start to feel good. Start by saying no to something small.
If you want to work with a Certified Financial Trainer to help navigate your finances, schedule a free warm-up call today! If you have any ideas or questions for the show, send an email to trainerpodcast@fingyms.com.
Resources
Meet The Trainers
Meet Kylie Lipinski, Level 2 Certified Financial Trainer
Meet Randi DeGraw, Level 2 Certified Financial Trainer