financial boundaries

Know the Role of Financial Boundaries in Managing Your Money

Greetings and welcome to all readers to the third and final part of my financial blog series. If you have been following my blogs for the past few months, you may have received useful tips about being on top of your personal finance. Here, you can get an introduction to setting up financial boundaries.

More about Financial Boundaries:

To explain in simple terms, personal finance boundaries are a set of guidelines. By following these, you can achieve a balance in your financial status. A healthy financial boundary can offer you a happy and prosperous relationship with money. It will play an essential role in reducing your financial stress as well.

Romil Ramgarhia, Ex-COO of BARC, Talks About Financial Boundaries:

While working as a media professional, I understood the importance of leading life by setting strong financial boundaries. I share some of my insights in this blog. These can help you to set up your financial boundaries.

  • Identify Your Bad Spending Habits: People follow different spending habits to utilise their earnings. However, many tend to commit some mistakes due to unregulated spending habits. They spend more than they make in a month. You should consider this as a financial trap that will draw you deeper. You should try tracking your spending and controlling the cash flow to set up the boundary.
  • Communicate Openly about Your Boundaries: This is perhaps the most challenging task in setting up financial boundaries. Nevertheless, you have to follow it for a much-needed balance in your money. Communicate clearly about your financial boundaries with people, especially those who push you to violate the boundary. Though this may not be a pleasant conversation, you should not shy away from setting your financial priorities.
  • Keep Money Aside for Gifting/Lending: There are various times when your friends and family may need your help. You may have to extend financial assistance to your near ones. This can support their cause. However, ensure that you have enough money in your purse before lending an amount. This will help you to help out without crossing your financial boundaries.

These are some important tips to keep in mind. Following these, you can set a strong financial boundary and maintain your money. If you want in-depth detail about this aspect, you may consult a professional financial advisor.

With this, we have reached the end of our three-part series of financial management blogs. I hope you got enhanced insights on how to manage and grow your money.