Is it ok to be selfish with your finances?

It is only natural to be a little possessive with your money. You earned it and you want to be able to spend it as you wish.

There are times though when being selfish with finances should be reconsidered. Here are few examples:

When you are in a relationship-

Whether you are married or living together you might consider one joint bank account to pay household bills together. This way you and your partner are on the same page about expenses, finances and household bill paying. While it still may be a good idea to keep separate accounts for personal purchases, it is only fair that joint expenses are not only out in the open so you both know the bills, but also that you both know from where the money comes from to pay those bills. Hiding or keeping the bills from a spouse or partner is only a recipe for disaster, even if it was not done intentionally. Consider that if something should happen to the main bill payer, the other partner who was in the dark is at a disadvantage.

When you owe someone money-

You may think you have the right to spend you money as you wish and generally you do. However, if you have borrowed money from a friend or family member and have not paid the loan back, you may be hurting your relationship. Consider paying loans back sooner rather than later, while you not only have the money but quicker so that the relationship can’t get soured by the lending of money. You have certainly heard the terms never mix business with friends or family and that is true with loans too. It can be deemed selfish to make large purchases under these circumstances. Budget your income and necessary expenses and see if you can pay the loan off sooner.

When you are living for free at home as an adult and not contributing to household expenses-

This is especially so if you have a full time job. Your parents or family are generous to let you live for free to save money so consider not making excessive or large purchased which can be viewed as selfish. You might consider contributing a little by bringing home groceries paying utility bill to contribute.

You are not selfish if you decide not to lend money to a friend or family member. Each circumstance is different, but in reality you are not responsible for helping every person in your life. Sometimes you simply can’t or don’t feel it’s a wise use of your money for many reasons. If you truly don’t feel comfortable helping them out, tell them the truth. It’s ok to say no and be selfish with you money once in a while.

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