How to Handle a Freeloading Relative

You may be in this boat or find yourself one day deciding "should I move in with my family?" or "Should I let my financially distressed brother/sister/relative live with me?".

First and foremost, only help that person as long as it does NOT put YOU into debt.

Next, have a very honest conversation about money and rules. If you're the one providing housing, talk about:
1- How much they should contribute each month (based on their income and looming bills to pay off; the person in need has to be willing to share those details).
2- Insist they have to pay on time.
3- Set a month or deadline. Why? Sometimes the person in need has week financial planning skills and may overspend or spend on unnecessary items. This can be frustrating for the person helping. Here is where the "deadline" may be helpful. If you see the person is working hard, paying off debts and moving forward, then certainly offer for them to stay longer.

CICK HERE to view VIDEO of these sisters' struggles and advice from financial advisor Mellody Hobson.

We hope this helps. If you're in a similar situation, share your story!