I came across a great article on Wise Bread today titled How Do You Deal With Family Members Who Are Bad At Managing Money?
Here are the tips from the article:
Openly talk about family finances. I know that if we talked more about it, then a lot of problems could be solved.
Do not lend money to the irresponsible. I am extremely guilty of this.
Offer help in solving the root problems. This leads me back to number 1.
Conduct transactions in a business manner. Make sure there is a contract and everything is written. If it’s not written, then someone might be taken advantage of.
Do you have anyone in your family like this? What do you do?