Money - Being the BoM (Bank of Mom)

Being able to support your family can be both a joy and a nightmare. It’s a double-edged sword if you’re seen as having a comfy nest-egg as everyone seems to hit-up the Bank of Mom when they’re low on cash. Maybe you’re covering back-to-school essentials for the grandchildren, paying for school fees, covering the rent, or even providing a guarantee for a mortgage. Whatever the case, supporting adult children (and their children) is increasingly common, but shouldn’t come at the expense of your financial well-being. We’ve pulled together some practical tips on balancing family support with personal financial security.