MANILA - Filipinos are known for close family ties, but this should not always mean financially supporting siblings and relatives.

But when it comes to emergencies and helping relatives rise from debt, how can one lend a hand without going bankrupt?

Here are some tips from ANC's resident financial planner, Salve Duplito.

1. Learn to say no

Sometimes, you should learn to say no to your siblings and relatives, especially if supporting them financially gets in the way of your own financial stability.

"You don't need to pay for all your siblings' needs just because you work overseas. Saying no to your siblings or other relatives is not just for your financial breathing space. It's for their benefit too. But say no the right way," ANC's resident financial planner Salve Duplito explained.

2. Draft a personal financial plan

It is important for one to draft a personal financial plan to prepare for emergencies, as well as to be able to fund their own goals.

Among those financial goals that one should prepare for are a sufficient emergency fund, education plan for children, a health fund, budget for traveling, and your retirement fund, among others.

Duplito also said that when making a plan, it is essential to focus on visualizing what will bring you happiness based on the core values that matter to you.

3. Plot your goals and consider your family's needs

Make a timeline and plot your goals in the timeline. Doing so can help you figure out how much you will need to set aside to reach your goals.

Once you know how much you need to set aside, you can also decide if there is space in your budget for a "giving fund."

Duplito, however, warned that a "giving fund" should only be used for illnesses, and not for tuition, as your siblings or relatives should learn how to save up for their children's education.

"Saying no is difficult in our culture, so set up a system where help can be given sustainably, and relatives can learn to be independent for her own good," she said.

4. Help your family create their own financial goals

Finally, you can also explain your financial goals to your siblings, and help them make their own financial goals.

"Teach her to go through the same financial planning process you went through. Going through the numbers with her will allow her to realize the weight you're carrying, as well as the need to be more independent," Duplito said.