Financial issues can negatively affect even the best of relationships. Toss in a recession, high unemployment rates and high levels of debt, and the merging of family and finances can leave many people perplexed. Here are some questions readers submitted to me:

Question: I’m on a loan with a family member. I was trying to help the person avoid bankruptcy. How will that affect me in trying to rent or buy a home?

Answer: When you co-sign, you are equally responsible for the debt. Therefore, how much you can borrow in the future can be directly affected by the amount of debt to which you’ve already obligated yourself on behalf of another. You may find it hard to get a mortgage or rent an apartment if you are on the hook for someone else’s debt.

Q: My 19-year-old niece is starting to ask good questions. For example, I just finished a bathroom renovation. My niece asked how long it would take me to pay off the loan.

“What loan?” I asked. I saved and paid cash for it.

Is there a book you could recommend for a college student just learning to take care of her own finances?

A: I would recommend the new edition of “Get a Financial Life: Personal Finance In Your Twenties and Thirties” by Beth Kobliner. And keep talking to her. You’re an example of good money management.

Q: My 9-year-old son does not know the value of a dollar. He doesn’t get an allowance, but he gets money from relatives. He knows he has to tithe on what he gets, 40 percent goes into the bank, and the rest is his to play with. I’ve noticed that he has been dipping into his piggy bank, which when filled goes to the bank. I don’t know how to instill (in him) that it’s important to save when he debates (with me) that he’s saving to buy what he wants, so why wait for the long term? I need some help!

A: Let the boy have some short-term fun with his “play” money.

He should be able to buy some things he wants now. With your son, come up with a list of the things he can afford to get right away and things that will take some time to save for, which will teach him delayed gratification.

If you make him save all of his money without any short-term pleasures, he may grow up to resent saving.

Q: What should a couple do when they have saved for years to help fund their only child’s college expenses — only to have said child go off to college and fail miserably her first year? She doesn’t want to continue. First, how do I get the funds out of the 529 savings plan?

A: It’s understandable that you are upset. But the first year of college can be tough, and it can discourage a lot of people.

Hang on to the money in case your daughter changes her mind. You should also wait to avoid paying a penalty if she does return to school. Contributions to a 529 plan — a state-operated investment plan — grow tax-deferred. If the money is used for purposes other than qualified higher-education expenses, the earnings are subject to a 10 percent penalty as well as federal income tax.

Washington Post Writers Group