5 Ways to Help a Struggling Loved One through Financial Troubles
Money problems are common afflictions, especially in today’s challenging economy. Thankfully, whether or not you have money to spare, there are some simple things that you can do to help a loved one trying to dig out from a financial avalanche.
Help Them Get a Job
If the loved one is unemployed or in dire need of a higher-paying job, you can help by scouring the classified ads and online job sites and pointing out jobs that may be a good fit. If you know anyone who is hiring, you may be able to put in a good word for the job hunter. An introduction to the right employer could change your loved one’s life.
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Suggest Credit Counseling
If excessive credit card spending is part of the problem, a credit counselor may be able to help. Not only can they give advice on how to avoid future pitfalls, but they can help to consolidate existing debt to make it easier to pay off. Offer the suggestion in a way that feels non-judgmental; otherwise, the person in crisis may take offense and refuse to consider credit counseling.
Offer a Place to Stay
If the person has been evicted, you can offer a huge helping hand by letting him stay with you. This situation can work especially well if your kids have gone to college and you are left with empty rooms. Create a contract with house rules and a timetable for leaving to make the situation mutually acceptable.
Start a Crowd-Funding Campaign
If the crisis due to medical problems or some other heart-rending issue, try a crowd-funding campaign. Set up a page explaining why this person needs money so urgently and share it over social media and e-mail, encouraging others to do the same. If many people pitch in a few dollars, it could solve the problem, or at least alleviate it.
Give Money Yourself
If you are financially stable, you can give your loved one the needed money. Have no expectation of being paid back. This way, you will avoid potential resentment, and if you do get paid back, it will be a nice surprise. A site like sharemoney.com will allow you to send money quickly and easily.
Everyone needs to learn how to deal with money problems, but there’s nothing wrong with offering a little help to a friend having a hard time. Keep these ideas in mind if someone you love comes to you with a financial emergency.
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Category: Family Finances
