5 Ways to Help a Struggling Loved One through Financial Troubles

| September 30, 2015

financial troublesMoney 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.

Short On Cash? Which Bills You Should Pay First | Quizzle …

If you fail to make your life insurance payments, for example, and something happens to you, your family’s financial troubles will get exponentially worse. The same goes for car insurance: if your auto insurance lapses and you …

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

financial troublesIf 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.

6 Ways Being Financially Smart Can Benefit You — MomStart

For instance, people who experience financial stress turn to things like alcohol, and family financial troubles hurt a family’s well-being. Research shows that children who live with financial problems have more psychological …

Tags: , , , ,

Category: Family Finances

About the Author ()

Comments are closed.