HELP A FAMILY MEMBER FINANCIALLY WITHOUT GIVING THEM MONEY
When in times of need, family are the first people we turn to.
There are so many different situations (loss of job,
illness, injury, etc.) that will require one to seek
assistance from those they know that they can ask. But, it
is important that help is granted in a way so that it will
not damage the relationship. Some people are able to assist
their family members by giving them money in the form of a
gift while others will not be able to afford granting much
monetary help at all. If a
is out of the question,
say 'no' and consider the suggestions below on
how you can offer aid without putting strain on your
Many people may prefer to give money as a gift than have to
worry about being a bank and collecting their money back
like a loan. And, if you are financially able to provide a
gift, you'll be helping your family member tremendously as
opposed to giving them a loan.
loans have the ability to generate animosity and
hostility. A gift is always going to be a much easier
situation than a loan.
Put food in their mouths
Providing a free meal a few times/month is really a big deal
and will be greatly appreciated by someone struggling.
Pay Some Bills
Offering to pay a utility, cell phone, mortgage, car
loan or any other type of
will provide some relief for those in a financial bind. Even
better would be to pre-pay some bills. Pre-paying will give
a nice cushion of potential stability for a few months.
Help Create a Budget
If you have a willing participant, help your family member
create a budget. There will be a great deal of trust
needed. You are going to have to assure the person you are
helping that you are able to be trusted and that you
genuinely have their best interest in mind. Many people are
financially strapped when they don't have to be and merely
need a restructuring of the distribution of their finances.
If the person you are trying to help is letting their pride
get in the way of accepting your generosity, offer them a
way for earning money. That can be helping you around the
house cleaning, doing laundry, taking care of your
landscaping, etc.. No matter what type of money earning
opportunity you are offering, make sure you set expectations
clearly and establish beforehand how much you are going to
pay for the completed job. It is also important that you
make it understood as to how you are going to deal with
inadequate or unfinished work.
Offer Non-Cash Gifts
Providing cash to someone struggling may not be the
best decision, especially if you know that they have a
drinking and/or drug problem. You should think about
non-cash gifts like gift certificate or gift cards. Giving
non-cash gifts will allow you to have much more influence on
how the funds are being utilized.
Charitable and/or Government Resources
There are a wide variety of available resources for
a struggling individual:
- Career assistance counselors
- Job placement agencies
- Debt counselors - Learn more about our
debt counseling program.
- Welfare agencies
Often, assistance filling out the required forms for getting
the needed help is the greatest gift of all. The above types
of organizations can help guide your family member in the
right path for financial well-being.
Questions to Ask Yourself
Borrowing from Family
10 Reasons Not to Lend to Friends
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