Family members and loved ones are the places most people turn for help during their tough times especially while they are in financial trouble. People usually fall into financial hitches when they are suddenly fired from their jobs, impacted by an expensive medical emergency, or a major personal expense like home renovation. If you have found someone special or a family member suffering through financial troubles and you want to give them a lending hand in the time of hardship, you have come to the right place.
In this piece of writing, we have gathered a few options and ways you can consider to help family members or a loved one in financial trouble even without having an impact on your personal finances.
Offer a Cash Gift
If one of your family members is having a short-term financial problem, you can help him/her by presenting a cash gift. However, you need to decide how much you can afford without putting your personal finances in danger. You can either give them a specific sum of money all at once or give them smaller cash gifts periodically until they are financially stabled to deal with their money-related issues. Make sure to let them know that the money is not a loan but a gift to help them through their financial snags. It will allow you to help your family members financially without creating an awkward and confusing situation for them.
Prepay their Monthly Bills
Prepaying one of the regular bills your family member receives monthly is one of the best ways to help family members in financial trouble. You can prepay their bills or payments like house rent, utility bills, life insurance premiums or car loan payments, etc. to help them during the financial crises. You can also ask them for any urgent payment they need to make so they can keep enjoying necessary services or utilities without facing troubles like disconnection of utility service. In this way, you can give them more time they may need to work out of the current financial situation.
If you want to help your family members in their financial troubles but are uncomfortable giving them cash gifts or bill payments, consider giving them non-cash assistance to help them meet their financial needs. You can present them a gift card or certificate to give them more control over where the money can be spent or what they can get by using the gift card or certificate. However, you should do some research to find the right store or shopping center with the best gift card offers you can buy for someone special.
Offer Employment Opportunities
As an entrepreneur or business owner, you can offer your family member or someone a special employment opportunity for an agreed sum of money to help them during their hard times. It is one of the best ways to financially assist a family member and can go a long way. It will allow them to earn enough money so they can pay their bills and meet other financial needs effectively. To avoid conflicts, ensure to make things clear and let them know clearly what you want them to do in your office or workplace. Also, let them know that how you will deal with incomplete tasks or jobs if any.
Help them Find Appropriate Financial Resources They Need
You can still help your loved ones in their tough times if you are not financially strong enough. Help them find appropriate local financial resources they need to deal with the current poor financial situation. Provide enough assistance to help them find the experts and locals that can steer them in the right way. You can help them find:
- Right career counselor or employment
- The best interest free credit card provider
- Personal loan on easier terms
- Individual money lenders who provide short term financial assistance
- Debt counselors
By doing so, you can play your part and allow them to find the right professional or agency that can help them go through the tough times with the right assistance.
All the above-mentioned ways could be useful to offer financial assistance to your loved one when he/she is in trouble. Hence, you should sit down with them and ask what type of help they need the most to find their way out of the situation.