There are times when family members need a helping hand. Maybe they’ve lost their job, or maybe they’re going through a tough time. Whatever the reason may be, it’s important to help them out whenever you can. However, you don’t want to blow your savings in the process.
Help your Family Members
Here are 3 Ways to Help Family Members without blowing your savings.
Offer Them an Opportunity to Earn Money
One of the best ways to help out a family member is to give them an opportunity to earn money. Maybe you can create a job for them, or maybe you can put them in charge of a project. This will not only help them out financially, but it will also help them feel useful and important. Some of your relatives will actually love the opportunity to earn the money rather than loan it from you. This will give them a chance to generate long term income instead of coming under the burden of debt.
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Invest In Their business so you can get a Return on Your Money
If a family member has their own business, you can help them out by investing in their company. This way, you can get a return on your money while also helping them grow their business. Just be sure to do your research before investing, as there are always risks involved. It’s important to remember that you’re not just helping them out financially, but you’re also helping them grow their business.
Help Family Members Connect With Industry Professionals
If a family member is looking for a job, you can help them out by connecting them with industry professionals. This will give them access to the best jobs and networking opportunities. Just be sure to keep in touch with these professionals, as they may be able to help your family member in the future. By helping your loved ones in this way, you’re not only helping them out financially, but you’re also helping them reach their goals. In this day and age networking is very important and can lead to great opportunities.
Learn To Say No When You Genuinely Can’t Help Family members
This one is the hardest, but it’s also the most important. There will be times when you can’t help your family members, and that’s okay. You need to learn to say no when you genuinely can’t help them. This will prevent you from going into debt and it will also keep your finances in order. Just remember that you’re not a bad person if you can’t help them out. You’re just being responsible with your money.
Saying no is hard, but sometimes it’s the best thing that you can do for yourself and your family. If you find that you’re constantly helping others without getting anything in return, it’s time to take a step back and assess the situation. Are you helping them out of the goodness of your heart, or are you doing it to make yourself feel better? If it’s the latter, then it’s time to rethink things.
Don’t Let Them Turn It into a Habit
If you help a family member out, make sure that they don’t turn it into a habit. You don’t want to be their personal ATM, and you also don’t want them to take advantage of your generosity. If they start asking for money all the time, it’s time to have a serious talk with them. Explain to them that you’re happy to help out, but only when they really need it. Otherwise, they can find other ways to get money.
Lend Them Your Money When They Need It But With Terms of Return
This is another option that you have when it comes to helping out family members. Lend them your money when they need it, but make sure that there are terms of return. This means that they need to pay you back within a certain amount of time, and at a fixed interest rate. By doing this, you’re not only helping them out, but you’re also getting your money back. Just make sure that you don’t lend them more money than you can afford to lose.
The last thing you want to do is make your family members feel bad about needing help. This will only make the situation worse, and it will also make them less likely to ask for help in the future. Just be understanding and let them know that you’re there for them.
There are a lot of ways that you can help out family members without blowing your savings. Just be sure to be smart about it and only help them when they really need it. Otherwise, you could find yourself in a lot of debt. Remember, it’s important to take care of yourself first and foremost. If you’re not in a good financial position, then you won’t be able to help anyone else. I hope you enjoyed this post about 3 Ways to Help Family Members
Josh is the owner and lead writer at Daily Wisely. His career has taken him from finance to blogging, and now shares his insights with readers of Daily Wisely.
Josh's work and authoritative advice have appeared in major publications like Nasdaq, Forbes, The Sun, Yahoo! Finance, CBS News, Fortune, The Street, MSN Money, and Go Banking Rates. Josh has over 15 years of experience on Wall Street, and currently shares his financial expertise in investing, wealth management, markets, taxes, real estate, and personal finance on his other website, Top Dollar Investor.
Josh graduated from Cornell University with a degree from the Dyson School of Applied Economics & Management at the SC Johnson College of Business.