3 ways to help a family member in financial hardship

You have good reason to believe that someone you deeply care about is facing hard financial times. If you suspect that a parent or a sibling is going through a rough patch with money, you most surely are troubled about what to do. What is the best way of helping? How do you respond when you find out that a loved one cannot pay their bills? There are several ways you can help someone who is struggling to take control of their finances. Let us take a look at a few options you need to take into account when it comes to helping financially.

Give a generous cash gift

Cash gifting has been around for some time now. This is a payment scheme when you give someone an amount of money without expecting anything in exchange. If a family member has big money problems, you will want to give a gift of cash. You are more fortunate, not to mention that the financial assistance will be appreciated. There is no tax on genuine cash gifts. However, there is a limit. The amount for a single person is $10,000 in cash or other assets. If you give more than $10,000, deeming will be applied. Do not offer the maximum amount that you can afford. Consider offering small gifts from time to time. Giving money is a serious and delicate business. Make sure that giving money does not lead to an awkward situation.

Help your family member find the right support             

Money is not a welcomed and expected conversation. Actually, it is a taboo subject. It may feel uncomfortable to talk to your loved ones about money, but you do not have a choice. A close family member needs help, even if they do not ask for it. If the person you care about so much is too proud to accept money, help them find professionals that can lead them in the right direction. If the member of your family has trouble managing debts, it is a good idea to talk about debt consolidation. This is an approach they can tackle on their own. Talking about someone else’s financial debt is delicate. Yet, if you are really concerned, approach the subject. Most importantly, assist your loved one in finding professionals who can help them reduce and manage their debt.

Share your own stories and experiences

The greatest assistance you can give a family member who has run into a financial emergency is helping them find adequate support. If you want to make sure debt consolidation is the right option for your dear one, check out this website, as it has all the info you need. People who are going through hard financial times are so embarrassed to talk about their situation that you might not even know how serious it is. Your loved one will be more willing to open up to you if you share your own stories and experiences. Share the most pressing money issues that you have had. Mention how you succeeded in getting out of debt and developed a system for budgeting. Talking about money need not be taboo.

You may also like...

Leave a Reply