When a family member faces financial hardship, it’s natural to feel concerned and want to help.
The reality is that money struggles can be complicated, and understanding their needs and acting with sensitivity becomes essential.
It’s important to strike the right balance of being supportive while still protecting your own well-being.
Understand their needs
Before doing anything, take the time to understand where they are coming from. The financial burden someone faces can stem from various factors, including job loss, medical expenses or personal crises.
It’s easy to assume that they might need money, but often, the situation calls for something more tailored to their unique challenges.
Simply offering a listening ear can provide insights into their deeper struggles. They may not want direct help with their finances but instead might need support in organising or negotiating with creditors, for example.
Offer practical support
Financial assistance doesn’t always have to be about handing over cash. You might consider practical steps that make everyday life a little easier, which could include helping with childcare, offering to run errands or assisting with meal preparation.
Another practical consideration could involve helping organise their financial commitments. For instance, if your family member has a couple of cars that need insurance, you might suggest looking into multi car insurance policies.
Combining car cover for multiple vehicles not only helps save on premiums, but it can also make managing bills less stressful for everyone involved.
Additionally, assisting with negotiating household utility bills or exploring other family expenses could help ease the financial burden on a more permanent basis.
Protect your own well-being
It’s easy to get caught up in the desire to help and to put your own finances second, but you should also consider your own wellbeing in the process.
Helping a loved one should not leave you in a vulnerable position. Before providing assistance, set clear boundaries on what you can afford to offer, whether it’s your time or money.
For instance, if you decide to help them with a few bills, make sure this won’t leave you in a difficult position. Alternatively, you might also want to offer support that doesn’t require financial input, such as assisting with job searches or creating a budget plan.
Depending on the circumstances, you might want to suggest they seek professional help from a reputable organisation such as Citizens Advice.
Additionally, consider how your ongoing assistance might affect your relationship. Discuss openly with your family member to help prevent any misunderstandings or resentment down the line.
Remember that supporting a family member during a financial crisis can feel challenging, but it’s also an opportunity to strengthen your bond. The key is to offer the type of help that truly addresses their needs without compromising your own well-being.