Helping A Family Member Get Back On Their Feet Financially
Helping a family member get back on their feet may be tough, but personally rewarding.
After all, we love and respect our family members, often unconditionally. No matter who you are, you will likely feel the tug at your heartstrings if a family member is in trouble.
If the problem is caused by bad decisions, we might lose enthusiasm over time, but that doesn’t mean this will be any less important to take care of. Helping a family member get back on their feet takes patience, time, and empathy.
Assuming your family member is willing to engage with you, the following financial tips can be helpful:
Manage and Instruct
It can be extremely worthwhile to help systemize the finances of your struggling relative.
You may take control over their finances for a time. Applying budgets, building a savings balance, and helping make smart decisions about debt can right the ship over time.
Forcing is not the name of the game here. Instead, instructing, demonstrating, and helping them assign their finances to the highest priorities will be the best way forward.
You cannot force a family member to make good financial decisions, but you can ask for them to run everything by you, and to provide them instructions and the best direction. It can be painstaking and difficult, but sometimes it’s essential.
It could be the importance of arranging a payment schedule with them after bailing them out using Absolute Bail Bonds, Inc. or establishing contact between them and a debt charity.
It all counts, and all your help can be valuable.
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The Root
The root of the issue is often the factor that holds people back.
No matter how financially helpful you are to someone with an addiction, the sneaking voice in the back of their mind will always see a payment or a dividing of their own savings as a quantity of the substance they were addicted to.
This is why finding them help for the root of the issue is essential, even if that’s tough-love cold turkey rehab treatment, helping them out of a toxic social situation, or generally helping them overcome hardcore spending habits.
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Presence
Stay present with them, and ensure your advice is being followed. You might have a written contract that if they manage to see through a course of treatment, or apply to community college, or get that first job, that you’ll provide them with a small amount of financial help just to help them get back on their feet.
You might drive them to the new job. You might help them move through the challenging aspects of their time at work, or help them prioritize their savings to the creditors that are most important.
With these tips, helping a family member get back on their feet financially can work. It won’t be easy, but a successful outcome will be more than worth it.
No one can succeed alone, and your efforts can make a huge difference.
This post is for educational purposes only.
Ken Boyd
Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies
Co-Founder: accountinged.com
(email) ken@stltest.net
(website and blog) https://www.accountingaccidentally.com/
(you tube channel) kenboydstl