It can be hard for us when we see our family struggling with money especially if we are in a position where we are not worrying about our situation. Sometimes helping them can be hard though but there are things that you can consider doing.
Talk to Them About it
If you know they are struggling then it is likely that they have mentioned it. This means that they want you to know and hopefully are therefore willing to talk about it. It could be a good idea to sit down with them and ask them what has happened and what went wrong. It will probably be a relief to them to be able to talk to someone about their problems. It might even help them to start working out a solution, especially if you prompt them to think about this. Guide the conversation gently to asking them about how they are planning on solving their current problems. This can get them thinking about what they should be doing and they might come up with a plan by themselves. However, if they haven’t got a plan you might be able to help them by suggesting a few things that they could try. Hopefully, because you have listened to their concerns and you understand their situation, as long as you have not judged or criticised them, they will take some notice of your ideas and start to make some changes.
Give them Money
You might be tempted to give them some money to help them out. Of course, there is nothing to stop you doing this and you could help them out of the situation that you are in. However, giving people money is not always a good idea. This might sound a bit odd, but it can mean that they get to rely on having the money. If they know that there is money there if they need it, they might not be very careful about looking after their own money and always come asking for some more when they need it. This can lead to them doing it for their whole lives and the problem with this is that when you run out of money or when you die and there is no more money they will have no one left to fall back on and will not know how to cope without the hand out. It can therefore sometimes be kinder to not give them the money or only give it to them when they are really desperate. An alternative could be to lend them the money.
Lend them Money
If you lend them money then you can decide to give them a very low interest rate or no interest at all. You can come up with whatever agreement with them that feels right and fair with regards to repaying it as well. This means that you will get your money back and they will not be replying on you in the same way. Of course, they may still keep coming back to you for loans over and over again, so you may need to be quite careful in how you do it. Or use a more reputable lender like Emu.co.uk. Perhaps only doing it if they have no other options available to them and having a strict repayment system in place so that it is not an easy option for them and they learn that borrowing is not an easy option and saving up for the future and being careful with what they are spending is a better plan to have. It can be hard to see them struggling, but you have to think about whether your actions will have a detrimental impact on them in the future and perhaps leaving them to struggle a bit now will have its rewards for them in the future.
Will a Financial Adviser be of use to me?
There are some people that regularly use the services of a financial advisor. However, there are also some people that never use one at all. You may wonder whether it is a service that you should consider using yourself. It is worth knowing what they can do and then you will be able to decide whether that service will be something that will be useful to you.