Most people turn to desperate measures to make ends meet. Even some incidents like losing your job or facing a medical emergency can change your financial situation from one day to the next. However, financial crisis can be overcome by taking back control of personal financial situation and taking solid actions. If at any point of life someone close to you can find themselves in a situation of personal financial crisis.
The first thing to consider is what the person we want to help is like. We must know what attitude he has towards life and difficulties. If he is a resilient person, capable of growing in the face of adversity and adapting to current situation to achieve the necessary change; or, if he is a less capable person, in this sense, to overcome the crisis situation by his own means. Today we offer you tips to help people solve their pecuniary difficulties.
Only offer advice if asked
Anxiety about trying to help a loved one can backfire, as unsolicited advice can damage relationships and cause unnecessary estrangement. They may not really seek help or advice, just to be heard and understood.
Everyone has their own rhythm of learning and reflection on their problems, the important thing is to understand this rhythm and give a modest opinion when requested. Only at this time could the advice be heard. Which is not a guarantee either, because many people ask for advice to reaffirm their opinions and they do not feel comfortable when someone gives them a different opinion that does not favor their actions. For this reason, the opinion must be sincere and stated as a suggestion, not as an instruction to follow.
Make them follow your example
Rather than giving verbal advice, it is better to show the way by example. It is convenient for our close ones to know how we deal with debts, save money and manage our budgets and, most difficult of all, make painful financial decisions.
When change occurs, family members who are in similar trouble will ask or try to follow example. Actually, we must be aware that the only thing we can really change is our behavior and reactions to what happens.
Suggest them to sell assets
No one wants to sell their most valuable possessions. Unfortunately, this may be the easiest way to raise money in a financial crisis. Help them make a list of all the possessions they could sell and that would bring them a considerable amount of money.
Suggest them to make a list according to how much they use or need that asset. Tell them to start from the most essential to what they have already forgotten. Perhaps that may be enough to keep them going for a few months while they find a permanent solution to problems.
People often make mistakes because they leave the loan as a last resort. And in fact, if taken in time and the right amount, it can be one of the easiest ways to get out of trouble. So advise a loan as an option. There are many specialized agencies that deal with loans, but without credit check. So you don’t have to worry about your credit status or wait for long checks. Usually the money will be in your account within 48 to 72 hours. Click here for more details about fast approval of loan. You can also help them do all the necessary research before deciding to take one.
A good example of when a personal loan might be a good idea is if they want to sponsor their slow-growing business. They should evaluate if business has what it takes and can earn regular profits that will allow to quickly pay the personal loan, if everything seems fine, then take it. They can make use of the personal loan as an intermediate fund while recover and then pay it off once they are back.
Tell them to consolidate debts
If they have many debts that come from different sources, it is probably a good idea to start consolidating debts. There are many companies or banks that can help do this. Multiple monthly payments on different debts can be consolidated into a single payment that best suits current situation.
If it is necessary, help him get a job
It is likely that you can help your family member get a job, if he lost one, thanks to your friends or contacts, so connect him with them and expect him to do his part for their economic well-being.
Is it good, or not, to give money to people with financial difficulties?
There will be situations in which a person close to us will ask us for money to cover a debt, pay a delay, or simply to be able to eat during the month.
It is a painful situation for many people because this means recognizing the inability to deposit money, and above all it involves exposing us to their case in all its harshness. Therefore, in most cases it involves large doses of stress and discomfort for those who request the money.
If we have money saved, we can help these people by making a small loan, as long as this does not become a habit. In other words, we can financially support this person for a limited time, long enough for him to overcome his personal crisis and improve his economy.
If it becomes a habit, it will be counterproductive practice for these people, and for us: we cannot take responsibility for them, because it is they who must take responsibility for their recovery.
The best way to contribute to the progress of someone who is going through difficulties is not by giving him everything on a silver platter, but by giving him opportunities to resume his life and useful tips to get ahead on his own, of course, without abandoning him on that path. Remember: at some point it could be you or one of your children, so never leave someone in trouble without help.