Image from Girls Just Wanna Have FundsAs we've all grown older, it's obvious that the traditional platform of our parents providing for us and our siblings should be winding down when we hit our 20's, right? Some have found that even our parents - let alone siblings - are running into financial trouble as a result of the stock market, economy, or just plain money-management issues. If we're living the 'good life,' how can we help family members financially without overstepping our bounds?
- First, take the time to think about whether offering financial help will be received graciously or if your offer could be taken the wrong way and end up being offensive. Each family has their own dynamics
- Second, formulate a specific way to help. Many families find that offering money as a one-time gift alleviates the strings of feeling indebted. However, some family members may want to pay you back, so be open to letting them work up a payment plan. Just remember, no matter how good the intentions, you must treat it as a gift in case they aren't able to pay you back.
- Thirdly, money isn't the only option. Chances are that your family members have had to sacrifice along the way. Consider treating them to dinner, sending gift cards to the local supermarket, or surprising them with little gifts along the way. The key is to minimize the focus on their humility and instead perform casual acts of kindness.
- It's easier to give when "the ask" doesn't happen every day. You definitely do not want to be an "enabler" when it comes to family member who cannot manage their finances, so if you do get a request for a loan "just to get them through the month," feel free to offer them in establishing a budget, etc.
- Lastly, learn from experience. Mixing money and family can be a very delicate dance. If you notice that the family members are abusing your generosity or simply not being good stewards of the gifts, it's probably time to close the bank.
Making Etiquette Easy,
Susan K. Medina
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