Rachel Cruze: 3 Times It’s OK To Help Family Out Financially
There are some subjects that many families avoid around the dinner table or in general discussions. Among them are politics, religion and money. When it comes to money, the discussion can sometimes lead to a request for help from one family member to another. So what’s the best response?
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Here’s a look at a few times when it’s probably okay to help family out financially.
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When They Are in Need
According to podcast host and Ramsay Solutions personality Rachel Cruze, “It’s okay to bless other people who could use a little push.” That’s pretty broad advice, so you’ll need to figure out what it means on an individual basis.
For instance, according to the Credit Counselling Society, “If someone loses a job, work hours are cut or there has been an illness or injury, it’s a relief when family is able to help temporarily. One-time help is different than the full-service Bank of Mom and Dad.”
When You’re Doing Well Financially
Before you help out a family member, whether it’s a child, parent or other relative, make sure to review your own budget. If you’re in debt and aren’t doing well financially, then now is probably not the time to help someone else.
According to Cruze, “Pay off your debts and save for the future, and soon you’ll be able to give away as much as you want!”
When You’re Not Feeling Guilty
In some cultures and families, there can be a great sense of family responsibility to help others who are in need. But Cruze suggests it’s okay to help family out financially when you’re doing it from a place of love and because you are financially able to do so.
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“But don’t put yourself in a hole or stretch your own budget out of some sense of guilt and family responsibility,” Cruze said. And don’t forget how it’ll change your relationship dynamic – you’ll become their creditor when you loan them money. That can make holidays and other gatherings quite awkward.
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This article originally appeared on GOBankingRates.com: Rachel Cruze: 3 Times It’s OK To Help Family Out Financially