Tag Archive for family

What to Do When People Ask You for Money

What to Do When People Ask You for Money

What to Do When People Ask You for MoneyIf you are a responsible adult, you likely have your financial life in order. You may not be rich, but you keep a detailed budget and you are smart with your spending. That means there is more money coming in than going out each month, and you are able to save for the future while leading comfortable lifestyle today.

Unfortunately, not everyone is so responsible. Many people spend much more than they earn, which quickly lands them in a tough spot. If this is the life lived by someone close to you, it is possible that they will turn to you for financial assistance sometime soon. When they come calling for cash, what do you say? This is a tricky situation, to say the least.

You Are a Nice Person

The first thing to square away is the fact that you should be able to lay your head down on the pillow at night feeling good about yourself, regardless of this decision.

If you decide that you aren?t going to lend any money, that doesn?t make you a bad person. This is a complicated topic, and there are many ways to look at it. Once you realize that saying ?no? doesn?t make you a bad person, it will be easier to remain objective and make a smart decision.

Why Do They Need Help?

This is probably the main question to ask yourself ? and the other person ? when deciding how to proceed. Why is this person in a position to need financial help? Sometimes, it is a very legitimate reason. For instance, they may have had a combination of untimely events, such as a large medical bill and a work layoff. That doesn?t make them a bad person, or irresponsible ? it just means they are going through a tough time.

On the other hand, this person could be asking for money because they have not yet decided to take control of their own life. They make money, but they spend it just as fast. Or, they keep becoming unemployed because of their own actions, like showing up late for work or doing a poor job. This person is not the victim of bad luck ? they are dealing with the consequences of their own actions.

Making a Judgement

It is a good idea to avoid judging people on a day to day basis, as you have your own life to lead. However, when someone asks you for money, it is inherent that you will need to judge their situation. Do you feel comfortable with lending or giving this person money? What are they going to do with it? Is your help going to change anything moving forward?

For a person who is the victim of genuine bad luck, you may be able to give them the chance they need to catch up. This is a person who has proven themselves to be responsible, and there is no reason to think that won?t continue to be the case. For a person who is out of money because of bad decisions, your help won?t change their patterns. Rather than a loan or a gift, they likely need a financial intervention of some kind.

In the end, trust your personal judgement and never give away or loan money that you can?t afford to go without. Take care of yourself and your family first, and help others as you can from there. It?s always hard to say no when someone needs financial help, but in some situations, saying no might actually be the best thing you can do for their future.

 

Have you ever been asked for money? What did you do when someone asked you for money?

 

Photo courtesy of: Goumbik

4 Ways to Help Family Members Get Their Finances in Order

4 Ways to Help Family Members Get Their Finances in Order

4 Ways to Help Family Members Get Their Finances in OrderAnytime someone you love experiences hardship, often, your initial reaction is to help them in any way you can.

Unfortunately, when the problem is financial, it can be difficult to know just exactly how to do that.

While offering up money yourself might feel like a valid suggestion, if you’re truly hoping to help your relative get their finances together, merely providing them with money can often do more harm than good.

Instead, consider these four ways to help family members get their finances in tip-top shape.

1. Help Them Create a Budget

More often than not, financial disarray comes from either a lack of a budget or a budget that merely doesn’t work. Whether your relative needs to create a budget or find one that better fits their situation, setting up a budget is one of the best ways to assist your family member.

Sit down and acquire the details of their income and all their expenses. After which, organize an appropriate budget based on what they earn and what is a need for them. Furthermore, take a look at some of their unnecessary expenses and have them consider what they could cut out or cut back on.

2. Set Up Their Bills

After a budget, setting up regular bill-pay or a bill paying schedule is the next best step. Not accounting for certain bills and expenses can leave many people spending when they really should be saving for their needs.

Help them consider their options with automatic bill-pay and direct deposit, or assist them in coming up with a solid schedule that will always keep them on track.

3. Help Them Find Professional Assistance

Sometimes, getting someone else’s finances in order, especially if they’re too much of a mess, can be out of your depth. So, unless you’re a financial whiz, one surefire way to assist a relative is to help them find the right professional assistance.

Whether they need help with taxes, debt, jobs or even lenders, make a point to help them research and find the right help that best suits their needs.

4. Be a Resource

Although lending money might not be the best option, you can always be a resource in other ways. Be your family member’s accountability enforcer to help them make sure they stick to their budget and plan.

Moreover, be someone they can turn to with whatever they might need help with financially. Again, if you can’t help directly, help them find someone who can. For example,?installment loans are always an accessible option and you can easily just help them find a proper lender.

At the end of the day, simply be your relative’s resource to come back to whenever they have questions or concerns. Merely having a sounding board can be a huge help.

It can be difficult to refrain from jumping in and doing things yourself when it comes to family. However, if you truly want to be of assistance, take steps to help family members on the path towards good financial habits.

By setting them up with plans, goals, and budgets, you’ll set their finances in order for life.

 

 

What are some ways you might help family members who have trouble with spending or sticking to a budget?

 

 

5 Fun and Cheap Things for Families to Do This Fall

5 Fun and Cheap Things for Families to Do This Fall

5 Fun and Cheap Things for Families to Do This FallWith the end of summer can often come a feeling that the season for fun is done for the year. That doesn?t have to be the case, however.

Sure, the kids have gone back to school, but there are still weekends for you to sneak in some family fun. And, while the weather might be cooling off, there are things you can do which aren?t totally dependent on a bright and sunny day.

To keep you in the mood for family enjoyment as fall settles in, we have provided a list of five fall fun ideas below.

Go to the Zoo

Going to the zoo is a time-honored tradition for many families. Kids naturally love seeing animals, so this is a safe bet when you want to get out and enjoy a day together.

The nice thing about going to the zoo in the fall is you are likely to find it less crowded than it is during the summer months. As long as you pick a day where the weather is reasonable, and you dress appropriately, you should be able to have a great time exploring and viewing everything the zoo has to offer.

Try Your Hand at Bowling

If you need to take your activities inside for the day to escape some poor weather, consider paying a visit to your local bowling alley.

Bowling as a sport is not as popular as it once was, but kids can still get a thrill out of rolling the ball down the lane toward the pins. Ask the staff at the alley to put the ?bumpers? up if you have young kids who are having trouble keeping the ball out of the gutter.

Visit a Pumpkin Patch

As Halloween approaches, pumpkin patches start to pop up in many locations. If you aren?t sure if there are any near you, a quick internet search should provide the answer.

Kids will love walking through the field to pick out their favorite pumpkin, and many of these locations have other attractions such as rides, games for kids, snacks, and more.

Take an Autumn Hike

Depending on where you live, it may be possible to find a great hike for the family to take on a nice day. If you have trees which change color and lose their leaves in the fall, this would be a great way to get outside and enjoy nature ? and it will probably be free, as well.

Of course, check the weather carefully before heading out and bring the right supplies for the day.

Stay in and Watch a Movie

You don?t have to go out of the house in order to have fun with the family. On a cold night, consider staying in, making a few snacks, and watching a movie together.

Before starting the movie, put away all phones, tablets, and other devices so you can just watch and enjoy. You might find that everyone enjoys this kind of evening so much that it winds up becoming a tradition.

 

What do you do for fun in the fall? Have you used any of these activities with your family?

 

Photo courtesy of: sharonang

Financial Benefits of Multi-Generational Living

multi-generational living

multigenerational livingFamily trends are changing in America. These days, more young adults are living at home after college. Plus a larger share of the aging population is moving in with their kids too. The label multi-generational living is starting to become a household term.

There are many reasons why multi-generational living has become?more popular. Things like a weak economy, a shortage of affordable housing and adults choosing to get?married later in life all increase multi-generational living.

Larger Asian and Hispanic populations, where multi-generational living is the norm, is contributing to this growing trend as well.

There are a lot great benefits, especially financial ones, that come from having more than one generation in the same household. Here are some financial benefits of multi-generational living.

Lower Cost of Living

The most obvious financial benefit of multi-generational living is a lower cost of living for each individual.?Living with more people means you can split the cost of living between the families or working adults to save money.

An “in-law suite” is often added on to the property to?provide?more privacy. Whomever is moving into the “in-law suite” typically helps pay for the property addition.

Multi-generational living may require a larger property. But it?s still cheaper?to pay one bill instead of each having a?mortgage on two separate homes.

Shared Food and Household Good Costs

In addition to the saving of not having to pay a mortgage or rent payment by yourself, another savings can come from shared food and household good costs. Plus cooking together allows family recipes to pass on to new generations, and teaches young people to cook, which is an invaluable skill and a great way to save money vs. eating out.

Building Close Relationships

Ask anyone who is living with their parents or other family members?and the number one benefit they’ll probably tell you is that multi-generational living helps build stronger family relationships. How many children these?days get to spend time?with extended family members on a regular basis? Not many.

Passing wisdom down through the generations is an invaluable blessing. The older generation becomes a role model. They instill value and tradition into younger generations, helping them avoid making some of life’s biggest, and most costly, mistakes.

Giving Older Generations?a Purpose

A majority of the elderly placed in nursing homes or care facilities view this as a negative. They may even become depressed and lonely. Living with younger people, especially children, seem to give them a purpose to stay active. A happy person requires less care. Thus the financial costs are cheaper than for those who might be depressed. Plus, having your loved ones at home means you won’t have the financial burden of paying for a retirement facility.

Lower Child Care Costs

Depending on the age of elders, and the energy level of kids, parents might have a built-in babysitter now and then. Child care is very expensive. Therefore, having another family member at home who can care for the children during the summer or in the evenings when you need a break is a great financial benefit. Not having to pay for a babysitter can make a night out much cheaper.

Moving multiple personalities and bodies into a single living space can get tricky. If you and your family are considering this change, be sure to be open and honest with one another. It’s also important to make sure everyone has some privacy. Close relationships are invaluable, especially when it comes to family. Do your homework and you’ll be able to enjoy the time and financial savings?of multi-generational living.

 

Have you ever lived with multiple generations of family in one home? Were there any financial benefits?

 

Photo courtesy of: April Moore-Harris