{"id":18654,"date":"2022-09-30T09:00:40","date_gmt":"2022-09-30T07:00:40","guid":{"rendered":"https:\/\/my-life.lu\/?p=18654"},"modified":"2025-05-07T10:04:31","modified_gmt":"2025-05-07T08:04:31","slug":"finances-helping-a-family-member-in-need-51070","status":"publish","type":"post","link":"https:\/\/my-life.lu\/en\/finances-helping-a-family-member-in-need-51070\/","title":{"rendered":"Finances: helping a family member in need"},"content":{"rendered":"

Money and family are not always a good mix. Sometimes, they may even form an explosive cocktail, and create feuds that are as long-lasting as they are destructive. Of course this doesn\u2019t mean that you should let down a family member who is in serious financial straits. How should you react? myLIFE reviews the various options available to you.<\/p>\n

Many situations can lead to financial difficulties of a greater or lesser extent: job loss, long-term medical treatment, a personal tragedy or poor financial choices. When such situations arise, the first reaction of many people is to turn to their nearest and dearest for help. So what should you do when asked for help? How can you follow your better instincts without putting yourself in the red? How can you avoid misunderstandings, and ensure that your financial aid is put to appropriate use and eventually repaid? You\u2019re right to ask yourself these questions before putting your hand in your pocket!<\/p>\n

A purely personal decision<\/h2>\n

Family solidarity, generosity and human decency are noble motives for taking action and offering help, but emotional blackmail, peer pressure or the fear of disappointing much less so. You should be free to decide on whether or not to help a family member. Take the time to consider your actions, and don\u2019t be swept along in the heat of the moment. You could ask someone you trust for advice, preferably someone who is not involved.<\/p>\n

When you take a decision, make sure that you are happy with it, and that it won\u2019t affect your feelings towards the person you are helping.<\/p>\n

If you don\u2019t think about it properly before offering to help, you could exacerbate a problem rather than contribute to its permanent solution.<\/p><\/blockquote>\n

Treat the cause, not just the symptoms<\/h2>\n

When a family member finds themselves in financial straits, your first reaction may be to give or loan them the money they need without discussions. Although an emergency may sometimes justify such swift action, it is often preferable to first reflect on the causes of the problem rather than the symptoms, i.e. the need for money. If you don\u2019t think about it properly before offering to help, you could exacerbate this problem rather than contribute to its permanent solution.<\/p>\n

What has caused this need for money? In many situations, being in financial straits can hide other issues, such as difficulties managing a budget properly, finding a job or getting a promotion, or even a very costly addiction. If this is the case, wiping out a debt will only be a very temporary fix. Depending on the situation, you could provide permanent help:<\/p>\n