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Want To Help Someone In Financial Crisis? Here Are 5 Important Things That You Can Do

The thought of being hit with a major negative event that could affect your finances, such as a job loss, an illness, a car accident, or even a pandemic can definitely keep anyone awake at night thinking on how to make ends meet for their life. Such miserable events require many people to make major changes in their own lives and the revitalization period is incredibly stressful. This particular situation even happens nowadays here in Malaysia.

We as a large community could try to lend a hand towards these people so that they could feel some of the weight that has been a burden for them for a long time lifted up with the help of others. This type of action will definitely makes this world a better place to live in. These are 5 important things that you can do to help them.

Picture: Verve, A Credit Union

1) Pass Along Hand-Me-Downs

Children’s clothes are expensive and they don’t seem to fit into them for longer than a few months. As your child outgrows their gently used clothes, pass them along to family members with slightly younger kids.

2) Give Cash Gifts

The most straightforward way is to give money to friends in need.  This is a great option if you have the means and know it will be a one-time occurrence. Don’t try to word it as a loan to make them feel better about the situation. The last thing you want is your friend to feel indebted to you.

3) Give Non-Cash Gifts

If your friend unexpectedly lost their job, you may feel weird about writing them a check. Generally, non-cash gifts are more accepted. You can write a nice card and include a grocery or gas gift card inside.

4) Help Them Create A Budget

If your friend or family member is new to managing money, offer to help them set up a budget.  This will allow them to keep a handle on future months’ income. If you have a family member who is constantly asking you for money, you can make a rule that you’ll only give money one more time after you sit down to make a budget with them. These budget planners and cash envelope wallets are helpful for budgeting and managing finances.

5) Offer Services

Sometimes helping a friend out with money isn’t possible. There are other ways you can help that will save them money but cost nothing except time. Some of the services are such as babysitting, network to help in their job search, offer any skills you may have, invite them over for dinner, and also point them towards local resources.

Sources: Money Tamer.

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