4 Wise Tips on Providing Financial Support in Relationships

Providing financial support for others could sometimes be a tough decision to make. However, as the bible puts it that “It is better to Give than to receive” and “that one shouldn’t withhold to do good to others especially if it’s in one’s capacity to do so”.

Asides giving, anytime you’re loaning a friend, acquaintance or relative with money, it is wise to consider the possibility of never being paid back. If you can’t face the possibility that you may never get this money again, don’t offer it. The truth is that the impulse to help is natural, and as humans, we hate seeing our loved ones struggle; and it sure feels good to support others in their time of need because we all do need help from one another at a point or the other in life. This is all good and commendable, but it’s also wise to offer financial help to others without hurting your own finances.

If someone you care about comes to you with a need that would put you out financially, you don’t just have to say no. Be willing to help. Be an ear to your friend, acquaintance or family member and offer them the support you can at that time without hurting your own finances. You could also be a help or guidance to them in finding resources or opportunities available so they can also be better equipped to help themselves. Refusing to sometimes help, for whatever reason, may not feel right but at the same time, there are scheming people out there who look to use crisis as a means to draining others of their hard-earned money.

We hope you find these tips helpful in providing financial support for others:

• You must have heard the flight announcement – “wear your own oxygen mask before assisting others”? meaning; you need to always assess your own monetary situation first before offering help to others. However, always be willing to help.
• If the person in need is a close friend or family member who barely or has never asked you before and is hesitant to ask even now, they are probably facing a genuine financial situation. Offer help as much as you can spare even if it means sharing your limited resources with them. But beware of friends or acquaintances who particularly has a history of being reckless with money and taking loans, this is certainly a red flag.
• If the person in need of financial support has a job loss or needs emergency funds for a medical treatment, due rent or purchasing essentials or any other pressing need that needs financial intervention, please don’t hesitate to help.
• Whenever you are unable to help financially, look for other ways to extend support, such as giving a savings or investment strategy advice or how such can monetize other opportunities.

On a final note, if offering financial support for a friend, family or acquaintance could jeopardize your own financial situation at that moment, you should consider other ways of lending a hand. However, always be willing to offer help to them in their time of need as much as you can, they are seeds that often come back as bountiful harvest in numerous ways. Learn to make good decisions that will keep your relationships and finances intact;

Cheers!