Taking care of your extended family can be both a joy and a burden, especially when you are on a tight budget. But with a little bit of planning and creativity, you can provide support without breaking the bank. Here are some tips to help you.
Be honest with yourself and family members
Speaking about finances can be a touchy subject for some families, but having an honest conversation about what you can and cannot do can prevent you from being placed in a tricky situation financially. Although you have every right to not disclose how much you make, it is also critical not to give in to the pressure of the image that they hold of you regarding how much you earn.
Having honest and open conversation are sometimes hard to do, especially when it comes to money. However, being honest with your family members about what you can and cannot afford can also stop you from becoming the family ATM.
Create a budget and stick to it
Speaking to a financial advisor can help you maximise your finances in the best way possible and also find alternative ways in which you can support your family without breaking the bank. Also, make sure that you have a budget in place and that you stick to it. This is the first step in managing your finances and ensuring that you have enough money to take care of your family. Consider your income and expenses, and allocate money for your extended family's needs.
Prioritize needs over wants
Focus on providing the essentials, such as food, clothing, and shelter, rather than luxury items. This will help you stretch your budget further.
Shop smart
Take advantage of sales, coupons, and discounts when shopping for your family. Compare prices at different stores and buy generic or store-brand items instead of more expensive name-brand products.
Seek assistance
If you are struggling to provide for your family, don't be afraid to seek help, even if it means turning to other family members to help you shoulder the costs.
Consider ways to earn extra income
With so many options available such as investing, online jobs, or starting a side hustle that can generate an income for you to manage the costs of assisting family members financially, it will give you the much-needed breathing room to juggle your finances.
Be mindful of your spending habits
Avoid impulse purchases, and only buy what you need. This will help you keep your finances in check and ensure that you have enough money to take care of your extended family. Starting an emergency savings account can also help you cover those unexpected expenses that tend pop up now and again.
