4049: Ways To Help Others Without Hurting Your Own Finances by Vekevia Tillman-Jones with Financial Finesse

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[00:01:00] [SPEAKER_02] This is Optimal Living Daily. Ways to Help Others Without Hurting Your Own Finances by Vekivia Tillman Jones with FinancialFinesse.com and I'm Justin Malik. Welcome back. This is the Sunday bonus episode where I share an extra episode from the Optimal Living Daily Network. And today's comes from Optimal Finance Daily. Please do subscribe to or follow Optimal Finance Daily wherever you're listening to this to keep all of this going. Really helps a lot.

[00:01:28] [SPEAKER_02] But for now, let's get right to the bonus episode and Diana's commentary as we optimize your life.

[00:01:37] [SPEAKER_01] Ways to Help Others Without Hurting Your Own Finances by Vekivia Tillman-Jones with FinancialFinesse.com One of the joys of working in my role is how many people I speak with who are wonderful, good-hearted people. They love giving back, whether it's money they give to charities, religious organizations, or even family and friends. Sometimes I talk to people who volunteer so much to help a cause that it's like they have a second job.

[00:02:06] [SPEAKER_01] The caretaker's conundrum. It's all very commendable. But what happens when you give so much money to others that you don't have enough left to build your own emergency fund, save for retirement, or cover your own bills? Or when do you spend so much time helping that you aren't able to pick up more hours to help meet your own financial goals?

[00:02:27] [SPEAKER_01] Or what if your family and friends look to you to bail them out of financial trouble, help them start a business, allow them to come live with you for free, etc., but then leave you in the lurch with big bills? This is a common situation I encounter, and I admire people with such big hearts, but I also feel for them, because I know that the solution isn't just to stop doing it.

[00:02:52] [SPEAKER_01] Here are some thoughts and ideas that I've shared with people who feel torn between a desire to give back to others versus taking care of themselves. The good news is that there are ways to be creative and do both. Three ideas to consider about giving. Number one, time is money. If you typically give cash donations or pay people's bills for them, don't forget that giving your time can be just as beneficial as giving actual cash.

[00:03:20] [SPEAKER_01] You can help serve food at the homeless shelter, volunteer for the kids' ministry or another ministry at church, or spend an evening cleaning at the local animal shelter. If you're more inclined to help out people you know, this same concept applies. What about rolling up your sleeves to help someone repaint their house so that they can save money, or be available to help them babysit while they go on a job interview?

[00:03:46] [SPEAKER_01] Number two, if your situation has changed, your giving may need to change. It's tempting to keep up a level of giving that you're used to, even after you may have had a drop in your income or even an increase in your overall expenses. You can still give at a level that works for your budget and volunteer some of your time or services. If gift giving is the issue, plan ahead for birthday and holiday gifts and buy items on sale.

[00:04:14] [SPEAKER_01] Have a game plan for your spending so you aren't caught off guard. And number three, other creative ways to help that don't require you to give up resources. 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 an ear to your friend or family member and offer them guidance or help them find resources available so that they can be better equipped to help themselves. You may learn something for yourself in the process.

[00:04:45] [SPEAKER_01] Here are some ideas. Are they unable to work due to physical or health issues? Perhaps they qualify for government assistance like food stamps or social security disability. Help them do the research and apply. Did they lose a job? They might be eligible to receive unemployment pay. Offer to wait with them at the office while they apply. Do they make too little money in general and are struggling to make ends meet?

[00:05:12] [SPEAKER_01] United Way is a great resource to see what programs they might be eligible for within the country where they live. Some programs will give them funds towards paying bills. Beyond that, you can be a resource and help them figure out next steps when they can't pay their bills. Are they going through something that has them down emotionally? Which also might be negatively impacting their performance and work and in other areas of their lives.

[00:05:37] [SPEAKER_01] Have them check with their HR department at work to see if they have access to a counselor through an employee assistance program at work. Did they recently have a baby and are struggling with the added financial responsibilities? Linked in this post are some employee benefits that could help new moms or parents in general. Or is the baseline issue that they aren't able to get a handle on how they manage their money? Help them create a budget and find ways to cut back and find extra money in their current budget.

[00:06:07] [SPEAKER_01] Be a good role model and show them how to do it rather than just giving them money. Sometimes all a person really needs is a caring friend to empower them to get on their feet and hold them accountable for taking the steps to helping themselves. Helping others and giving back can bring great joy and a sense of purpose. So keep that up, but remember to make sure you're financially sound first. That puts us in a better position to best help others along the way.

[00:06:39] [SPEAKER_01] You just listened to the post titled, Ways to Help Others Without Hurting Your Own Finances. By Vekivia Tillman-Jones with FinancialFinesse.com

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[00:07:47] [SPEAKER_01] It can be really challenging to watch our friends and family struggle with money. I like the advice in this article, which reminds me of the proverbial adage of teaching a man to fish rather than giving him a fish. But even with this approach, I've had to remind myself to not get overly invested in someone else's finances. For example, a couple of years ago, a family member asked for help with budgeting. And I put way more time and effort into their plan than they did.

[00:08:16] [SPEAKER_01] I found myself getting really stressed out over their finances. It felt like I cared more than they did to figure it out. Now when someone asked me for help, rather than doing the research or planning for them, I tell them what I would do if I were in their position. For example, recently someone told me about a challenge they had with their student loans. And I told them that if I was in their position, I would look at the resources offered by the student loan planner and set up a consultation call with them.

[00:08:46] [SPEAKER_01] Another friend recently told me that they felt uneasy about their financial advisor. So I recommended that they read the book, The Simple Path to Wealth by J.L. Collins. I sent them a compelling podcast interview on the topic and then offered to discuss further why they felt uneasy managing their investments on their own. This has helped me keep a safe distance because I'm providing resources that empower them to solve their own issue. And that's another edition of Optimal Finance Daily.

[00:09:16] [SPEAKER_01] I hope you're having a wonderful Sunday and weekend. Thank you for listening and I'll see you back here tomorrow as usual, where your optimal life awaits.