November 6, 2024
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THE MONEY MINDER

‘I often feel guilty spending money on myself when I know my parents are struggling back home’: Struggling to support my family financially. How can I break free from this cycle?

‘I often feel guilty spending money on myself when I know my parents are struggling back home’: Struggling to support my family financially. How can I break free from this cycle?

Hi Money Minder,

So, I’m in a bit of a financial pickle right now. I’m living and working in the Middle East, but I’m originally from Zimbabwe. It feels like I’m going around in circles with no way out. My retired parents rely on me and my brother for support, and I also help out my younger brother with his university fees.

I make about $500 a month. After sending $150 back home, I’m left with $350. Luckily, my job covers my accommodation, food, and transportation, which saves me some cash. I spend around $50 on groceries and $100 if I want to treat myself, leaving me with about $200 in savings during a good month.

With my background in accounting and finance, I’ve tried to switch back to that field with no luck. I’ve had six interviews, and five of them seemed promising. But I got stuck at the visa stage since most EU countries require a degree, which I don’t have. It’s frustrating to miss out on these opportunities and remain in my current job.

The financial stress at home is really getting to me. I feel the weight of responsibility as my parents get older. It’s taking a toll on my mental health, and I find it hard to spend money on myself when I know my family is struggling.

I’ve tried taking online courses to improve my skills, but none of them are recognized. Going back to school is too expensive, and saving is tough with Zimbabwe’s economic situation. It’s hard to find side gigs without my own transport and living in a remote area.

I need some advice on how to break free from this cycle and improve my financial situation. Any tips?

Farewell,
Happy Hustler

Response from THE MONEY MINDER:

Hello There,

I empathize with the challenging situation you find yourself in, juggling financial responsibilities while trying to secure a better future for yourself and your family. It’s clear that you have a solid background in accounting and finance, and your determination to break free from this cycle is commendable.

Given your limited financial resources and the current job market constraints, the most practical approach would be to focus on maximizing your current skills and experience. Since you’ve faced visa-related challenges in securing new opportunities in your field, consider networking within your current job or industry to explore potential advancements or promotions. Additionally, use your spare time to continue expanding your knowledge through online courses or certifications that could enhance your qualifications and make you more competitive in the job market.

It’s crucial to have a detailed financial plan in place to manage your earnings more effectively. Consider creating a budget that prioritizes essential expenses, such as supporting your family, while also setting aside a portion for savings. Explore investment options that align with your risk tolerance and financial goals, such as low-cost index funds or government savings bonds, to help grow your savings over time.

While the urge to help your family is understandable, it’s essential to strike a balance between supporting them and securing your own financial stability. Open communication with your family about your financial constraints and explore alternative solutions, such as exploring local support systems or community resources that could provide assistance.

Remember, progress takes time, and small steps in the right direction can lead to significant improvements over time. Stay focused, be persistent in your efforts, and seek professional advice if needed to navigate through this challenging period. You have the resilience and determination to overcome this financial rut and achieve your long-term goals.

Best wishes,

THE MONEY MINDER

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