5 Ways to Help Your Financially Struggling Friend

Helping a friend is a way to show how much you care for them and how much they can rely on you. When a person is struggling financially it can take a toll on their physical and mental health, so the best thing you can do is be there for them, without asking too many questions and without being judgmental.

In this article, we will give you some tips on how you can help your friend without it looking like you are trying to invade their privacy. Use these suggestions and make sure you adapt them to your friend’s current situation and their specific case.

1. Make a plan

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If you want to help your financially struggling close one, then you should sit down and talk to them. This is going to be a difficult conversation, but they need to know that you are there for them.

Start by creating a plan on what you can do and how that will affect their financial situation. Talk about the different ways they can earn more money, or how they can spend less. Write these things down and always have a plan B.

2. Check what they spend money on

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This is something that might sound tricky because not everyone is open about what they spend money on. Talk to your friend about their costs of living, the bills they are paying, and the rent. If they are open enough with you, you can ask them about the money they are making, or at least a close enough sum.

After you know the rough numbers on the money they earn and spend, you will have a general idea of how to approach the whole situation. You can tell them to use an application that will follow the money they are spending and what they are spending on. Most times we end up buying things we don’t need, and when we try and control ourselves, we will realize that there are huge sums we can save every month by not indulging in every little need that we have.

For example, some people buy a new pair of shoes every month, and that’s definitely something we don’t need. We end up buying too many things that we don’t have time to wear. Talk to your loved one about the things they choose to buy and how rationalizing their shopping can help them with their financial situation.

3. Help them choose the right loan

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If your friend needs money fast, then the best way to go is to get a loan. This is not an easy task and it can take some time and a lot of planning. So, sit down and consider different options.

It is said that one of the best types of loans is the no credit check one. This means that no matter what your credit score is, you will be able to get some money. One of the main benefits of this type is that it is extremely fast, as the credit check can take a lot of time. You can click here for more details if you are interested in learning how everything works and what you need to do to fill an online application.

In case your loved one needs to borrow a bigger sum of money; they can consider different loans or a lifetime mortgage. You should always help them choose the right type for them, and that includes researching the interest and all the pros and cons. If you are unsure about anything, you can get an expert’s advice and choose the best provider.

4. Garage Sale

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It is said that a garage sale is the easiest way to earn money fast. We all have things we don’t need at home and we keep them just in case. Talk to your friend about organizing one with the things that they should not keep at home anymore and help them make everything happen.

The first rule is to make sure that the neighbors and other people know about it. So, put some signs on the street and try to put them at the crossroad closest to your friend’s home. Beforehand, check to see if you need to get any licenses or permission from the city to put signs up.

The next thing you need to do is figure out the things you plan on selling. That can cover anything from clothes up to paintings and home décor. You should always have some prices on your mind, but you should also be ready to lower it. So, a good rule is that you should start with a 25% larger price than the one you plan on selling the product, so when you offer the potential customer a deal, it will seem like you are doing them a favor. If you want to additionally help your close ones, you can also bring some things to get sold in the yard sale, and they can keep the money. Just make sure they are comfortable with it before you do something.

5. Offer to lend them some cash

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It is said that the main reason why friendships fall apart is money. Giving money to someone is extremely risky and you should not do that unless you are really, really close to that person. Another rule is that you should not lend money if you expect the person to pay you back. Chances are, your friend will give that money back, but if you think about it all the time, you will get too stressed and that can affect your relationship.

Don’t lend money you don’t have and don’t get into debt for someone else. If you plan on giving them a larger sum, then it is best if you consult a lawyer and make an agreement with the borrowed sum, and the return date. Even though you are close now, it does not mean that everything will go according to plan. So, it is better to protect yourself than to regret it later.

Helping a person who is struggling financially is a noble thing, and you need to make sure that you are not judging them or thinking any less of them just because they are not in the best place right now. Be supportive and if needed, help your friend find another job, relocate or let them stay with you for some short time until they find a place with cheaper rent.

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