Helping Friends With Money Worries. StepChange (2024)

FAQs

Helping Friends With Money Worries. StepChange? ›

Reassuring someone that they don't have to bottle things up and pretend that everything is fine can be a real comfort, especially if they're going through a tough time financially. Being patient and empathetic may also help them take the necessary steps towards getting debt help.

Reassuring someone that they don't have to bottle things up and pretend that everything is fine can be a real comfort, especially if they're going through a tough time financially. Being patient and empathetic may also help them take the necessary steps towards getting debt help.

Share your worries with someone you trust – just talking about it can help ease your worries. Contact organisations which can support and advise you on practical advice around finances and the cost of living. Even when you don't feel like it, try and do some small things to help lift your mood. See your friends.

Give money free and clear.

Some finance coaches say a clear one-time cash gift is best, if you can afford it, rather than extending a loan you expect to be paid back. This way, your friend won't feel indebted to you.

“Help them put together a budget and mentor them along the way,” said Hays. “A lot of times people think of the word 'budget' as a restrictive thing, but it's actually just about making mindful choices of how we want to spend our money on housing, food, and entertainment.” Be positive. Be encouraging.

Money dysmorphia (not an actual diagnosis) refers to someone who is irrationally insecure about finances. That mind-set, financial planning experts say, can lead to money missteps including overspending or risky investments.

Send them an encouraging card with cash or a gift card in it. Slip a note in her purse, into her car, or leave groceries on her front porch. With online grocery ordering and delivery, this can be a really simple, practical way to be sure your friend isn't going without, without causing tension in your friendship.

“Debt Stress Syndrome”: How Debt Can Cause Health Problems

If you've been struggling with your finances for months or even years, this level of prolonged stress has often been linked to high blood pressure, elevated cholesterol levels, diabetes, and obesity.

If assisting someone else is overtaxing your time, energy, or resources—stop! Even if you agreed to do something, if the cost becomes too great, whether that's financial or emotional, you can back out or adjust how much you can help. If you are harming yourself, that is not helping.

How do you tell a friend you can't help them financially? ›

If you're uncomfortable or unwilling to give your family member cash, consider giving non-cash financial assistance, such as gift cards or gift certificates. You'll have more control over what your money may be used for, and you can easily buy gift cards in varying amounts at most stores.

Let them know that you are there for them and that you care about their well-being. You can send a quick text or give them a call to check in and see how they're doing. Talking to someone who is going through financial problems can be tough, but it's important to offer support and empathy.

In my experience, many people feel anxious about money, despite doing well on paper, because they don't know what they're doing – and that causes them to feel out of control. In such cases, more money can just worsen the anxiety because now they have even more money that they don't know what to do with.