Money makes the world go round. You need it to pay the bills and live. Yet, despite your best efforts, there are times when there simply isn’t enough of it to go around. You’re not alone, it’s estimated that 54% of Americans live paycheck to paycheck
The logical thing to do is ask family and friends for a little help.
It can be hard to do this as, much of the time, your friends aren’t doing much better than you. The good news is there are a variety of ways to help friends having money troubles without spending anything. Us the following techniques to help others without hurting your own finances and everyone wins.
1. Personal Advice
This is perhaps the most obvious approach and yet often the hardest. Most people don’t want to discuss the detail of their finances. If that’s the case then explain to your friend that everyone experiences hard times and tell them how you worked through them. It all starts with budgeting.
If they’ll let you then you can help them create a budget, if not, pointing them in the right direction is a good start.
Don’t forget, a budget is really as simple as listing all income on one side and all outgoings on the other. If the outgoings are higher you need to cancel some, if the incomings are higher then they may just need help with the timing of outgoing payments.
2. Be A Friend
In most cases, a friend doesn’t really want the extra money, they simply need to talk about it all. This allows them to see the best option for moving forward and improving their finances.
Any good friend can be there for another friend. Just tell them that you’re there to listen and advice if they want. They will appreciate this, it can be more beneficial than you realize.
3. Fast Cash Opportunities
If you’re wondering how to help someone in financial need then it may be time to introduce them to opportunities to make money. The beauty of the internet is there are hundreds of opportunities available.
This doesn’t mean dodgy deals. There are plenty of sites looking for assistance with website design, in need of part-time assistance, and other advice.
There are even sites that offer you money for doing surveys and other work. Your friend can utilize these opportunities around their existing job and earn themselves extra money without putting your friendship at risk.
4. Have A Clearout
If you’re looking for ways to help friends having money troubles then sometimes the best option can be to give them what they need. Of course, you don’t want to make it too obvious. It might be better to clear out an array of items, including the things you want to give to your friend. Then, invite them round and tell them you’re dropping it all off at a charity shop, if they want anything help themselves before you take it. This removes the embarrassment of having things given to them.
5. A Second Income
One of the most effective ways to help others without hurting your own finances is to help them locate a second income. This doesn’t mean doing a second job. If your friend has a spare room then they can make money through Airbnb or they can provide reviews for local establishments. Equally, it is possible to be a delivery driver or uber driver. It requires minimal effort and your friend will get paid. It’s even possible to offer storage space in their spare room or the garage. Just be clear regarding the terms. You want to know what’s being stored in your home.
When you’re thinking about how to help someone in financial need, helping them find a second income is a great way to ensure they always have the money they need. You can either try this yourself.
If your friend is really struggling and the above isn’t helping then you can always make an anonymous donation to them or to pay a bill they are worried about. It will have to be discrete enough that they can’t trace it back to you. This is preferable to lending them money. This can lead to them asking for more money and it can cause issues in the relationship if you chase them for the funds.
Helping a friend financially is never easy but there is always a way, you just need to find it.