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9 Ways to Help a Friend Who's in Debt
- 1. 9 Ways to Help a Friend Who’s in Debt Don’t let your friend suffer from debt any longer.
- 2. 1. Share personal stories of your experience with financial struggles. If you’ve ever been in a tight spot financially, but got through it without going deeply into debt, tell your friend how you did it. You can also share stories of friends or family you know who overcame large amounts of debt by changing bad spending habits or focusing on important expenses.
- 3. 2. Ask how you can help. Simply ask if there’s anything you can do to help. Sometimes, this kind gesture is all it takes to help a friend overcome a struggle.
- 4. 3. Discuss finances in general. Find a time to sit down and ask your friend about the details of her financial situation. Gently ask what her income is like and what she’s spending money on. This will help open her eyes about her circumstance.
- 5. 4. Itemize. Create three columns on a piece paper and write down the following categories: necessary expenses, money spent for pleasure, leftover needs there’s no money for. Document what your friend has spent money on (or should have spent money on) in the last month by putting each transaction in the appropriate category.
- 6. 5. Discuss appropriate spending habits. Talk about how it’s not always necessary to go out to dinner or to buy a new pair of shoes in order to spend quality time with family or to feel happy. Discuss ways to have fun without spending money.
- 7. 6. Add up expenses. Add up all the money your friend has spent on unnecessary things. Once everything is accounted for, ask her what she can start doing without in order to save more money.
- 8. 7. Help make a budget. After weeding out unnecessary expenses, help your friend make a budget that ensures all her needs and primary expenses are being met first. Encourage her to get a personal money management program that will help her stick to her budget.
- 9. 8. Be there for support. Remember that getting out of debt and changing spending habits take time. Make sure you’re there for your friend throughout the entire process. Always be willing to offer encouragement or advice.
- 10. 9. Talk to a bankruptcy attorney. If your friend’s spending habits have led to serious, deep debt, encourage her to talk to a bankruptcy attorney, Craig Swapp & Associates can provide her with a bankruptcy attorney that will guide her through the bankruptcy process and help her get the financial freedom she’s seeking. You or your friend can contact us today by calling 800- 404-9000 or by visiting craigswapp.com.