Chaay_Tee / Getty Images/iStockphoto When you’ve had long-term friendships, it’s natural that things will ebb and flow financially. It’s normal for friends to ask each other for money advice every once in a while. But if you’re starting to see a trend where you’re more financially savvy in comparison, it can be challenging knowing how to help friends who can’t seem to get their own finances together.“Naturally, those who manage their money well are often better off financially,” said Dmitriy Aseev, payments technology developer at JPMorgan Chase and author at Money Knack.He said this can unintentionally create awkward situations with friends who may not have the means to keep up but may feel pressured to maintain the same lifestyle or participate in costly activities. “One thoughtful approach is to openly acknowledge these differences and handle them with empathy and understanding,” he explained.Read More: I’m a Financial Advisor: 10 Most Awesome Things You Can Do for Your Finances in 2025Check Out: I’m a Financial Advisor: My Wealthiest Clients All Do These 3 ThingsBelow are some approaches you can use to help guide your friends in managing their money when you’re the financially savvy one.One of the best ways to help friends who are less financially savvy is by starting conversations that feel approachable and judgment-free, said Shirley Mueller, finance expert and founder of VA Loans Texas.“In my experience, many people shy away from managing their money because they feel embarrassed or overwhelmed,” she explained.She said sharing your own financial journey, including your wins and mistakes, to make the topic relatable and less intimidating.Explore More: 8 Must-Read Personal Finance Books of 2024 for a Fresh Start in 2025Mueller said helping friends discover tools like budgeting apps or podcasts tailored to financial literacy can be a game-changer.“In my work with clients, I’ve seen how apps like Mint or YNAB make budgeting accessible and even fun,” she said. “Suggest they start small, like tracking discretionary spending or setting a weekly spending limit.”She also suggested offering resources like a book recommendation or a free webinar can also gently guide them toward learning without feeling like you’re pushing advice on them.“Help them focus on simple, actionable steps tailored to their specific financial situation,” Mueller said. Smaller steps can help your friends work on their finances without feeling overwhelmed.“For example, I’ve often encouraged friends to track their expenses for just one week to identify spending patterns. It’s a small, manageable step that can spark bigger changes without feeling daunting,” Mueller said. Or say a friend struggles with saving. If so, encourage them to automate $25 a week into a savings account, Mueller recommended. “If debt is an issue, suggest tackling the smallest balance first to build momentum,” she said.And it’s important to not
Mer. Gen 8th, 2025
