HELPING OTHERS WITH A BUDGET


Offer to Show Them Steps You've Taken

Let your friend know how hard you’re working to get your finances in order, and how it’s making a big difference in your life. Maybe you could offer to show him the steps you’ve taken so far, and let him know he could be successful doing this, too. You might even try to show him how to make a monthly budget, and act as his guide and accountability partner if he’s willing to accept this kind of help. [1]


Teach Them How to Make and Understand Their Own Expense Reports

It's a good idea to consider the type of learner you're attempting to teach budgeting. It might sound a little like elementary school, but if you want to make it an enjoyable experience you have to show them how to do it in a way they'll understand and actually implement in the future. This might mean you need to use visualizations or speak clearly about everything you're teaching them. Basically, you need to teach the budgeting in the same way you would to a child, but use grown up language. The biggest thing to remember is that you're not setting up a budget for them. You're guiding them through doing it.


The basics are always the same: you can't spend more than you earn, but the methods are going to change from person to person. The overarching goal is to minimize expenses and learn to save, but the first step is to get a better view of what you're working with. You may find doing the initial expense sheets by hand instead of using a web or software service works better to lay down the foundation. [2]


Show Them How to Make New Money

There’s no shortage of fast ways to make cash if you work the gig economy to your advantage. Resources like Instacart, Airbnb, Lyft, Uber, Roadie, DoorDash, and Rover.com provide opportunities to anyone with a home or car to make extra income with little effort. Any one of these resources can help bring in hundreds of dollars per week when you’re dedicated, and that may be the ticket to getting your friend or family back on track without digging into your pockets. They’ll be better for it, too. Teach a man to fish and all… [3]