Let them know you are willing to listen.
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.
If you're not satisfied with your progress in reducing debt, you may want to seek help from trusted resources, such as the Federal Trade Commission and the National Foundation for Credit Counseling. Or if you want guidance on long-term goals, such as saving for retirement or college, financial advisors can help.
Just say no, and stick to that one simple and final answer. DON'T EXPLAIN OR MAKE EXCUSES. When you say no, don't offer explanations or excuses. Doing so only opens the door to a discussion and prompts your friend or family member to try to overcome your objections.
The psychology of being debt free is a fascinating and empowering topic that delves into how our relationship with money impacts our overall well-being and mental health. Being free from financial burdens can alleviate stress and anxiety and boost our self-esteem, confidence, and control over our lives.
The most important thing is to avoid judgment. Criticizing or pressuring someone won't encourage them to see a professional to handle their debts. The best approach: listen, provide support, and talk to them about the solutions and resources they can turn to.
Offering emotional support and practical assistance can go a long way in helping them get back on track financially. By helping them develop a budget, seek professional advice, and develop positive financial habits, you can help them take control of their finances and move towards a more secure financial future.
If lending money to someone puts a strain on your finances, or if you have to sacrifice a lot to manage your expenses after that, you should avoid doing it then. However, if you have enough savings or a big enough emergency fund, and little or no debt, you could perhaps help out a friend.
On this page you'll find 38 synonyms, antonyms, and words related to broke, such as: bankrupt, destitute, insolvent, penniless, beggared, and bust.
Destitute is used when someone is extremely poor and has no house or possessions. The floods left thousands of people destitute. In informal contexts, broke or strapped are ways of saying that someone has very little money at a particular time. In UK English, you can also use the slang word skint.
Reasons for Financial Infidelity
For the most part, financial infidelity occurs because of an inability or refusal to deny or control impulses to spend money. These impulses may stem from a desire for control, but they may also be because of fear and shame, emotional stress, gambling addiction, or something else.
Financial infidelity is spending money, possessing credit or credit cards, holding secret accounts or stashes of money, borrowing money, or otherwise incurring debt, without the knowledge of one's spouse, partner, or significant other. It includes any decisions that affect the financial plan in the relationship.
Missing bill payments or not paying them in full is the No. 1 financial red flag identified by the survey. “Developing the habit of paying your full balance by the deadline will serve you well in the long run and prevent accruing late fees,” Hines Droesch said.
One of the most common types of percentage-based budgets is the 50/30/20 rule. The idea is to divide your income into three categories, spending 50% on needs, 30% on wants, and 20% on savings.
It is completely fine to date a person who does not make as much money as you. What is important is that they are able to manage their finances and are able to afford their own lifestyle, and still have savings at the end of the month. Being mindful of one's finances is a reflection of how responsible a person is.
However, withholding money, controlling the household spending or refusing to include you in financial decisions can be defined as family violence. Financial abuse can be present with other forms of abuse, like physical or emotional abuse, but can also be present without these other behaviours.