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Its normal for friends to ask each other for money advice every once in a while.
One thoughtful approach is to openly acknowledge these differences and handle them with empathy and understanding, he explained.
Suggest they start small, like tracking discretionary spending or setting a weekly spending limit.
Smaller steps can help your friends work on their finances without feeling overwhelmed.
For example, Ive often encouraged friends to track their expenses for just one week to identify spending patterns.
Its asmall, manageable stepthat 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 its important to not overwhelm them.
The biggest mistake is overwhelming them withtoo much adviceat once.
He noted empathy is key here.
He explained that suggesting affordable alternatives toexpensive restaurants or trips, for example, can ease any unspoken discomfort.
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