How to Raise Money for a Friend

Raising money can be challenging. Raising money for a friend has its own challenges, depending upon why the money is needed. There are several reasons for why you might need to raise money for a friend, including job loss or even serious illness. Depending upon the situation, raising money for a friend may or may not present its own set of challenges. If you have a friend in need of money and a talent for soliciting funds, you may be able to help see your friend through hard financial times.

• 1

  Approach mutual acquaintances you and your friend may have. Explain the situation and ask for a contribution to help your mutual friend through a financial crisis. Approaching friends of your friend in need is an effective way to at least get a help fund started.

• 2

  Collect donated items from local establishments, friends and family members, and hold a weekend yard sale to raise funds.

• 3

  Arrange a party and charge a nominal entry fee. Invite mutual friends and others. Consider selling raffle tickets as well for a door prize. All of the funds collected from the entry fee and the raffle will go toward helping your friend.

• 4

  Host a sports event fundraiser. Plan a golf fundraiser and invite your friend, mutual friends, and friends of mutual friends to a day of golf followed by a barbecue. Add the money raised to any other funds you're able to collect. Additionally, you can sell plates of food at the event. A marathon is another sporting event you can use to raise money. Ask donors to pledge a dollar amount for every mile the marathon participants run.

• 5

  Set up a website with an online donation site as an effective way of reaching a wider range of people. The website should tell a potential donors about your friend and his situation.

• 6

  Take out a loan if you're fundraising efforts don't raise all the money your friend needs, and if you are in a position to do so. If the friend is trustworthy, draw up a legal agreement with her that allows her to pay back the loan on a schedule. Tell your friend she doesn't need to pay the money back at all if you are in a position to take the financial loss.