Supporting your friend during this difficult time is very important, both emotionally and by providing information and assistance. It's important to save money while you still can, especially given the rising cost of living and the potential for unexpected challenges in life. I understand that your friend recently lost his job, and it can be tough. In such situations, it is important to prioritize immediate financial needs, reduce unnecessary expenses, and seek other alternative sources of income if deemed necessary.
That is correct - if it is not easy to earn more money then the best approach of life is to reduce your expenses as much as you could and try to save as much as you could.
But in my opinion its not a good option to help others especially those who are habitual in borrowing money.
Cutting all types of expenses that are not too important is the first step that can be taken to be able to reduce expenses and save the remaining money that. While looking for a job that can generate and provide income. And we can also help our friends by looking for information or something about job vacancies or something like that. And we must not leave our friends who are in a difficult position. We must support him. even though not with the material but we can help with other things. because one day we will also need a friend by our side. because basically humans are social creatures and cannot live alone.