Short answer? NO
Long answer? I really like what golden1 said and agree with all four points. As someone who is currently living with clinical depression, I can attest to how hard it is to live like this. Giving someone with depression (or probably any mental illness) a face punch is highly likely to be one of the worst things you can do.
Depression makes you feel like you are worthless scum, like everything you do is wrong, no one cares about you, you
can't (yes can't, you can try as hard as you like but thing you used to like doing is blah and totally boring) care about anything or anyone else, and anything positive you do is minimized or rationalized away as meaningless. Its very likely he knows he has made stupid choices but they seem so overwhelming to him that he can't imagine how they can be fixed. Maybe the closest imagery most people would understand is its like Groundhog Day. Even though every day is different, it all feels the same and so there is nothing to look forward to or be excited about. Anyway, this is one of my favorite explanations of depression I have found so far:
http://hyperboleandahalf.blogspot.com/2011/10/adventures-in-depression.html (and part 2) Also terribly funny.
As for your friend I agree with everyone else that you should not give him money as he has shown he cannot take care of it. I really like the spaghetti and sauce idea; that's one of my go-to dinners when I'm just feeling too tired or overwhelmed, it has pretty minimal steps. Breakfast items like oatmeal and eggs might be good too as they last long and are filling and easy to make. Basically anything that you can easily cook or boil is a good start. I would also encourage him to see a health professional about this and consider going to therapy. Medication and/or talking it out with someone will hopefully help. Definitely encourage him in any way you can; seriously if he gets up, showers and cooks himself a meal that could be a huge deal depending on how bad he is. Focusing on the positive is going to be very needed. Walks are one of my favorite ways to feel a little bit better and get me out for a bit; definitely encourage him to get out the house for something every day, even if its just picking up the paper.
Of course all this depends on how much $$$ and time you want to spend on someone you might not consider a close friend. Even a little bit here and there would be something but do not promise/commit to him any sort of help if you are not positive you can go through with it. Going back on something you told him, even a small thing, will seem to him like an enormous deal.
tl;dr
It sucks but someone with depression is sensitive and not thinking clearly, they probably need help with basics and should discuss with a doctor. Encouragement over advice should be the goal.