Comments on: Helping Your Parents With Their Finances http://www.consumerismcommentary.com/helping-your-parents-with-their-finances/ A premier personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Wed, 30 May 2012 21:29:58 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Crystal Groves http://www.consumerismcommentary.com/helping-your-parents-with-their-finances/comment-page-1/#comment-192674 Crystal Groves Mon, 13 Apr 2009 19:59:45 +0000 http://www.consumerismcommentary.com/?p=5958#comment-192674 This is exactly the thing I struggle with month to month, and have for several years. It's a process getting into a routine with a parent that's not financially savvy. My father is on disability and is constantly getting overdraft charges and opening new credit accounts. I think I've curved the opening of new accounts for the most part, but the overdraft charges keep happening. $500 in November, $500 in February, both of which come out of my pocket. I try to be open with my father about it, but he's a very proud man. Last time I attempted to talk to him about maybe letting me hold onto his debit card until his next payment comes through since he was already low in the account, he snapped at me. Last year I started handling his finances without his permission. Mainly I decided the $5k loan he had been paying on and making no progress on in the last several years was not going anywhere, so I took it over by putting it on my 4% credit card. Since January I've gotten the balance down from $5300 to $2000. We'll have this paid off in July or August (he gives me the payment towards it now, and I add money to that). Then I'll be taking off his last interest accruing debt which is at 29.99% APR (besides our house) and he'll be debt free besides medical bills. Once he is debt free I've already ordered a duplicate card to my credit card in his name to use rather than opening up all these new accounts. That way I can keep track of it easily and he'll feel less inclined to spend money on it since it's my account. I personally am debt free of interest accruing debt besides my house. This is exactly the thing I struggle with month to month, and have for several years. It’s a process getting into a routine with a parent that’s not financially savvy. My father is on disability and is constantly getting overdraft charges and opening new credit accounts. I think I’ve curved the opening of new accounts for the most part, but the overdraft charges keep happening. $500 in November, $500 in February, both of which come out of my pocket.

I try to be open with my father about it, but he’s a very proud man. Last time I attempted to talk to him about maybe letting me hold onto his debit card until his next payment comes through since he was already low in the account, he snapped at me.

Last year I started handling his finances without his permission. Mainly I decided the $5k loan he had been paying on and making no progress on in the last several years was not going anywhere, so I took it over by putting it on my 4% credit card. Since January I’ve gotten the balance down from $5300 to $2000. We’ll have this paid off in July or August (he gives me the payment towards it now, and I add money to that). Then I’ll be taking off his last interest accruing debt which is at 29.99% APR (besides our house) and he’ll be debt free besides medical bills.

Once he is debt free I’ve already ordered a duplicate card to my credit card in his name to use rather than opening up all these new accounts. That way I can keep track of it easily and he’ll feel less inclined to spend money on it since it’s my account.

I personally am debt free of interest accruing debt besides my house.

]]> By: Keith http://www.consumerismcommentary.com/helping-your-parents-with-their-finances/comment-page-1/#comment-192673 Keith Mon, 13 Apr 2009 19:02:46 +0000 http://www.consumerismcommentary.com/?p=5958#comment-192673 Great article. My parents are retired and getting on in years now but are still active. They actually handle their finances pretty well it seems, though they have a soft spot for a grandchild that's been in and out of trouble. This gets them into some financial trouble at times. This article gives some good ideas about how to approach parents on what can be a sensitive issue. I definitely enjoyed it. Thanks! Great article. My parents are retired and getting on in years now but are still active. They actually handle their finances pretty well it seems, though they have a soft spot for a grandchild that’s been in and out of trouble. This gets them into some financial trouble at times. This article gives some good ideas about how to approach parents on what can be a sensitive issue. I definitely enjoyed it. Thanks!

]]> By: Baker http://www.consumerismcommentary.com/helping-your-parents-with-their-finances/comment-page-1/#comment-192668 Baker Mon, 13 Apr 2009 16:50:02 +0000 http://www.consumerismcommentary.com/?p=5958#comment-192668 This was a great read! My biggest issue is that my parents are still relatively young, but struggle immensely with finances. I want to reach out to them, but it is very difficult to do so without coming across in the wrong way. I definitely enjoyed the article and it has given me some good ideas for trying to initiate the conversation! This was a great read! My biggest issue is that my parents are still relatively young, but struggle immensely with finances. I want to reach out to them, but it is very difficult to do so without coming across in the wrong way.

I definitely enjoyed the article and it has given me some good ideas for trying to initiate the conversation!

]]> By: Brianne http://www.consumerismcommentary.com/helping-your-parents-with-their-finances/comment-page-1/#comment-192667 Brianne Mon, 13 Apr 2009 16:36:11 +0000 http://www.consumerismcommentary.com/?p=5958#comment-192667 This is great. I have no idea how to talk to my mom about money. I know she's in a lot of debt that grew exponentially during a bad marriage and nasty divorce. She just came to visit and admitted that she's paid off a lot of credit cards but still has four with balances and two mortgages. Her combined mortgage in rural Ohio is more than my rent in sunny Southern California for the same number of bedrooms. (though she has a large finished basement that one-ups us) I don't know how to help her get out of this mess, but at least I can see that she's trying. I have my own problems since the bf just got laid off and my hours were reduced. But we have almost no CC debt, a small car loan, and low-interest or deferred interest student loans. This is great. I have no idea how to talk to my mom about money. I know she’s in a lot of debt that grew exponentially during a bad marriage and nasty divorce. She just came to visit and admitted that she’s paid off a lot of credit cards but still has four with balances and two mortgages. Her combined mortgage in rural Ohio is more than my rent in sunny Southern California for the same number of bedrooms. (though she has a large finished basement that one-ups us) I don’t know how to help her get out of this mess, but at least I can see that she’s trying. I have my own problems since the bf just got laid off and my hours were reduced. But we have almost no CC debt, a small car loan, and low-interest or deferred interest student loans.

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