What can I do to help my parents finances?

Submitted by Madineedshelp t3_z8c3td in personalfinance

Hello, my parents are both in their 50s and have never been good with money. Neither of them graduated college. My dad has worked in construction forever he makes ab 80k a year, but he has had back issues for a while and recently started missing work more often. My mom worked in the cafeteria at a hospital for 10 years but quit her job at the beginning of the year and is now working part time making ab 500 a week. When she quit she took out her retirement which was just under 20k it’s gone. My dad got 80k from my deceased grandparents property selling. He got it about six months ago and he’s blown through 40K. I am so worried about their finances, future, and retirement. they have no savings for the future. They spend money like crazy. No budgeting skills and lots of bills they don’t need. My mom just took out a 10k loan/credit just to pay off vacation. I don’t know how to help or what to do.

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kidcrumb t1_iyav825 wrote

They'll probably end up living off of Social Security, which is fine. Nothing wrong with that if their rent/mortgage is low.

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ddmazza t1_iyavgmw wrote

Talk to them and get them on board with getting g a plan first. Then find out what their social security benefits will be. Then figure out what their income and come up with a budget.

Can't do anything for them without them acknowledging something must be done.

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Madineedshelp OP t1_iyavnoo wrote

Replying to kidcrumb (#785,640)

Don’t they have to be like 65 to get that? I honestly don’t think they will make it that long. Like they won’t be able to work that long. They are both unhealthy. My dad is an alcoholic and refuses to go to the doctor and my mom has diabetes and doesn’t treat it 😭

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Knipfty t1_iyb0kfp wrote

It's called powdered butt syndrome. If someone has changed your diaper, then don't want your advice on sex or money.

Unless they ask for your help, there isn't much you can do.

For Christmas, give them a book. Total Money Makeover by Dave Ramsey. IF they read it great. If not, you know they don't want your help.

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Madineedshelp OP t1_iyb11wu wrote

Replying to Knipfty (#786,971)

Honestly I think this is what it boils down to. I am a smart girl and have an even smarter brother. I feel like if there was something that would help, we would of come up with it. I was just hoping someone had a magic solution

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Knipfty t1_iyb1ikz wrote

Replying to Madineedshelp (#787,094)

A s the saying goes "when the student is ready, the teacher appears". Sounds like they are not there yet. And may never be. It hurts to watch, but sometimes that is all we can do.

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Madineedshelp OP t1_iyb1v20 wrote

Replying to Knipfty (#787,216)

Thanks for the advice. I think I will still try and have a sit down with them and my brother to TRY and plan out a budget, I’m sure they will want no part of it, but worst they can do is get mad

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bros402 t1_iybawmj wrote

your mom needs to go back to work

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buildyourown t1_iybgwk3 wrote

Learn to recognize that it's not your problem. Let them know that you won't be supporting them financially

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