Re: My mom’s budget.
I wish you luck with this and hope you have a better outcome than we did.
My MIL actually came to us and ask for help, we had NO CLUE she was in trouble. She'd inherited a substancial amount of money and sold her house that she'd owned free and clear, then bought a condo and new car, oh and went into business with her sister. We THOUGHT everything was fine.
Until we sat down with her bills, ACK! She'd gone through almost all the inheritance, has a large mortgage on the condo, has an equity line on the condo (did this to pay off the CC's she'd run up) and had about 40,000 on her CC's AGAIN! More was going out than coming in monthly, late charges on her CC's monthly,baby brother uses her CC and she pays it, she's signed for vehicles for the other boys, was paying for the other kids cell phones (they're in their 30's!) She'd even bought one grand daughter a bedroom set on payments (high interest). We had ask for NOTHING, she's given us two cash gifts but not that large and we put them to good use.
We went through everything with her, started to set things up and all HADES broke out in the family, younger brother was sucking her dry but he's her baby (yeah, right, 30, married with a kid!) So baby brother and I had a knock down drag out about his leaching, funny, he got off his butt and got a job after I reamed him, but I'm the bad guy now, he whined to mommy about me.
Baby brother even had the nerve to tell me that we're part of the reason she's in debt because we didn't see what she was doing and stop her!(We live an hour away and have our own lives).
MIL is still in SERIOUS debt but is now planning her vacation to Vegas.
And we're the bad guys in the family, go figure.
Good luck, hope your try at it goes better than ours did.
kj
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