Help with parents finances

[fiffer010]

I'm looking for some advice for my dads current financial situation. Here is some general info.

age- 59
Retirement- ~600K - contribute 20K a year
House- worth 750K- 150K due
annual salary- approx. 120K

Heres the sittuation. My mom has been handling all the finances out side of the retirement account but she isn't so good at it. My dad and I have been trying to help her buckle down on spending and budgeting things but we have had no luck. We are thinking about having his check put into a checking account in which he has controll over and is able to transfer an 'allowance' to my mom for all the house hold needs. Do you think this is a good idea? Do you have any other advice for this situation?

[Ima saver]

Re: Help with parents finances

I am assuming that your parents have been married for a long time. If my husband ever did anything like that to me, I would be very very upset. He needs to discuss this with your mother and they need to come to some decision that makes both of them happy.

[Snoopy2645]

Re: Help with parents finances

well if my dh took over the bills I would be thanking him & having a huge party!!!

But on the other hand the first thing that comes to mind is does your mom work? Does she have an income if not could she pick up something pt just for something to do so that way she is earning not spending. I did that after 4yrs of being a sahm I was bored out of my mind & used to spend alot on days I was bored I would go shopping & blow money we didnt have & now that I am working again I am done doing that!!

[baselle]

Re: Help with parents finances

First of all, you've said that the wife is not good at handling the non-retirement finances.

You need to figure out what she's weak on - spending too much, not keeping track of accounts and expenditures, putting money in scams, trust and control issues, not seeing the bigger picture. The more specific the problem is, the more likely you can keep it from being personal. It could well be personal - but the husband has to deal with it on that level. If sees overspending, putting the wife on an allowance might well mean that the problem takes a turn for the worse - not only would she be overspending, she'd be secretive about it, too.

[Tree0164]

Re: Help with parents finances

Sounds like your Mom and Dad need to do a budget and dertermine how much fun money each one should have.

[kristinecfp]

Re: Help with parents finances

Have your parents ever sat down and done a financial plan? Sometimes seeing in writing how much needs to be saved each year or month to meet certain goals (i.e., retire at age 60, buy vacation home, etc.), helps people to change poor spending/saving habits. Good luck!