Making Sense Of Cents

Learn how to make extra money, how to save money, how to start a blog, and more.

JOIN OVER 300,000
MONTHLY READERS!
  • HOME
  • BLOG
  • Make Money
    • best online jobs
    • passive income ideas
    • paid online surveys
    • How To Make $100 A Day
    • 80 side job ideas
    • More Extra Income Ideas
  • SAVE MONEY
    • Free Amazon Gift Cards
    • 16 Alternatives To Cable TV
    • best rewards credit cards
    • How I Paid Off My $40,000 Student Loans
    • More Money Tips
  • Categories
    • Income Reports
    • How To Save Money
    • Extra Income Ideas
    • Blogging Tips
    • Career Advice
    • College
    • Pay Off Debt
    • Retirement
    • Self-Employment Tips
    • Travel
  • BLOG COURSES
    • AFFILIATE MARKETING COURSE
    • MAKING SENSE OF SPONSORED POSTS
    • HOW TO START A BLOG
  • Contact
    • About
    • Contact
    • Advertise
    • Recommendations

Family Members Who are BAD at Managing Money

Last Updated: December 8, 2014 BY Michelle Schroeder-Gardner -

Disclosure: This post may contain affiliate links, meaning I get a commission if you decide to make a purchase through my links, at no cost to you. Please read my disclosure for more info.

0 shares
  • Facebook
  • Twitter
  • Reddit
  • LinkedIn
  • Email
I came across a great article on Wise Bread today titled How Do You Deal With Family Members Who Are Bad At Managing Money?

Here are the tips from the article:

  1. Openly talk about family finances. I know that if we talked more about it, then a lot of problems could be solved.
  2. Do not lend money to the irresponsible.  I am extremely guilty of this.
  3. Offer help in solving the root problems.  This leads me back to number 1.
  4. Conduct transactions in a business manner. Make sure there is a contract and everything is written. If it’s not written, then someone might be taken advantage of.

Do you have anyone in your family like this? What do you do?

Related Posts

  • $5,114 in Extra Income in November and My Goals$5,114 in Extra Income in November and My Goals
  • $1,175 in Extra Income, Life, Food Weekly Update$1,175 in Extra Income, Life, Food Weekly Update
  • Spending, Life, Extra Income, Food Updates…Spending, Life, Extra Income, Food Updates…
  • Passive IncomePassive Income
  • He makes less money, so what?!He makes less money, so what?!
  • Money in my 20sMoney in my 20s
0 shares
  • Facebook
  • Twitter
  • Reddit
  • LinkedIn
  • Email


Filed Under: Budget Tagged With: Life, Money

About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. No Spend Days says

    October 26, 2011 at 8:05 am

    Hi sweetieThanks so much for stopping buy & leaving such a sweet comment on my blog. Sounds like you had challenges to.You are very wise about money & have a very wise head on you very young. The world is your oyster & you are doing great x x

  2. ~Carla~ says

    October 26, 2011 at 11:51 am

    Don't you mean "you're" buying her Chanel glasses & Prada purses? Do you live at home? Is ths rent? If not, you shouldnt be giving her money. Its not like she'sgenuinely struggling because she doesnt ake enough $$, shes blowing it!! I'm going to brutally honest here, & I mean only the best, but your mom needs a wake up call. I'm sorry, but obviously your mom doesnt really NEED the money, she needs to learn how to budget & to learn that the world doesn't actually revolve around her. If I were you, I'd buy her Gail VazOxlades Easy Money book (it's a fast & easy, very straight forward "how to budget" book & let her figure things out! Here's the link :http://www.amazon.ca/Easy-Money-Gail-Vaz-Oxlade/dp/1926583272/ref=sr_1_4?ie=UTF8&qid=1319665683&sr=8-4Hope she "wakes up" and realizes life isn't a "free ride".

  3. Michelle P says

    October 26, 2011 at 12:05 pm

    I don't live at home. I have my own mortgage and my own bills, so the $400 (and sometimes MUCH MUCH more!) can be put towards my debt. And yes I know Carla, she needs a wake up call. She doesn't want my help though. Whenever I try talking to her about it, she'll bring up the fact that this is all do to my dad passing. I don't believe it though, she should have been prepared to live by herself, she can't always depend on others.

  4. Tanner says

    October 26, 2011 at 1:47 pm

    I must admit I cringed a little bit when I saw the title! I look forward to the replies. I haven't had any luck dealing with my mother, and I am dreading having to have 'the talk' with her again. Although she doesn't buy a lot of expensive stuff, she hoards a lot of small items. $300 worth of $5 items is still $300. I honestly do not think they GET the whole debt/budget deal. Best of luck… to the both of us! I know step #4 is the most important one… when all else fails, go business-like. That's of course easier said than done, especially since it can haunt/hurt you when they do (very predictably) fall…

  5. Beth Dunn says

    October 26, 2011 at 2:07 pm

    OMG preaching to the choir! But she won't listen and all we do is fight. It's like a drug addict. Some people don't change, but I've never been like that as a result. Is that good? Don't know.xoxoSC

  6. Anonymous says

    October 26, 2011 at 4:11 pm

    Respectfully, stop talking and stop writing checks. You are jeopardizing your financial future to afford your mom luxuries that you don't have. If you feel like you must say something, try something like "Mom, I'm sorry but it is clear to me that I am not buying you things you need. I am funding your habit of spending beyond your needs and I cannot and will not continue to jeopardize my future for your luxuries. " Conversation over. Will she be mad? Sure. Will you feel bad? Absolutely. Is it the right thing to do? Absolutely. Best of luck.

  7. thatthingcallmoney says

    October 26, 2011 at 5:32 pm

    Coincidentally I just posted (last minute because I was upset) about teaching my sister finance a couple of hours ago. I agree with the above comment, stop giving your mom money if she doesn't need it. We have to be tough sometimes, particular with the ones we love.

  8. Mommy Saves ALOT!!! says

    October 27, 2011 at 1:23 am

    My mother is terrible with money. I mean TERRIBLE!I used to give her stuff all the time, even put her on my phone bill while working a part-time job in college only to have her run up the bill and not pay a dime. She messed up my credit.I cannot and will not give her any money and she knows this. I simply dont trust her in that area (well, in a few others too). I realized she was using me. My mother is 47 years old and its sad how irresponsible she is.

  9. Mommy Saves ALOT!!! says

    October 27, 2011 at 1:25 am

    Oh, and be ok with your mom getting upset! My mom always gets upset and it doesn't faze me anymore.I dont need her as much as she needs me.Lift your head up and confront her….a mother shouldnt do that to her child.

  10. Michelle P says

    October 27, 2011 at 3:11 am

    Thanks everyone. It's just a tough situation for me. I don't really have any other family besides her, so I'm just confused as to what to do.

  11. Shannon says

    October 27, 2011 at 4:53 am

    I wouldn't say my boyfriend's mom is horrible with their money, but she does mention a lot how it's tight. She goes to the grocery store at LEAST once a day, even though her fridge is packed and she has 2 pantry cupboards full of food! I don't want to try talking to her about it because even though we are close I feel like it's not my business. So instead I got her reading my blog and hopefully she'll pick up on some of the tips 🙂

  12. ~Carla~ says

    October 28, 2011 at 1:24 am

    Michelle, you've been given lots of great advice, I think you're obviously a wonderful & very caring daughter, ive helped my family too, but "helped", not supported". Do you really want to be paying your moms way years down the road? She can blame whoever she likes, but the point is shes in this situation NOW, and regardless of who's "fault" it is, she needs to grow up. I don't envy your position, but I would do what needs done before this turns into a long-term habit. 🙁

Making Sense of Cents welcome page photo
Hello and welcome!
My name is Michelle and I'm the author/owner of Making Sense of Cents. Learning how to save money and make more money changed my life. It allowed me to pay off $40,000 in student loans, start my own business, and I now travel full-time.

As Seen On

as seen on
How To Start A Blog
making sense of affiliate marketing for bloggers
My Monthly Online Income Reports
My Student Loans Are Gone - How I Paid Off $38,000 In Student Loans
How To Prevent Financial Fraud From Happening To You
Buying a House at 20 (How I did it)
How To Make Money Blogging Picture
How To Save 50% Or More Of Your Income Picture
How I Graduated From College In 2.5 Years With 2 Degrees AND Saved $37,500
75+ Ways To Make Extra Money

 

HOME
ABOUT
CONTACT
FREE FB GROUP

PRIVACY POLICY
TERMS OF USE
DISCLAIMER / EARNINGS DISCLAIMER
Copyright © 2011 - 2023. All Rights Reserved.

© 2023 Making Sense of Cents
Design by Swoon & Co. Creative