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Bank of Mom and Dad
I heard about this new show called Bank of Mom and Dad I just had to blog about it. Basically the premise is this: young women who are in debt move back in with their parents, come clean about their debt, and work with a financial expert in order to develop healthier money habits.
The financial expert seems to have good intentions, but I couldn't imagine running to my parents and telling them about my money problems. I mean, my parents have a general idea of my money situation, but I certainly don't give them any details. I think that would be very difficult for me to do.
What about you guys? What do you tell your parents about your money issues? Do you keep them in the loop or far away? If you were in debt, would you be willing to accept any help from them?
The financial expert seems to have good intentions, but I couldn't imagine running to my parents and telling them about my money problems. I mean, my parents have a general idea of my money situation, but I certainly don't give them any details. I think that would be very difficult for me to do.
What about you guys? What do you tell your parents about your money issues? Do you keep them in the loop or far away? If you were in debt, would you be willing to accept any help from them?
Replies to This Discussion
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Permalink Reply by Barbara on -
My first few years of college and living on my own I had gotten into some debt. I was embarrassed to ask my parents for help. I wasn't looking for a bailout, but literally help on how to get myself our of the mess I had gotten into. I eventually sucked it up and had to tell them what was going on. They had always been good at managing their money. They were extremely helpful--they gave me a plan to stick to and I got out of debt rather quickly. I'm so thankful for their help and if I had never asked, I'm sure I would be even worse than I was.
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Permalink Reply by Stephanie PTY on
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I really want to see this show, but a part of being young and broke is not having cable! Oh well!
I share most aspects of my financial life, including a monthly update to my net worth, on my blog. My parents know about it and are free to read it - occasionally, my mom does read it. She also sometimes asks for my opinion when it comes to banking and I've helped her enroll in her company's retirement plan. I am in debt, but I don't take much help from them. I just moved out, partly because I don't want to be a burden on them. They're not in terrible shape financially, but they had problems in the past and couldn't really afford to help me out.
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Permalink Reply by Akirah on -
I can relate to this. I've learned a lot from my parents financial mistakes and have great credit as a result. I moved out, not because I burdened them, but because I wanted to learn how to be on my own. I think they'd prefer I moved back, but there's no turning back now! At least for the time being.
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Permalink Reply by missy. on -
Ha funny, this is kind of what happened to me but not exactly. I moved home, cleaned up my debt, learned to budget and built a savings account. Mind you I was only 19/20 so it wasn't like I was in that much debt but I did it all on my own. Just used the money I would put towards rent to my debt. I will never get myself into debt like that again. Plus working for accounts receivable and collecting credit debt all day puts things into perspective as well.
My parents dont' know where all my money goes but will ask occasionally how my savings is doing and if I need anything. Other than that they don't really ask. It's quite nice.
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Permalink Reply by Basia on -
I love shows about getting out of debt (I'm also working on my student loans) but i don't get why this show only focuses on women? Don't 20-something guys have debt, too?
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Permalink Reply by Akirah on
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I know, right? If you watch the clip here, the expert talks about women who are single with no kids and how they are less likely to be cautious with money. But I dunno...I know a lot of irresponsible men.
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Permalink Reply by Akirah on
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Mmm. I've experienced this, in my own relationship. I'm so type-A; I have an idea of my debt and how much I owe each month and when. My boyfriend is a lot more laidback, until recently when he realized how important it is to set good financial habits. At least he's working on it. And I guess it's not the bitter end for him -- it's not like he's gonna file for bankruptcy or anything.
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Permalink Reply by Jane on -
I live with my mum and she's knows how much I earn and realistically she knows how much I spend. Without her support I would be totally stuffed, as if I was having to live out of home I'd be paying for food with credit cards. Having said that, I live in a part of the UK where living costs are so high that most people live at home into their twenties and thirties, normally until they move out with a partner, and even then a couple in a small one bed flat will struggle to meet the bills. Young single people just can't afford to live alone. Everyone I know who has moved out of home because of being in a couple and having a child has told me not to move out until absolutely necessary. Luckily I get on really well with my mum, and when I'm making good money (yes, that day will come!) I look forward to paying her back for her support.
However, if I got myself in a ton of debt, my mum wouldn't be able to help me.
I would never live with my father,no matter what my finanicial situation, and he would never help me out finanncially.
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