These days debt seems to come creeping from every direction.
Part of it is because it has become more socially acceptable to be in debt and use credit like cash, part of it is the rising costs, it has become ridiculously expensive to put gas in your car and cover basic needs such as dental, health, eye care and almost any thing requiring a skilled service.
Very often the solution takes some thinking instead of immediate action. Before whipping out your credit card, consider your options.
 When Grown Childrens’ Financial Emergencies Cause Financial Strain - Tawra Kellam
Susan from Texas asks:“As a single mother of two grown daughters, scratching and clawing my way out of substantial credit card and other debt, please give me some ideas about dealing with daughters’ emergencies, specifically health issues, not life-threatening but urgent never the less.”
Tawra Wrote: I was going to work on your question but I was wondering why you are paying for your grown daughter’s medical expenses? Are they in college?
Susan: Thank you for your response, I forgot that I sent that question. But now that you mentioned it…my daughters work full time and dabble in college. Both have health insurance but the one who needed assistance (I volunteered) did not think that it was in effect at the time of the incident. I was going to have the cost of the dental problem put on a credit card but her Dad intervened and paid for it so I was off the hook.
I think the bigger question here is one that I have dealt with for many years and that is, living very sparingly, never having enough to cover unexpected expenses and then putting those unexpected and sometimes living above my means expenses on credit. Now that I live alone I am trying to remedy that as quickly as possible. Guilt as a single parent ends up being very expensive.
Tawra: “Guilt as a single parent ends up being very expensive.” — I would say that sounds like it right there to me.
You don’t need to worry about your daughter’s expenses. I understand being a parent you want to help out but if they are working adults it’s not your responsibility. They need to be responsible with their money and save back money each month to cover what their insurance won’t . If that means cutting the cell phone, eating out or whatever then that’s their responsibility to do it. If you are paying for your own stuff then start living below your means ASAP and try and get that debt paid off. It’s not always easy or fun but it sounds like you need to worry about your expenses and not theirs right now.
I’m not saying to be unreasonable. If they get $50,000 in medical expenses and need to live with you or whatever to pay it off, of course help them out if you can. But if it’s minor stuff then let them take care of it.
Susan: Thanks so much for your response. Sometimes we answer our own problems when we put pen to paper and it jumps right back at us! I will always be there for my kids; however, I want them to grow up and become accountable and learn from their mistakes and life, etc.
Money Management is a 72 page e-book designed to help you say goodbye to debt! Packed with lots of stories and advice, this e-book is an essential tool for your Debt Elimination Kit.
Money Management includes the story of how Michael and Tawra paid off $20,000 debt on $22,000 per year income.
the reward.
