Layout:
Home > Need some advice...

Need some advice...

May 2nd, 2010 at 04:21 pm

So I've known for a while that my mom wasn't doing so hot financially. After a conversation with her yesterday, though, I got the full scope of it. She does currently have a job (she's been struggling to find one, and went through a couple in the last 4-5 months)-- the problem is she doesn't have enough hours, she doesn't get paid enough, and the job is way below her level.

She owned an insurance agency through one of the big Companies, and lost her business almost a year ago. She also got a divorce about a year and a half ago. With what she is making now, along with child support and alimony, she just covers her basic bills-- not even including variables like groceries and gas.

I asked her if she could cut back, and she said she's pretty much cut back everything she can. I'm skeptical, but we're going to develop a spreadsheet together when I get home. She doens't go out and spend money frivolously, I do know that. She certianly knows how to be frugal when she needs to be.

The issue lies that in a couple months her health insurance is going to be deducted from her paycheck-- $160 per month, and in 3 years she stops getting child support and alimony. She has massive amounts of debt built up, and she's afraid she wont be able to make even the minimums once this happens, so she wants to get her CC paid off prior to.

She's super overwhelmed, and not sure what to do. I know we have to find her a better job, but I'm trying to come up with an idea to make money on the side somehow. She pulls a bartending shift a few times a week, and that certainly helps. But she's still struggling.

I'm going to do my best to help her out. I did tell her if she gets into a situation where she cant cover her bills to tell me. I do have a bit in savings. I think for mother's day I'm going to give her the $300 I was going to use to pay for a new bicycle. I dont really *need* a new bike, and I think putting a $300 payment down on her CC is a better way to use that money. It is, also, a gift that keeps giving. lol. I'm not sure what the interest on $300 would be, but regardles... Using that money wont hurt my budget whatsoever, considering I had planned for it.

If you guys have any tips on a 44 year old woman with great business, entrepeneur, management, and sales skills to make some extra money, I'd appreciate it. Honestly, she cant be *too* picky if she's trying to get her act together... But really, any tips or advice would be appreciated.

Thanks so much, and I hope you all have a great day!

6 Responses to “Need some advice... ”

  1. LittleMsMom Says:
    1272815142

    Since you say the child support is going to end in 3 years I am going to assume child is 15-16 years old. So able to work more hours without the added cost of daycare.

    I would suggest based on what you said that she is not getting enough hours, pick up a part-time job. ANY part-time job. A job in retail or food service is not the most glamorous and she is possible over qualified BUT they usually will work around other employments and if it is somewhere she shops often then the discount might be an added plus.

    Hopefully you can look at her expenses and help her cut some more. Maybe even post the budget here and others can help you, help her cut out some more extras or make suggestion to reduce some items.

  2. Dandi Lion Says:
    1272819492

    You're a good daughter to want to help out your mom. Best of luck...

  3. NJDebbie Says:
    1272821771

    Your Mom did a great job raising you. You are a great daughter and I feel you are doing the right thing helping her out.

  4. moneyTunes10 Says:
    1272844905

    Can she be a freelance contractor for local businesses? That may bring in some extra money to reach her goal of paying the debt in 3 years.

  5. Homebody Says:
    1272846781

    Bankrupcy? I am not saying that frivously. Does she own a house? Lots of variables here to give real advice except to try to find more work or cut her losses. Hugs to both of you.

  6. pjmama Says:
    1272934971

    Little MsMom: Yes, I'm thinking another job is a good option, at least until she gets a *better* job.

    Dandi Lion and NJDebbie: Thanks Smile
    Moneytunes: I thought about this, but I'm having a hard time conceptualizing it... I'll have to think about it more. Luckily, I have internet marketing skills under my belt that I can use at least to get her name out there... more to come on that. She's not really a writer, so I have to determine what skills I would push. Regardless...

    Homebody: She's considering Bankrupcy. I haven't really discussed that with her at length, because I'm unsure of the negative aspects... You dont just get freed of debt and repsonsibilities without some sort of repercussion. I'm assuming it would kill her credit or something else, or both. I'm hoping to get more details when I sit down with her after my return home.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]