Despite having a retirement income of $5,100/mo. my mom currently has $4,970/mo. in recurring expenses and her monthly spending for even basic necessities puts her in a negative cash flow situation by about $400.
Currently her monthly budget breakdown is as follows:
- Storage: $1,300
- Credit Card Minimum Payments: $695
- Utilities: $383/mo (includes storage warehouse)
- Amorotized Taxes: $252
- Automotive Expenses: $222.08
- Food and Dining: $200
- Education: $135
- Gym: $40
- Life Insurance: $15
- Misc Other:
Her storage includes:
- 1 48 foot semi trailer
- 1 1,200 sq. ft. warehouse
- 3 16x8 foot portable storage
- 1 10x20 storage unit
- 1 10x15 storage unit
- 1 10x10 storage unit
- 4 disabled cars (included in insurance bill)
- 2 working cars
- 1 2000 sq. ft. house
- 1 900 sq. ft. house
Additionally she has a 3,200 sq. ft. house she has as her primary residence.
I have no idea what to do, I had previously tried to refinance her debt to a lower interest rate from the 27% APR retail credit cards she had to a much more reasonable 8.74% from Marcus. Since I did that her debt has increased by almost $14,000.
On the one hand I'd like to bail her out, on the other hand I'm worried that will just worsen the problem.
Submitted December 28, 2019 at 07:28PM by throwaway493423 https://ift.tt/2QFTejx
