My mother is 60 and from what I know has absolutely nothing saved. She has worked since she was a teen but I don't think she has ever actually put anything into savings or any kind of retirement fund. It's so bad that she does not even have bus fare to get to work a lot to where she calls off work. She mostly depends on me for money but I'm sick of it because she is always asking me for $20 here $25 there or if I can buy her groceries.
When I was younger and just starting out and saving for my first car I ended up giving her $400 to pay her car note for a car that ended up getting repossessed (she never paid me back). She got a car from one of those janky car spots that basically charged her an arm and a leg monthly car note for an old pontiac just because it was no money down. I tried to tell her then to just save up about 1200 and go to a more legit buy here pay here with cars for like 2500 and you pay like 150 a month but she refused to put money down. She could not keep up with the payments. I should also mention that her credit is non existent and it's been that way since I was a kid. I remeber her always asking if something needs a credit check because she knew she wouldn't pass it.
I have taken out payday loans for her in the past. Money has always been an issue for her and I don't understand why, at what point do you learn from your mistakes?
Anytime I try to tell her to save her money and even put 5 dollars away per paycheck to try to start the habit she says things like "what is $5 gonna do?". The point is to make it the habit.
I remember as a kid always having to go to my grandmothers house and borrow money from her so we could make it to her next check. It's like all she knows is struggling but I feel like she has never truly gotten tired of it. I got tired of it when I was a kid and that's why now as an adult I have a decent job, a car and live in a nice apartment in a nice neighborhood. I started saving for retirement in my 20s and I'm currently early 30s no kids and married. I just don't want to have to take care of her in a couple of years when she gets too old to work. I feel like I have already been doing that for the past 10 years. I'm either giving her money for rent or groceries or transportation. I can't ask her for anything because she just doesn't have it.
I don't know where the behavior comes from with her being bad with money because my grandmother was always good with money. Lived in her paid off home that she and her husband (my grandfather) bought when my mom was a toddler until she died a few years back.
Basically I'm looking for advice to help her get started on being better with her money. She does work but currently seasonal because she works for the education system. I'm not sure how much she makes but I figure it's about minimum wage (about $8.50 USD) and she's working atleast 30-40 hours a week. She was getting garnished for past debts but claims it was recently paid off so she cancelled the money she put towards filling bankruptcy and is currently waiting to get that money back (again I don't know why she does the things she does).
TLDR; Mom is getting older no savings and does not want to try to get better with money. I don't want to have to take care of her in a few years when she gets too old to work. Need advice on how to get her on track for retirement.
Submitted July 29, 2024 at 10:42PM by Common-Ad2544 https://ift.tt/yj4Kurp
