Many of you at home have written to us about how hard it is to confront your husbands and wives and sons and siblings about money problems — especially problems that your loved ones contribute to. So we figured while we’re doing our seasonal personal finance housekeeping, why not help you tidy up the loose ends in some of these situations? We asked you on Facebook about who in your life costs you a lot of money. And we’ve pulled in consumer finance expert Dayana Yochim of The Motley Fool to lend a hand in helping you figure out what you can do about it.
We talk with Mary Beth, whose brother is disabled and cannot work. She and her sister are struggling to help keep him financially afloat. And we speak with Viviano, who is helping pay his fiancee’s higher education. The problem? He has two kids, but his fiancee costs plenty more than they do! A full-time physics major can add up to a lot of cash, even with assistance. Click play on the audio player above to hear Yochim’s advice.
And chime in with your own thoughts. Who costs you a lot of money? Let us know on our Facebook page or leave a comment below and we may reach out to you to offer some friendly advice.
Here is a sampling of some of your responses from Facebook:
Well I have 86 year old father and sister that cares for him. He did not plan well and only lives on SS and her very part time job, so we give money each month plus pay another family member to shovel and care for winter care, house repairs and two in college, paying all extras besides rent and other things. If we stopped paying or other family helped pay I would not need to work 50+ hours a week.
$ 5800 a month at what should have been rehab care for my
87 year mom, but it never ends, my daughter’s music lessons amount to $ 600 or so month, depending on how many weeks
My daughter was accepted to several excellent private colleges but she chose the state university because she knows we will be able to pay the in-state tuition without too much debt. And if she gets a school job, maybe she can save for a semester abroad.
Friends who are musicians that i pay to see and support! about $ 20-$ 50 on cover charges a month to see them perform. Worth the money but then comes the cost of adult beverages which increases the monthly cost to $ 75-$ 125 potentially on supporting friends and personal enjoyment of friends performances.
hmmm, child support costs me about half my income and yet I see my kids (if lucky) 3-4 times a year. Apparently the courts think the non-custodial parents don’t have to have a roof over their heads, or food to eat, or money to travel to see their kids. Maybe I should cut that out of my spending…sure the courts would love that lol
My daughter,32. Married, one child, no health insurance due to her husbands job in a small business,stays at home to homeschool. I have provided 3 cars and still pay her phone bills,and buy clothes and shoes for my granddaughter. And she owes $ $ for her graduate school loans.
My 16 year old son – from $ 400 parking tickets (handicap!) to cell phone bills to clothes to spending money to tutors to counseling to medications. I would probably save $ 1000 a month…but he is my son.
My late grandfather, who didn’t plan well for his death and left me with a cluster so bad that I’d rather go to jail than spend another minute on this estate.
My beer brewing partner (Home Brew). We just split $ 600 in supplies yesterday. Buying fridges, and other brewing equipment gets expensive. I probably spent a few grand last year on my “hobby”.
I met my boyfriend … and my downfall. He is an avid skier. My first season: $ 800 for the clothes, $ 1000 for the equipment, at least $ 1000 for lessons, lift tickets, weekends away. The payoff: getting out of NYC on a regular basis.
I have a pet, never thought they would be the one that breaks my bank, but how do you put a price tag on the well being of your furry friend? You don’t, you just write the check, swallow hard and wonder how long it will be before you are both eating cat food because it’s cheaper than ramen.
Lake Erie. I love her, hate her, want to protect her, and want to leave her. But my life is intertwined with her. The amount of money I spend on sailing, fishing, swimming, teaching my daughter, and sitting in her grasp as my therapist has long since ceased to be documented.
Does my classic car count? My fianacee would love if I cut her out of my spending.
Children, definitely – but cutting them out of my spending isn’t an option. Already ditched the high-maintenance, high-spending spouse.
My two kids. We pay around $ 1500 per month in daycare (my wife and I both work). They also eat a lot, which increases the cost. My wife and I joke about how much money we will have when they go to school, although then I’m sure there will be other expenses. But, they are worth every penny we spend to care for them!!
My son is 31, working full-time and still trying to get fully on his feet in this economy. Covering his shortfalls is a stress, but he is worth every penny. If we cut him out of our spending, we could not live with ourselves. There are many ways to measure ROI…
Spring cleaning your costly relationships
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