We are negotiating new waters at our place these days. Since February, all three girls have quit their jobs. Not one of them will get unemployment.
Ouch. Scary.
DD20 found a new job within 6 weeks. At first she was thrilled; now, not so much. But it is work, and she’ll be back on track paying down debt by the end of June. Although she doesn’t have a huge amount of debt, when you get behind, it matters. And hurts.
She came over yesterday and we worked on payment plans. She was beating herself up big-time.
She said, “I am an idiot. I am such a fool. I went back on what I always said”.
I asked her what she meant.
“I always said that I wouldn’t get credit. Then I turned 18 and what did I do? I got credit. I said I didn’t want to end up like my sisters, and now I am.”
“You can pay it all off, if you are diligent over the next few months.”
I showed her how it could be done, using the debt snowball method. Since she doesn’t owe that much, I figure she could be out of debt by Christmas.
It can be hard to teach your children about money, if you’ve always handled it for them.
It’s so easy to get into credit card debt when you are young. You still don’t have a good feel for credit and debt, and you typically don’t have a large income to help pay off debts.
Dear John,
Thanks so much for taking the time to stop by and comment. You are correct as usual, King Friday. I am appreciative of what I’m learning from you, too!
Trece
Excellent point, Trece. We’ve had to do the ‘tough love’ thing with the kids . . . give the best information and advice we can and then let them make their own mistakes and pick themselves back up when they fall down. In the end, I think it makes them a lot stronger and smarter.
Jean dear, it is always a joy to see your words pop up here. You are right about the tough love, just wish it didn’t hurt so much!
Love, me
Well done, Trece!
Once of my favorite books on how to handle money responsibly is The Emotion Behind Money by Julie Murphy Casserly (http://juliemurphycasserly.com). I highly recommend it if your daughter wants to understand how she got into her debt situation in the first place.
xox Kate
Dear Kate, you are always so faithful to come and comment on my blogs, even when I let you down. Thanks you for that. Thanks, too, for the book info – that’s one I’d not heard of.
Love, me