Are you a senior citizen living in Southern California? If you are, you are probably already aware that you have to budget your limited income or else things may spiral out of control very fast. Even though you live on a limited income, you may be asked by your adult children for financial help. By helping your children, you may be putting your own self in debt by contributing financially to your kids’ needs.
If your adult children always know that mom or dad will bail them out of their financial mess, then you are enabling them to not live on a budget or within their means. You are also causing yourself to either get deeper in debt, or not be able to afford the necessary things you need in order to live comfortably.
Everyone knows that seniors typically have health and medical needs. What if you give your money away to your children and don’t have enough to get the proper healthcare that you need the following month? Even though you are a great parent and want to be there for your children’s needs, you also need to make sure that your necessities are being met.
It is one thing if your adult child is out of work and you want to help your kid for a short time period; however, there is a problem when your children come to expect financial assistance from you on a monthly basis. You need to learn to say “no”. By saying “no” it will force them to learn to make smarter financial decisions, prioritize bills, and live on a budget in Southern California (which can be a difficult thing to learn how to do, but it can be done).
You may want to ask them to see a credit and budget expert to review their monthly bills, learn financial tips, and find ways to save money, which would make them accountable. This step in the right direction will not only help them, but it will free you up from providing financial assistance. A third party will be able to see the leaks in the budget, provide accountability and the necessary steps needed in order to get back on track. To make an appointment with an Orange County credit expert, call Deborah McNaughton at Professional Credit Experts at 714-993-1171 today.
You can also visit Deborah McNaughton’s financial column on money problems in the Orange County Register by clicking here.
Written by Deborah McNaughton
DEBORAH MCNAUGHTON is a nationally recognized author, credit expert, and financial coach, and is cofounder of Financial Victory Institute. Deborah is a monthly columnist for First for Women magazine and has been interviewed on hundreds of national television and radio stations, including CNN, Bloomberg Television, and Good Day New York. She has also been quoted as a credit expert in many publications, including Wall Street Journal, New York Times, and Today s Christian Woman.
