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The Family and Your Spending: Parents and Grandparents

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About Donell Edwards: Donell Edwards is President of CWR Media and is also founder and publisher of The College World Reporter (CWR) magazine and CWR World News & Information Service.  He is also a professional speaker, freelance writer, and entrepreneur.



Know Your Money
Wednesday – March 26, 2014

SPECIAL Family Spending Series
The Family and Your Spending:  Parents and Grandparents
By Donell Edwards

Managing money wisely requires the ability to careful planning.  As mentioned in previous posts we will discuss the importance of an emergency fund later.  However, in planning to ensure that everything is included in the budget, if you have aging parents or grandparents it is necessary, if possible, to consider what financial help they may need and include what you can in the budget for their care.  This should be a discussion between you and your mate or significant other if married or in a relationship.  

It would also be wise to have a financial meeting of the minds with parents or grandparents to fully understand their financial circumstances, and what needs they may have.  This meeting should be done with dignity and respect, and the parents or grandparents should be made to understand that you love them and you just want to be prepared to help with any needs they may have when the time comes.

Out of pride, many parents and grandparents will resist and will not want to divulge personal information.  They must be helped to understand that you are not prying into their affairs, but if something happens where they need help, or they can’t care for themselves, you would be at a complete disadvantage because of the lack of information available to you.  For instance, information about insurance, savings, retirement funds, household expenses, if they have a durable power of attorney document, etc.

Do not push, but be respectful.  But let them know that you expect the same respect from them, and this is a conversation that is very necessary and you would appreciate it if they would give it some thought and work with you to make it happen.

That effort will help you to better plan with the information you gain so that you will not be blindsided and your budget will take a severe hit when something occurs with your parents or grandparents unexpectedly.

The idea is to protect the family budget from having to make major adjustments when parents or grandparents need assistance.

It is also very wise if parents and grandparents will allow you, to assist them in finding all of the available resources and assistance they qualify for to make their life and yours much stress free.

We love our parents and grandparents, and we really should want to do all that we can to help them when and if things get to a point where they may no longer be financially, physically, or mentally able to care for themselves.  But that takes love, caring, and planning.



Minority Family



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