Since at least some of you are checking the blog, maybe this is a good venue to bring up Mom's finances. She's always saying she may have to come live with me if her rent keeps going up. I don't have a problem with that, except for the fact that she has made friends where she currently lives and would be somewhat lost here (kind of like me). I know I've had short discussions with at least a couple of you who indicated a willingness to pitch in to cover her expenses as long as she is healthy enough to stay in her apartment. Also, there is the other bank account that should last her for a while, although nobody but Rosey has access to it, so the rest of us don't even know if there's anything left :-).
Anyway, of course when I mentioned that to Mom she said she wants to leave something for us kids. Please, all of you, keep pounding it into her head that we don't expect any inheritance from her. I told her we'd have Rosey take all but $7.00 out of the account and put it into her savings, then we'd each get at least $1.00!
One more thing: I know we all think she spends money on foolish things, but all of us do that, so let her buy what she thinks she wants and don't give her a hard time. Or, like I told her, have someone shop with her and slap her hands when she wants to buy something that may not be a wise purchase. I've tried to help out with subscriptions to some of the magazines she regularly buys (Woman's World, Woman's Day), and that has worked out pretty well, although unfortunately they sent her the renewal for Woman's World instead of me and she threw it away. So I'll sign up again.
OK...I'll get off my soap box. Bottom line is I know some of us have to be more frugal than others, but let's try to help Mom stay in her apartment for as long as she can. I believe she will be much happier.
Thanks.
Love, Tina
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12 comments:
I agree with Tina in respect to keeping her on her own for as long as she is able. I know she doesn't want to move to a 1 bedroom, but if probably Karen, looked into it and the savings was respectable I think we should try to do that. I know she keeps saying she is not moving again! If it's the matter of the physical work of moving, we can all do it and have her help minimally.
Just to bring everyone up to speed, the savings account has $5700 in it, and the CD that matures next month is worth a little over $48,000. I was thinking of rolling it over, or whatever you do with it, to leave it in similar thing as long as the interest is good. Does everyone agree with that?
By the same token, if we want to have access to all of it I could put it back into a savings account for Mom to use now. Unless you think the $5700 would do for now.
The other option would be to put the $5700 into Karen's (or Moms) account that she uses to pay Mom's bills. I believe she was transferring money that was supposed to cover the rent increases, but I may be wrong.
Not to sound overly dramatic, but maybe we all need to get together, I know it would be hard for you Tina, but maybe we could conference call; figure out a plan of action and put it in motion regarding the funds. We can leave $7 for us as Tina suggested.
I guess that's all I have for now. Looking forward to everyone's input.
First thing I think you should do is take the interest from the CD, when it matures, and put it in her savings for ready use. I know the rates probably suck, but that must of earned $1-2000 anyway, enough to cover the increase in rent. Role the principle over into the best CD offered - of 6 to 12 months. We can skim the interest off each maturity date (or even a grand or two each year). I guess it depends if we consider this meant as a parachute (not our inheritance).
I'm not sure I've reminded Mom of this, but the one thing I don't want her to leave us is - in debt.
Though she claims she doesn't buy anything she doesn't consume, like all of us she can be a smarter shopper. One thing she (or we) need to do is bulk purchase paper products, when the time is right. She complains about storage - but hell, cram it in somewhere. Now imagine her in a one-bedroom apartment.
I agree with Mike. Take the interest from the CD and put the principle back into another CD that might have a decent rate. Add the interest to the savings account, so there is liquidity if it's needed. I don't think there's a whole lot left in the savings account at Webster, which is being used for Mom's health insurance premium (Karen has an automatic transfer from the savings to checking to cover it, I think.) Therefore, it may be necessary to take the savings Rosey is administering and move it to the Webster account.
I don't really know what her monthly shortfall is, i.e. income vs fixed debits (rent, utilities). But if Karen has some time she could probably figure that out based on the banking transactions.
Regarding the one bedroom: I've told Mom for years to get on the list and she figures she would never get one. However, the other reason she's given is that she is comfortable with her neighbors in the building she's in, and doesn't think that building has one bedroom units. So if it's at all possible, my feeling is to let her stay put.
I don't know if it's necessary to have a "meeting", just maybe try to get a handle on what her expenses and income are and figure out what needs to be done to keep her comfortable. It could be that Mom is actually being over-dramatic in our discussions.
Tina
I talked to Mom today after posting my response from Tina, who may be right in that Mom does tend to get a little dramatic at times. But of course one thing she said to me was that her and I and Karen need to "get together" and let her know how much money she has and who has what. Anyway, DUH! I didn't even think about Mike's point in just taking the interest, which next month when matured should be aroun $1300. So yes, I could definitely take that and put it in Webster Bank and do another CD. Then we still have the $5700 that could be moved as well if needed.
Mike, I agree with you in that I don't want to left with any debt either, but I don't think she would have any debts other than the actual funeral costs. I don't think has credit cards anymore. But be it as it may, you're right, we do want to be sure there is no substantial debts.
So bottom line, looks like Karen and I should confer and pool the accounts together and leave a CD in play every 6-9 months. How does that fly?
That sounds good to me. And I think there is some life insurance policy (a small one) that might take care of funeral expenses. The cemetery plot is already paid for, I think.
Tina
Okay, I agree that we should let Mom stay where she is as long as she can. On that note, she only has $500 left in the Webster account that I transfer money to her checking account, so Rosey, we'll need to add to it from monies you have. I will get a handle on her expenses vs. income and report back.
I'm just looking at the blog again after a long time. I think mom should stay where she is until she can't take care of herself any longer. I am going to start sending money each month to Karen to put into mom's savings (or checking whichever) to help cover the increase in rent. I think the CD should continue to be rolled over with the interest taken out and put into the savings or checking account for expenses.
I'll start sending Karen some money as well. It's the resurrection of the "Mom fund". How much do you think would be useful?
I'll start sending money when I can.
OK... so the blog is an active medium. I'll check it more often. How about once a week? Or should it be more?
Anyway, as I said in my email, I'll be happy to add something to the kitty. Probably about $50 per month (or $25 when we're really tapped). I'll send it to Karen. If you can let me know the correct account info, I can probably EFT it form my bank.
my plan is to put money into our ING savings account each month and then send Karen 1 check each year to put into mom's checking or savings. it will save Karen from having to go to the bank often.
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