Iowahippiechick

Let me start with, I totally love my dad - but mercy this man is HORRIBLE with money.  He is retired and on a fixed income.  Yet he spends as if it’s coming out of his ears.  The problem is he is incredibly bored.  Ever since my mom passed away in 2000 he just doesn’t know what to do with himself!

The only thing he claims that brings him pleasure is GAMBLING.  Which he has been known to drop 2K a month on.  Well … that is definitely not financially healthy when that is your approximate monthly income!

He also shops in quantity.  Recently a local home lumber type store (Menards) had small electric heaters on sale.  He wanted one for his bathroom.  Does he come home with one - maybe two?  Nope … he has a stack of ten brand new heaters still in the box sitting in his t.v. room.  In fact his house is full of stuff still new & in the box sitting around collecting dust!

This year he finally emptied and unplugged the outdoor hot-tub.  Which he normally heats through our cold Iowa winters - using it maybe once or twice all season.  Believe me the list for his wasteful energy use could go on for days!

He still has a decent sized mortgage on a house that should have been paid off at least twenty years ago.  This is from mom and him always consolidating credit card & loan debt into the house equity.  They bought this house in 1960 for $3k … and he presently owes $44k!

My dad is 69 years old.  Old enough to know better … But the reality is he doesn’t!  We are very close and I am always there for him - but gosh he needs to take a little ownership in some of his decisions. 

How do you help a parent develop better personal finance skills?  I could totally use any ideas you can come up with - please help me!

dawn (a.k.a iowahippiechick)

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