Observing others financial choices, part 5
Wednesday night the repo man came and took the car. This time there was no fighting with Mr. Repo Man about it and no moving the car. It turns out that my relatives filed for bankruptcy a few years ago and had reaffirmed the car loan. And apparently there was a condition that if they were ever late that the loan company could call the loan due or seize the car. Supposedly no one ever told them this. Regardless of that, they spent the $200 car payment on something else.
They were devastated about losing the car. However, they still have one car and a motorcycle. There are only 2 adults here. I think things will be just fine transportation wise.
Then, I hear from my sister in law that her husband was planning on asking my girlfriend and I for $200 to buy some rain gear for his motorcycle. She apparently told him not to. That’s a good thing as I am in no place to help out someone else financially - especially someone that wastes so much money!
Thursday night, my sister in law went to bar to drink away her sorrows (and god knows what bill did not get paid for that) and did not come home till 2:30 am. And last night was her husband’s turn.
Losing their car did not spawn a new event of spending money at the bar. This is an every week occurrence. And then they wonder why they can’t afford a $200 car payment.
Previous posts in this series:
Observing others financial choices
Observing others financial choices, part 1
Observing others financial choices, part 2
Observing others financial choices, part 3
Observing others financial choices, part 4
August 2nd, 2008 at 2:32 pm
This series is very interesting. It is amazing how people can spend with completed financial ignorance!
Did you want t exchange links with my PF blog? If so leave a comment on my blog and I will add you!
August 4th, 2008 at 7:21 am
At this rate, the family is going to split into the irresponsibles and the responsibles.
Maybe you can also tell us about some of the better choices some of you relatives have made. Hopefully there are some.
Regards
August 19th, 2008 at 2:01 pm
I am in a situation that is the exact same as yours…my sister and her husband spend and spend and spend. They stayed with my husband and I this summer and I calculated that they spent about $4000 on their trip, a week-long visit. On clothing, shoes, purses, a new camera, etc. This, while they have “dipped” into their RRSPs (i.e. liquidated about half of their total), stopped contributing to the kids’ RESPs, and are worried about their mortgage payments and two vehicles.
I am stunned! When I went to see them for my sis’s 40th birthday, my brother-in-law had bought her a new ring, and a designer dress for her birthday - she doesn’t work so she can’t wear it to the office, it was worn on her birthday party night and then will hang in her closet. She was to buy a pair of shoes for the party - she bought two. She was supposed to take one pair back - one was expensive and the other less so, and she was to choose between them…she decided to keep them both, and not tell him.
They’re so completely irresponsible and they’re not passing on good financial IQ to their children…there are thousands and thousands of dollars in toys and movies for the kids, who never had to work a minute to get the stuff.
I just don’t know what to do - they have credit cards maxed out, credit line maxed out and are working their way through their RRSPs. Thank GOD I saw the error of my spending ways and married a man who is smart with our money. Whew.