Last night she received a disconnect call from the power compnay and I was home and she wasn't so I paid the bill.
I have decided to manage all her bills now and make sure this doesn't happen again.
Going to use mint.com to do it. She has been paying bills herself for years and is not doing well and it takes an emotional toll on her being hounded by creditors.
I'm going to take what i have learned here and try and eliminate some of her wasted spending and figure out how to not have late payments and get her credit up so she can get a better vehicle.
Wish me luck, and if anyone has experience doing this for their parents let me know. She holds several credit cards and brokerages and real estate properties and it all gets taxed and it's a big ball of wax.
Get her buy in, otherwise you might become an emotional toil too. She still gets a vote regardless of what you want for her, even if it is in her best interest.
The lates are kinda easy to deal with these days: put her entire financial life on a credit card and setup autopay... for all of them; just about everything can be sorted this way with modern technology.
The rest, sounds as though she has income and assets (and some liabilities to be sure) but you're probably not digging out of a 100k+ hole in the ground; if she's amenable to it this probably isn't that long of a walk; FWIW I've gone through phases similar to what your mom (though I never got creditor phone calls, my financial life is pretty small) is in but I've had the power disconnected more than once just from being lazy / depressed / whatever, and autopay has pretty much changed my financial life personally for when I do go sideways... technology safety net, I highly recommend it.
Ok I will auto pay with credit cards. Yes she is on board and thanked me up and down, says she is overwhelmed. And yes she has assets so should be able to pay for things on time. I don't think money is the issue I think its the issues you listed getting in the way for her.
Your mom might benefit from seeing a monthly calendar that shows what dates payments are due and when money is coming in.
Like social security comes in on the 24th of each month, mortgage payments are due on the 1st of each month.
As the events happen (money comes in, money goes out) she can check them off the calendar, or cross them off.
Sometimes the visual, and the repetitive motion (marking them off) helps them see the big picture.
My mom has the same issues. She just doesn't quite get the concept of being on a fixed income (she's retired and disabled) and limiting her spending.
The way I dealth with that is I figured out all her regular bills and her regular income and how much she has "left over." I then got her a $500 limit Cap1 card, and I put her "Extra" money on there (via paying it off at the appropriate amounts each month). That way, I get all her bills paid, and she gets the sense of having freedom to spend without having to ask me for cash.
Yeah, because I ride the limit on her card, sometimes she has a small interest charge, but $1.27 a month is a very small price to pay to make sure she has her rent and utilities paid!
Venture: $18K | Amex BCE: $15K | NFCU CR: $15K | IT #1: $14.5K | Wells Fargo: $11K | Savor: 10K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $6.8K | MLife: $6.5K | Sportsman's Guide: $5.9K | NRA: $5.5K | Elan Plat: $2.3K | Cap1 PS: 2K | TRV: $2.5K | Cabela's: $1K
Current FICO 8 Scores: EQ: 728 | TU: 736 | EX: 726
Thanks all. Great advice.
The hardest part and the part I understand the least is the real estate taxes. I don't know how many properties she has and I do know the taxes are quarterly not annual so they add up.
She has an expert come a few times a year and help her prepare a quiclbooks file for her accountants. I am going to meet with this person tomorrow and learn all I can about the tax situation and real estate holding and see whats good.