For questions relating to personal finance issues within families, e.g. parental benefits, marital finances, cost-sharing, etc.

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2
votes
0answers
37 views

How do I transfer/cash-in stocks from another country?

My father passed recently and I was just informed that I inherited or have stocks that he had previously purchased in my name, the stocks are located in the country my father is from where he was also ...
5
votes
3answers
314 views

What to do if my aging father is sustaining a hobby that is losing several thousand dollars every month?

My grandfather owned a large and successful bookstore company. My father became was the manager of this company. Due to political reasons, my father was kicked out this family business. (He was ...
1
vote
2answers
47 views

How do auto-loan payments factor into taxes for cars that are solely used by dependent(s)?

I financed a car under my name so that my sister could drive to work and my mother (who I'm claiming as a dependent, myself as head-of-household) could get groceries and run basic errands. I myself do ...
4
votes
3answers
767 views

Where/Who do I have to notice the family status (after marriage) change to in Germany?

I live in Germany, and I have recently gotten married. Since this change affects my income taxes - I need to notify Finanzamt (tax office). Do I do it by some letter or by coming in and filling in ...
30
votes
4answers
7k views

I am considering leasing a new car for my ex-wife. What can go wrong?

My ex-wife is a financial wreck and is about to lose her car (lease is over) in an area of the country where you can't get around without one. She can't get a new one because her credit is really bad ...
5
votes
2answers
209 views

How to deal with variable income in the budget

We have a budget planned out for various categories, and in order to make ends meet we count on child support for my wife's child from a previous marriage. However, lately we have not been receiving ...
5
votes
2answers
115 views

Family, ie. relatives, Debt consolidation Plan

My extended relatives had an idea to have all of us share each other's debts, in order for all of us to get out of dept faster. The idea is the same as you would for your own personal finances: pay ...
1
vote
2answers
150 views

First time investing advice (Canada)

I am 29 years old with a wife and we are planning on having a child in the next 2-3 years and as such I have been making a lot of life changes and planning for the future. Fist off I am sorry this ...
1
vote
0answers
106 views

Is it fine for parents to ask for allowance from children? How to do it tactfully? [closed]

Most elderly folks do not have an income. The children's education cost a bomb and have injured their retirement funds. In traditional Asian societies, it is a norm that children repay their parents ...
3
votes
3answers
126 views

Is there any “Personal” Finance app that allows 2 administrators?

I'm an advocate of marriage meaning together in everything. Sometimes even work. But i've had some trouble finding a "Personal" finance app that would allow me to make shared budgeting and allow ...
4
votes
1answer
389 views

Family/divorce lawyer wants large retainer before taking on case. Is this normal?

My friend needs to get a separation agreement and divorce. The law firm she called asked for a retainer of several thousands of dollars up front before doing any work. Is a large retainer normal for ...
9
votes
3answers
415 views

How should we deal with money during my spouse's maternity leave?

I recently realised that my partner is more anxious than I suspected about what we're going to do about money. Principally, she feels guilty for spending money on herself, and is worried about the ...
3
votes
3answers
252 views

How to protect your parents if they never paid Social Security?

I am helping a friend with some financial advice, but his situation is very unique. His mother (US Citizen) married a foreign national. He worked all his life as a merchant or in a restaurant he ...
1
vote
3answers
2k views

How do we share vacation costs between families for lodging and food?

If you are taking a vacation with several other families, some with kids and some without, how do share the costs for lodging and food? In my situation we are renting a house were we will all stay. ...
6
votes
2answers
147 views

How does taxation change when I have a child?

My wife & I currently both work full-time (in Australia) and I'm curious what changes would take place to our income taxation when we move from 2 incomes & no dependents to 1 income with 1 ...
11
votes
6answers
1k views

Buying a home with down payment from family as a “loan”

First time here, so please be gentle! I am thinking of buying a home, and have enough steady income to comfortably afford the monthly payment on the loan. However, I will need help with the down ...
3
votes
1answer
188 views

loan taken on my friends name for someone else

My friend has taken out loan for his brother in law, and is a guaranteer for two other loans taken on his friend's name. Now he is not paying his EMI, and debt collectors are troubling us. Is there ...
5
votes
6answers
333 views

How to plan my Finances when about to have a baby: What are some considerations to be aware of?

I would like some insight into the process for financially planning to have a child. Outside of the obvious upfront medical expenses, what are some important financial considerations that I should be ...
16
votes
1answer
1k views

Do I actually have to pay my daughter minimum wage for helping around the house?

I blogged about my discussion to this question. When I mentioned that I paid my almost-six-year-old daughter $2 for a job that took an hour I had a commenter say that I paid her "below minimum." ...
8
votes
3answers
5k views

If I pay someone else's property taxes, can I use it as a deduction on my income tax return?

I'm planning on paying the property taxes of a home my mother-in-law owns. She owns the house, but I live there. As part of the bargain, I agreed to pay the property taxes. If I write the check ...
11
votes
6answers
944 views

How can small children contribute to the “family economy”?

As part of children learning the value of money, I believe it is important that they learn to earn their own money. While I could assign arbitrary monetary values to household chores such as ...
8
votes
4answers
781 views

What do you do when a family member won't pay you back?

What do you do when a family member won't pay you back?
5
votes
4answers
322 views

Would it be better to borrow money from an elderly relative than from a bank?

Would it be better to borrow money from an elderly relative than from a bank?
16
votes
10answers
6k views

Someone asks you to co-sign a loan. How to reject & say “no” nicely or politely?

Hypothetical situation: A dear friend or family member comes to you and asks you to co-sign for their loan. Let's say the reason they need the money is not a life-or-death type of situation. ...
16
votes
7answers
2k views

Why do people take out life insurance on their children? Should I take out a policy on my child?

I've always found those flyers that the schools send home in September contemptible. But maybe I'm the one in the dark...? If the purpose of life insurance is to replace a wage-earner's income in ...
5
votes
3answers
122 views

What are some ways your family has saved money via resource-sharing or hand-me-downs?

For instance in our family, baby items - from the big (cribs, changetables) to the small (clothing, bottles, toys) - are constantly passed around from brother to sister to cousin and back again. It ...
7
votes
3answers
179 views

How do you save money on clothes and shoes for your family?

I feel like I'm constantly buying clothes, shoes, boots, jackets, hats, etc. for my kids, because they grow so fast! I try to re-use via hand-me-downs, but are there other ways I could be saving ...
7
votes
2answers
175 views

How do you make sure your child's birthday party doesn't break the bank?

I've been to childrens' birthday parties that clearly cost in excess of $500 when the price of the venue, activity, food, cake and loot bags are factored in. I don't want to spend a lot in order to ...
8
votes
4answers
2k views

Should you co-sign a personal loan for a friend/family member? Why/why not?

I know someone who was recently asked to co-sign a hefty loan by a family member. I don't know what I'd do if I was put in the same position as the one asked. What are the risks? What are things to ...
10
votes
3answers
337 views

What are the pitfalls of loaning money to friends or family? Is there a right way to do it?

What are the pitfalls of loaning money to friends or family? Is there a right way to do it?
10
votes
3answers
636 views

Where can I find an example of a really basic family budget?

It's about time that I took my family's finances seriously and built a budget. I'd rather not start from scratch, and am thinking, "surely, I can benefit from someone else's work?" - can someone ...