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

25 votes

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

It can go wrong in so many ways, and having a family or friend involved means making a "business" decision is difficult. If a bank won't loan the person the money, why should I? … I would probably sign a loan to keep my family alive or healthy, but no other reason. There are many ways to help without signing a loan. Give a room and a place to live, loan a car. …
MrChrister's user avatar
  • 25.3k
16 votes

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

If they get mad at me it won't matter too much because they are family and that won't change. …
MrChrister's user avatar
  • 25.3k
15 votes

How can small children contribute to the "family economy"?

Saving money is as important a feature of the family economy as earning money. Be careful with what you have a child do for reward vs what you have them do as a responsibility. …
MrChrister's user avatar
  • 25.3k
13 votes

Family, ie. relatives, Debt consolidation Plan

(not once) Nobody in the family has any goal other than "TOTAL FAMILY INDEBTEDNESS REMOVAL" Nobody in the family will miss the cash they are going to lose Nobody in the family will complain about the inequity … If your family could pull it off, a better plan would be to sell a reality show about the magical family who never fights and always puts the good of the others before themselves. …
2 votes

How can small children contribute to the "family economy"?

Offer the stand at other family sales. Work with a family member at a local fair Small kids used to run the concession stands at my baseball little league park. Offer chores to neighbors. … Take trash cans out and back, yard work, haul away recycling Recycling the pop cans for the deposit Pet sitting Some sort of family business. …
MrChrister's user avatar
  • 25.3k
2 votes

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

You are going to miss way more work than you expect. Especially so if both parents are working. My wife and I both work and during the first couple of winters we couldn't average two weeks of uninte …
MrChrister's user avatar
  • 25.3k
1 vote

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

Pretend it was a gift all along, be happy that you could help out your family when they needed it and remember your lesson for the future. …
MrChrister's user avatar
  • 25.3k