Borrowing Money From My Daughter

[Deleted]

I wouldn't want to let a credit card balance ride either, especially if it's a card you're using and all new purchases would accrue interest right away (that is how it works right?).  Do you have any 0% balance transfer offers laying around? 

[ArchietheDragon]

May 18, 2015 7:35:10 GMT -5 minnesotapaintlady said:

I wouldn't want to let a credit card balance ride either, especially if it's a card you're using and all new purchases would accrue interest right away (that is how it works right?).  Do you have any 0% balance transfer offers laying around? 

I haven't seen a 0% balance transfer offer in 6 years. 

[Deleted]

May 18, 2015 7:36:05 GMT -5 ArchietheDragon said:

May 18, 2015 7:35:10 GMT -5 minnesotapaintlady said:

I wouldn't want to let a credit card balance ride either, especially if it's a card you're using and all new purchases would accrue interest right away (that is how it works right?).  Do you have any 0% balance transfer offers laying around? 

I haven't seen a 0% balance transfer offer in 6 years. 

www.creditkarma.com/creditcards/explore?pubKey=RFSVDJ8NOUC11YT1&categoryID=2&pgsz=0


eta:  That link didn't work right.  I was trying to point out just the Chase Slate. 

[Lizard Queen]

May 18, 2015 7:29:21 GMT -5 ArchietheDragon said:

it does piss me off a little (I try not to get too pissed) when I look at the transaction that have posted so far in the this credit card billing cycle (cycle started May 7) and see LL Bean $42, Gap $109, Starbuck reload $25, Etsy $21 and Minted LLC $75. Lots of unneeded crap that doesn't seem too expensive, but adds up.

Can you get your DW on board to doing a couple of controlled spend months until she's getting a paycheck again?  There's always Target if you must get some clothes for the kiddos.

[ArchietheDragon]

May 18, 2015 7:47:46 GMT -5 Lizard Queen said:

May 18, 2015 7:29:21 GMT -5 ArchietheDragon said:

it does piss me off a little (I try not to get too pissed) when I look at the transaction that have posted so far in the this credit card billing cycle (cycle started May 7) and see LL Bean $42, Gap $109, Starbuck reload $25, Etsy $21 and Minted LLC $75. Lots of unneeded crap that doesn't seem too expensive, but adds up.

Can you get your DW on board to doing a couple of controlled spend months until she's getting a paycheck again?  There's always Target if you must get some clothes for the kiddos.

Nah.  But complaining about it here is almost as good. 

[ArchietheDragon]

May 18, 2015 7:41:56 GMT -5 minnesotapaintlady said:

May 18, 2015 7:36:05 GMT -5 ArchietheDragon said:

I haven't seen a 0% balance transfer offer in 6 years. 

www.creditkarma.com/creditcards/explore?pubKey=RFSVDJ8NOUC11YT1&categoryID=2&pgsz=0


eta:  That link didn't work right.  I was trying to point out just the Chase Slate. 

So if I opened the card, could I do a BT to that new card with no BT fee and have 0% interest for a time?

[Deleted]

May 18, 2015 7:55:03 GMT -5 ArchietheDragon said:

May 18, 2015 7:41:56 GMT -5 minnesotapaintlady said:

www.creditkarma.com/creditcards/explore?pubKey=RFSVDJ8NOUC11YT1&categoryID=2&pgsz=0


eta:  That link didn't work right.  I was trying to point out just the Chase Slate. 

So if I opened the card, could I do a BT to that new card with no BT fee and have 0% interest for a time?

No fee, and 0% interest for 15 months.  What might get you is it may take a bit for the transfer to go through and you might have to let yours ride for one month.

[ArchietheDragon]

May 18, 2015 7:57:29 GMT -5 minnesotapaintlady said:

May 18, 2015 7:55:03 GMT -5 ArchietheDragon said:

So if I opened the card, could I do a BT to that new card with no BT fee and have 0% interest for a time?

No fee, and 0% interest for 15 months.  What might get you is it may take a bit for the transfer to go through and you might have to let yours ride for one month.

I've got 10 business days...   wonder if I could get it done.  May need to make a call at lunch today. 

[Lizard Queen]

May 18, 2015 7:48:57 GMT -5 ArchietheDragon said:

May 18, 2015 7:47:46 GMT -5 Lizard Queen said:

Can you get your DW on board to doing a couple of controlled spend months until she's getting a paycheck again?  There's always Target if you must get some clothes for the kiddos.

Nah.  But complaining about it here is almost as good. 

Lol, okay.  I would still try though (not a screaming match try, but just a gentle "hey, can we try to cut down the spending a bit for a little while?")

[muttleynfelix]

May 17, 2015 0:35:40 GMT -5 Miss Tequila said:

IM really shocked at how many of you think it is a major issue to borrow from your child for short term. I've never had to do it beyond not having $20 for things that pop up (I dont have an ATM card). But if it was between borrowing money from my dd or making a more costly choice, I'm borrowing from my dd!!

I think it is a slippery slope to think oh I'll be fine, but not run the numbers. He doesn't know. He thinks it will be ok, but for the next 2 months they are spending more than they make and he doesn't know how much. His wife obviously doesn't see it as dire. I don't see the borrowing of money itself as a big deal. I just don't think it will correct itself as quickly as he thinks it will. I would probably let it ride on the CC a couple months and pay the $50 stupid tax in interest (or however much it is).

[Deleted]

May 18, 2015 8:32:58 GMT -5 muttleynfelix said:

May 17, 2015 0:35:40 GMT -5 Miss Tequila said:

IM really shocked at how many of you think it is a major issue to borrow from your child for short term. I've never had to do it beyond not having $20 for things that pop up (I dont have an ATM card). But if it was between borrowing money from my dd or making a more costly choice, I'm borrowing from my dd!!

I think it is a slippery slope to think oh I'll be fine, but not run the numbers. He doesn't know. He thinks it will be ok, but for the next 2 months they are spending more than they make and he doesn't know how much. His wife obviously doesn't see it as dire. I don't see the borrowing of money itself as a big deal. I just don't think it will correct itself as quickly as he thinks it will. I would probably let it ride on the CC a couple months and pay the $50 stupid tax in interest (or however much it is).

I'd agree if he didn't have a taxable account that could cover that overspending for a long time yet.  I think he just underestimated what he'd need to get them through 14 months of her not working and the vacation and daycare were probably not the best decisions, but I think he'll be back on track once she starts getting paid again. 

[garion2003]

May 15, 2015 13:19:40 GMT -5 ArchietheDragon said:

May 15, 2015 13:17:43 GMT -5 minnesotapaintlady said:

I think budgeting is freeing.

If it was just me... maybe.   Budgeting with my wife would not be freeing. 

I think budgeting is freeing too. But I have no wife. Nor husband. There are some upsides...controlling my own finances is one of them

[garion2003]

May 16, 2015 0:34:53 GMT -5 @empressspunkles said:

I feel almost horrible that my dad borrowed money from me to get our kitchen stairs replaced but didn't "pay" me back. The quotes are because he let me live at home free after I flunked out of my first college although he made me take classes at NSCC (cael knows the school), while I worked full time, until I got off my ass and went back to school for a degree at Salem State. Took awhile but I did it. I'm not going to begrudge him that. Of course, I was supposed to inherit the house with the spiffy new stairs and all that fun stuff but he dropped dead 6 months after I got married and before we had the pow wow to change everything and Lynn is a shitty city to live in anyway. 

Lynn, Lynn, the city of sin?

[Peace77]

Archie,

Have you considered borrowing money from yourself (your 401(k))?
You would pay the interest to yourself.

[MJ2.0]

May 18, 2015 7:48:57 GMT -5 ArchietheDragon said:

May 18, 2015 7:47:46 GMT -5 Lizard Queen said:

Can you get your DW on board to doing a couple of controlled spend months until she's getting a paycheck again?  There's always Target if you must get some clothes for the kiddos.

Nah.  But complaining about it here is almost as good. 

are you even going to try though?

[ArchietheDragon]

May 18, 2015 10:29:28 GMT -5 MJ2.0 said:

May 18, 2015 7:48:57 GMT -5 ArchietheDragon said:

Nah.  But complaining about it here is almost as good. 

are you even going to try though?

yes.  I've told her where we are with our savings and said that we should try to pull back on spending in the next couple of months.  I am not going to tell her what she can or can't spend money on, though.  

[ArchietheDragon]

May 18, 2015 9:59:00 GMT -5 Peace77 said:

Archie,

Have you considered borrowing money from yourself (your 401(k))?
You would pay the interest to yourself.

My 401k plan doesn't allow loans.   Not sure about my wife's though. 

[MJ2.0]

May 18, 2015 10:31:53 GMT -5 ArchietheDragon said:

May 18, 2015 10:29:28 GMT -5 MJ2.0 said:

are you even going to try though?

yes.  I've told her where we are with our savings and said that we should try to pull back on spending in the next couple of months.  I am not going to tell her what she can or can't spend money on, though.  

Completely understand. Hopefully she keeps what you said in mind and acts accordingly.

if not, I've given you some genius ideas on how you can raise more money.

[giramomma]

May 18, 2015 10:31:53 GMT -5 ArchietheDragon said:

May 18, 2015 10:29:28 GMT -5 MJ2.0 said:

are you even going to try though?

yes.  I've told her where we are with our savings and said that we should try to pull back on spending in the next couple of months.  I am not going to tell her what she can or can't spend money on, though.  

I find that interesting.

After I pay our mortgage, I figure out where we are for the month.
I tell my Dh the following "We did good, we can (indulge on something a little more), "We are doing good, but we can't spend because I still have to pay for activities, ABC" or "Shit, if we absolutely don't NEED it, it's not being bought. You've got enough money for food for the next 2-3 weeks and not much else.

So, no technically I don't tell my DH what he can and can't spend our household income on. But I'd never be OK with his spending like that. Maybe it's because we're lower income and just don't have the room for that kind of error. Because it's going to take us forever to save up the money that we bled over the past few years.

 

[MJ2.0]

May 18, 2015 11:34:36 GMT -5 giramomma said:

May 18, 2015 10:31:53 GMT -5 ArchietheDragon said:

yes.  I've told her where we are with our savings and said that we should try to pull back on spending in the next couple of months.  I am not going to tell her what she can or can't spend money on, though.  

I find that interesting.

After I pay our mortgage, I figure out where we are for the month.
I tell my Dh the following "We did good, we can (indulge on something a little more), "We are doing good, but we can't spend because I still have to pay for activities, ABC" or "Shit, if we absolutely don't NEED it, it's not being bought. You've got enough money for food for the next 2-3 weeks and not much else.

So, no technically I don't tell my DH what he can and can't spend our household income on. But I'd never be OK with his spending like that. Maybe it's because we're lower income and just don't have the room for that kind of error. Because it's going to take us forever to save up the money that we bled over the past few years.

 

I don't get the impression that archie is okay with his wife's spending either. It sounds like he told her to cut back on spending, which is what you did/do but in a more specific way.

[Miss Tequila]

May 18, 2015 7:29:21 GMT -5 ArchietheDragon said:

it does piss me off a little (I try not to get too pissed) when I look at the transaction that have posted so far in the this credit card billing cycle (cycle started May 7) and see LL Bean $42, Gap $109, Starbuck reload $25, Etsy $21 and Minted LLC $75. Lots of unneeded crap that doesn't seem too expensive, but adds up.

I'm not going to lie...I would flip the fuck out and then I would cancel the credit card. then again, I'm probably not the best one to take marriage advice from

[Deleted]

To me, the benefit of letting cc ride is that, in our house, if you can't pay cc off in full, then it gets put away till it's paid off and interest free status is restored. But I didn't think that was the rule at Archie's.

[MJ2.0]

May 18, 2015 12:19:36 GMT -5 Miss Tequila said:

May 18, 2015 7:29:21 GMT -5 ArchietheDragon said:

it does piss me off a little (I try not to get too pissed) when I look at the transaction that have posted so far in the this credit card billing cycle (cycle started May 7) and see LL Bean $42, Gap $109, Starbuck reload $25, Etsy $21 and Minted LLC $75. Lots of unneeded crap that doesn't seem too expensive, but adds up.

I'm not going to lie...I would flip the fuck out and then I would cancel the credit card. then again, I'm probably not the best one to take marriage advice from

I didn't see this one - oh HELL NO! You're not bringing in any money and you're spending it on crap?! All that stuff would have been boxed up and returned!

[Miss Tequila]

May 18, 2015 12:32:05 GMT -5 MJ2.0 said:

May 18, 2015 12:19:36 GMT -5 Miss Tequila said:

I'm not going to lie...I would flip the fuck out and then I would cancel the credit card. then again, I'm probably not the best one to take marriage advice from

I didn't see this one - oh HELL NO! You're not bringing in any money and you're spending it on crap?! All that stuff would have been boxed up and returned!

EXACTLY!!! 

[yogiii]

May 18, 2015 12:32:05 GMT -5 MJ2.0 said:

May 18, 2015 12:19:36 GMT -5 Miss Tequila said:

I'm not going to lie...I would flip the fuck out and then I would cancel the credit card. then again, I'm probably not the best one to take marriage advice from

I didn't see this one - oh HELL NO! You're not bringing in any money and you're spending it on crap?! All that stuff would have been boxed up and returned!

Some of it could be summer clothes for the kids, etc.  I think the point is that she isn't taking their "conversation" very seriously. 

[Deleted]

May 18, 2015 12:34:15 GMT -5 yogiii said:

May 18, 2015 12:32:05 GMT -5 MJ2.0 said:

I didn't see this one - oh HELL NO! You're not bringing in any money and you're spending it on crap?! All that stuff would have been boxed up and returned!

Some of it could be summer clothes for the kids, etc.  I think the point is that she isn't taking their "conversation" very seriously. 

She has lots of time to hit the garage sales for kids clothes. 

[MJ2.0]

May 18, 2015 12:34:15 GMT -5 yogiii said:

May 18, 2015 12:32:05 GMT -5 MJ2.0 said:

I didn't see this one - oh HELL NO! You're not bringing in any money and you're spending it on crap?! All that stuff would have been boxed up and returned!

Some of it could be summer clothes for the kids, etc.  I think the point is that she isn't taking their "conversation" very seriously. 

Archie's family looks pretty WASPy (no offense), but I don't think the Etsy and Starbucks re-loads were for kid's clothes.

Not totally on-topic, but I don't understand why people buy kid's clothing from places like the Gap unless they have an employee discount or get gift cards. Kids are dirty and they grow like weeds... it just seems like a waste of money.

[yogiii]

May 18, 2015 12:38:00 GMT -5 minnesotapaintlady said:

May 18, 2015 12:34:15 GMT -5 yogiii said:

Some of it could be summer clothes for the kids, etc.  I think the point is that she isn't taking their "conversation" very seriously. 

She has lots of time to hit the garage sales for kids clothes. 

Some people are weird about 2nd hand clothes, I'm one of them.  But I get stuff at Old Navy all the time for $4 or less a piece and that's without putting much effort in deal hunting.

[ArchietheDragon]

May 18, 2015 12:32:05 GMT -5 MJ2.0 said:

May 18, 2015 12:19:36 GMT -5 Miss Tequila said:

I'm not going to lie...I would flip the fuck out and then I would cancel the credit card. then again, I'm probably not the best one to take marriage advice from

I didn't see this one - oh HELL NO! You're not bringing in any money and you're spending it on crap?! All that stuff would have been boxed up and returned!

Miss Tequila and MJ2.0   you two make tough husbands. 

[ArchietheDragon]

May 18, 2015 12:39:26 GMT -5 MJ2.0 said:

May 18, 2015 12:34:15 GMT -5 yogiii said:

Some of it could be summer clothes for the kids, etc.  I think the point is that she isn't taking their "conversation" very seriously. 

Archie's family looks pretty WASPy (no offense), but I don't think the Etsy and Starbucks re-loads were for kid's clothes.

Not totally on-topic, but I don't understand why people buy kid's clothing from places like the Gap unless they have an employee discount or get gift cards. Kids are dirty and they grow like weeds... it just seems like a waste of money.

My wife is Catholic and I am non religious. ; )