#MoneyMasterClass Recap–Week 25
This week, Gail continued the theme of life changes, touching on moving out for the first time, getting married, and making plans for aging parents.
Moving Out
At my graduation from high school, I won a hope chest filled with small household items with everything from blankets to measuring cups. Looking back, I don’t think I realized at the time what a huge gift it was to get all of those things for free. Gail touches this week on the large cost that comes with setting up your first home.
Gail mentions asking friends and family if they have any extra items they are getting rid of. I also encourage you to check out free item pages such as Craigslist and Facebook marketplace as there are often dishes or household items posted free of cost. Small items add up fast, so if you can get a deal, go for it!
Budgeting and Emergency Funds
Setting up a budget will give a more realistic picture of what you can afford and how much you need to save before moving out.
Getting Married
Getting married costs money. There’s really no way around that, but how much you spend is totally up to you.
Two important thoughts Gail shares with respects to getting married are:
1. A wedding (ie. a party) is a consumer item, not an investment
2. Have as big a wedding as you can afford, but do not go into debt to pay for a party
Reflecting Back
One member of our Instagram community just had her wedding anniversary and she shared her thoughts on what she would do differently if she were to get married today (to the same man, of course!)
It is easy to get swept up in the big business of weddings, but it can’t hurt to entertain a different perspective. I appreciated Jenny’s honest look back at how some of what she valued changed from then to now.
Aging Parents
These are conversations that will be hard to have not only because the parents might not be willing, but also because it’s hard for the kids to face–at least it certainly is for me. I’ve heard enough stories through the years though to emphasize the importance of having tough conversations.
Things to Keep Track of With Your Parents
This next tweet was an important one to note. Make sure to do things properly with the banks so there are no penalties if fraudulent activity happens on the account. According to Gail, it is not safe for your parents to just share their banking password with you, you need to be a joint account to have access.
What life stages are you at right now? Have you had to tackle any of these tough issues in this season?
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Check out my weekly recaps to get caught up.
Start here with the Money Master Class Intro and Week One Recap
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Money Rules
Debt Free Forever
CEO of Everything
Money Smart Kids
2 Comments
A in Texas
I think that’s wonderful that you won a hope chest filled with useful items for a first apt.
I had no help from my parents setting up my first apt. However, my grandma helped with kitchen tools and used furniture. When my two began their senior year of high school, each time I went to Walmart to grocery shop, I stopped in the housewares section and bought 1 thing I knew they would use- a can opener, a pizza wheel, a cutting board….by the time they graduated, I had a box of stuff for them to take to their college apt. In regards to my parents’ care, well, that was very hard for me, being the youngest and living in Europe, I wasn’t told much about things. My two older siblings were involved heavily. I was still dealing with getting my two out of diapers. My parents died while I was in my 30s and they were in their 60s. My dad died unexpectedly in his sleep so that definitely affected me. I began to be organized and transparent with my siblings as to where my important docs are. Once I hit 51, I put one of my kids on my stock, TOD (transfer on death) and did likewise with my bank accounts. I need to update my will since I moved. I need to make a small binder and add a sheet to it listing when was the last time I had my hearing checked, my vision tested, a mammogram– so if I am not able to tell them myself, at least they can read this and know. Also put in a list of who has to be called if I died unexpectedly, like my friends from childhood, my drs, my hair dresser, professional contacts and personal contacts. When Covid-19 started in the states in late January, I made an email on what bills I have and where to find the notebook on how to pay them & sent it to one sibling and one of my young adult kids– just in case.
A Sustainably Simple Life
I feel like I need to take notes and make a list from all the preparations you’ve done. It’s something I feel like I don’t need yet, but at the same time I do know that people can get sick unexpectedly and it is good to be prepared. Thank you for sharing all that you’ve been doing!