Elderly overspending has always been issue, but with the advanced technology and gadgets, the issue has increased significantly. While it can be hard to confront a parent about their spending habits, after all they are the “parent,” there are times when it is a necessary, a little bit uncomfortable, conversation to have. If the spending habits of a parent are beginning to affect their lifestyle, health, or anything else, the child should step up and say something, and if the delivery is in a respectful manner, it can sometimes, help a parent realize that they even have a problem. Below are a few other tips to handling a parent who overspends.
Tip #1: Debtors Anonymous is a group of individuals that are devoted to helping each other fix their bad financial decisions. As a support gathering, the group is filled with dozens of people that all donate their time to help each other stop spending compulsively.
Tip #2: Additionally, to deal with existing debt, the child should find a financial counselor to look at the parent’s total financial picture and to help them come up with additional options for reducing their financial burden.
Tip #3: Although this one probably will not be a favorite, it can help the tedious process of lowering debt significantly. Getting rid of unnecessary items by returning every item that can be given back and/or sold via websites like Craigslist and Ebay, will not only help the parent begin the steps to financial freedom, it will also get them used to getting rid of things and/or not compulsive shopping as much.
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