Waking up at middle age or later and realizing your finances are still a wreck is a scary scenario.
Having the same realization for your parents, who seem oblivious or apathetic, despite their advancing age.
Maybe they still have nothing saved for retirement, though theyre more thanhalfway through their careers.
But youre a Penny Hoarder, so you dont have any of those issues.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Well keep it updated as offers changes or expire.
Maybe youre the first Penny Hoarder in the family; we are something of a rare breed.
If theyre leaving a financial sinkhole behind, youre going to be in even worse shape.
Can You Inherit Your Parents Debt?
Luckily, laws are in place to prevent that from happening… most of the time.
In general, creditors are required to go after your parents estate to collect outstanding debts post-mortem.
In the wake of a family members death, your head is already going to be spinning.
The bottom line?Youre going to need to check with a lawyer.
Ideally, youll want to help your parents get their situation in order now, while theyre still alive.
Your Parents Have Nothing Saved for Retirement
The scariest part of this scenario is its pretty darn likely.
To put it bluntly, youve got less time to make it work.
But youve gotta start somewhere.
If your parents are part of this unfortunate statistic, help themmake a budgetand calculate a savings plan.
Why do you think the companies are so rich in the first place?
When you carry revolvingcredit card debt, you might pay almost double the price of everything you charge.
Spend a few minutes playing withthis debt repayment calculator and tell me credit card debt doesnt terrify you.
So tell mom and dad their balance has got to go.
Now.Here are11 ways to make it disappearpost haste.
Your Parents Mortgage Isnt Paid Off
Newsflash: The American housing situation aint what it used to be.
These days, things are probably looking a bit backwards to baby boomers.
But a reverse mortgage is a different animal.
If youre the beneficiary, that means itsin your hands.
Its important to note reverse mortgage creditors cant come afteryourassets after your parents death so that settle the loan.
But you could still be losing a valuable asset maybe even the place you thought youd be calling home.
What should you do about it?
(Hey, they changed your diapers.)
A good friend of ours has been able to buy his home in cash three times!
to avoid the mortgage problem altogether.
And if a move is on the table, check out thesecities that will pay you to move there.
Free land or assistantship might help make the cost of housing itself more footable.
Need More Help?
Youre in the right place.
But healthy spending habits are learned skills, and its going to take practice.
After all, theyre your parents.
You owe them big-time.
Jamie Cattanach (@jamiecattanach) is a contributing writer for The Penny Hoarder.
Her creative writing has been featured in DMQ Review, Sweet: A Literary Confection and elsewhere.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
