Two of the grandchildren are married, and three of my children have a spouse or partner.
We are on Social Security.
What do I do?
Does your balance sheet need a reset? Try thesesmart ways to organize your finances.
How do I proceed?
-V.
Dear V.,
Social Security cost-of-living adjustments barely keep up with rising prices each year.
Im sure your children and grandchildren have appreciated your generosity over the years.
But when youre buying presents for nearly two dozen people twice a year, those costs add up fast.
Meanwhile, the benefit to each recipient is relatively minor.
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You and your husband should have a heart-to-heart chat with your kids.
Tell them youre worried about money.
Say that you wont be able to keep gifting the way you have in the past.
Since it sounds like you have a loving family, I think theyll be grateful for your honesty.
This isnt just about setting expectations for future birthdays and holidays.
Often, adult children find it awkward totalk to their parentsabout their finances.
But these conversations are essential to have.
Its best to start talking about money when there isnt a looming crisis.
I recommend starting a bank account where you stash any money youve earmarked for gifts.
Doing so helps you stick to giving only what it’s possible for you to afford.
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Do you avoid people too?
Enough small talk.Here are some waysto earn extra cash, without all of the social stuff.
If you cant afford anything, thats OK.
Taking care of your own needs is the top priority.
That by itself is a pretty big challenge at a time when inflation is at 40-year highs.
Perhaps that means restricting yourself to gifts for big milestones, like graduations, weddings and births.
For holidays like Christmas, maybe you could start a new tradition.
This could include a dollar limit so no one feels pressured to overspend.
Also think about ways you’ve got the option to celebrate a loved one without spending much money.
Even in normal times, senior budgets often dont have a lot of wiggle room.
Or tell loved ones that you dont want presents for your birthday.
Making it clear that you have no expectations could buy a lot of relief for someone you love.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…
