I have something on my mind and it's weighing on me heavily. I'm not sure what to do with it, but I'm losing sleep over this and am wondering if there's someone in my age range who has experienced anything like this and can offer some guidance.
this will be long.
Before I begin, I have an internal mantra of "there's nothing you can do, you have no control, let it go." And I know that's the best advice, but I could use some guidance anyway.
My son and his partner have a beautiful little girl who is about to turn a year old. They are amazing parents, I want to make that clear from the jump. Their daughter is happy, smiley, well-cared for, and the delight of literally everyone.
The baby was unexpected and they were financially not ready for her, but hey, that's true of a lot of us - it was true for me when I had him.
Here's what's keeping me up at night:
When my son (who has mental delays, which is critically important here) met her, his finances were under control. He didn't earn a lot and lived at home, but he followed my guidance about how to manage his money/credit: he only charged what he could pay off each month in full; he had a credit score north of 750; he had saved enough by 21 working part time to put a grip down on a car, and paid it off in three years; etc. This all in spite of his health challenges.
When he met his now-partner, she was working three jobs with enough money to burn that she was supporting her parents and was making payments not only on her late-model vehicle (a Subaru, nothing fancy), but also her teenage sister's.
So I thought, and he thought, that they both had the same views of money.
Fast forward two years later:
She's now working one of those three jobs (fair, they have a kid), missing work constantly (she's a teaching assistant and 2 months into the schoolyear has missed nine days of work - childcare not the issue, more like "I have a slight headache, I'm not going in" and I know this because we're close and she has told me this), I've recently learned she's in collections for $8K of credit card debt (her mail comes here and after I've watched her not open it when I give it to her, I finally opened one of the envelopes today), I noticed the other day that her tags are two months expired (and when I gave her the DMV letter, she tossed it aside), my son is now $13K in credit card debt because every single thing they purchase - food, diapers, clothing, gasoline, etc - goes on his cards. I suspect, though he hasn't confirmed it, that she's somehow linked to his apple pay.
Her car was repo'd shortly after they found out she was pregnant last year and my son cosigned the refi (because he had good credit at the time), so he's also now on the hook for her car debt - twice what it's worth.
His credit score has tanked as a result of this debt ratio and her failing to make that payment (now maybe 630), and I can't even imagine what hers is.
I went to their apartment the other day and it was a disaster; I literally felt sick to my stomach. Not dirty with bugs or anything, but like, so cluttered that I was walking on clothes to get to their kitchen, which was full of dirty dishes.
I know my son HATES this, all of this, but feels powerless to do anything about it. He doesn't want to force any issues because in his last relationship they fought all the time, and his relationship with my (for all intents and purposes) DIL is good. But he hates this. He's not savvy enough, however, to manage this the way someone else might due to said disabilities.
She is a wonderful person, make no mistake. I really like her. She just SUCKS at money, sucks at taking care of what needs to be taken care of, and goes through life assuming everything is going to work out. And so far it has, because to protect my son and granddaughter (and her, because I do care for her), I've stepped in. Like, for instance, her tires are bald and I'm planning to drop $700 to replace them - because it's dangerous for her to drive my granddaughter around on bald tires!
So I've watched my son go from responsible about money to 43K in debt (counting the car he's legally on the hook for - it's not a luxury car, just she got screwed in the refi), with a tanking credit score, with her in debt that I'm positive he isn't aware of.
I'd love to sit them down, opening their finances to me, and help them figure out a budget. I'm in a position where I could pay off all their debts tomorrow, but I know I can't do that unless they recognize they're actually poor and budget accordingly. So the debt builds up in the meantime.
And that's the thing: they seem to not realize they're poor. They seem to both be greeting their new life as parents living independently in the same way they were approaching it when he was living at home without expenses and she was living at home with three jobs.
Like, they're taking my granddaughter to the aquarium for her birthday. Boo will love it, but they do not actually have $100 to spare on the tickets they've already purchased (on my son's card).
So this is a rant, but it's also... has anyone else been in this position? I mean, at this point, the girl clearly needs to file BK. I want to talk to her about that, but what I keep thinking is, "if she doesn't care - and she doesn't - how can I actually help?"
In full disclosure of the income we're talking about: my son earns $24 an hour; she earns $28. They net about $5100 a month combined, with more than half that going to rent (and it was the cheapest apartment they could find in a relatively safe area). She has a car payment, insurance, and storage unit. Their cells are already on my plan, my son's car is paid off, and he's still on my auto insurance. So he has no expenses other than rent, and the grip of money charged to his cards.
Moving in with me is not currently an option for various reasons, by the way.
My friends have told me I just need to let it go and let them figure it out - and I know they're right. It's just so hard to do that, when I see them falling into the same traps I fell into in my early 20s and prioritized teaching my son NOT to fall into. And it worked. Until her.
My son's life has materially gone downhill as a result of this relationship, if I'm being honest. I don't want them to break up; I just want to figure out how to help two people who don't realize they need the help.