May 11, 2012
Ah, Mother’s Day. A day when we all take some extra time to tell Mom how special she is*. But while you’re preparing breakfast in bed and buying her flowers, don’t forget your Mother’s Day etiquette, particularly when it comes talking money with Mom. There are just some things you don’t want to bring up on Mom’s special day.
“That college education you paid for is going to waste.”
For new grads, the job market is tougher than ever. Just one in two college graduates from 2006 to 2011 now has a full-time job, according to a report released this week, and just 40 percent of those work in jobs that require a four-year degree. It your mom (and/or dad) helped you pay for school, Mother’s Day is not the time to talk to her about your job-search struggles.
“I’m moving back in with you and Dad!”
As if the difficult job search weren’t enough, now young people are moving back into their parents’ houses more often. Three out of ten young adults ages 25 to 34 have done just that during the past few years. It’s such a prolific trend that these young people are being dubbed the “boomerang generation.” If you’ve come on tough times and you’re seeking a repose in your childhood bedroom, that’s fine, but save this news for another day. And bring flowers then, too.
“I’m late on my payments for that loan you co-signed with me.”
When your mom co-signed your loan, she essentially put her own credit health on the line. Mom’s credit score might take a hit from your late payment, if it’s reported to the credit bureaus. If you’ve made the payment just a few days late, that’s sometimes fine; many creditors have a grace period for late payments. After you’ve made the payment, call up your creditor to see if your credit will be affected. If so, see if you can negotiate with him, just this once. Whatever you do, don’t tell your mom about her potentially damaged credit on Mother’s Day, but do let her know what’s going on as soon as possible.
Bottom Line: There is a time and a place to break bad money news to Mom. Mother’s Day just isn’t it.
- Credit Unions Look to Lower Student Loan Debt
- Three Bad Habits to Avoid When It Comes To Your Credit
- The Pros and Cons of Borrowing from Your 401(k)
- How Your Credit Score and Banking Are Linked
- Forget lattes. This financial move can save you over $65,000.