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I've got a possible problem with a sister in law and wondering if anybody has advice?
My wife and I recently sold our house, and we're renting, so money is no longer in short supply. My sister in law knows this, so my wife is constantly paying to do expensive things. We're talking eating out at steakhouses, golfing, going out to movies, etc. The sister in law is a teacher and always uses the "poor me" excuse because she thinks she doesn't get paid much.
I've asked my wife to stop paying for her, but she doesn't feel comfortable saying no to her own sister.
Create a budget for all your expenses--how much you spend on rent, groceries, car insurance etc. In that budget, include a set amount of "spending money" for you, and an equal amount for your wife. If she wants to use her "spending money" to treat her sister, that's her buisness...but it can't go over that set amount.
Ask the wife to tell the mooch that you're trying to rebuild your finances and going out all the times isn't conducive to that. Maybe they'll get the drift...
Hmm, I'm not sure I'd call this mooching. It sounds like you and your wife need to have a conversation about budgets...and then she needs to stop taking her sister out to expensive places if it bothers BOTH of you that her sister isn't paying her way or whatever.
When selling our house to rent, the intent was to invest the proceeds. But my sister-in-law (the mooch) is convincing my wife to do all these expensive things and pay for the both of them, so the money isn't getting invested. It's being spent. I might approach the budget and if that doesn't work the fuggetaboutit idea might be what I do.
When selling our house to rent, the intent was to invest the proceeds. But my sister-in-law (the mooch) is convincing my wife to do all these expensive things and pay for the both of them, so the money isn't getting invested. It's being spent. I might approach the budget and if that doesn't work the fuggetaboutit idea might be what I do.
You might want to check your local tax code, but I know here in Ca, if you don't roll those proceeds into another home, within a certain time frame, you get hit with capital gains taxes.
And those aren't pretty...........
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