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I have to confess!

A few years ago, my mother and I started a business. It became very profitable right away. My mother gave me a huge chunk of money. I paid taxes on it. She told me that this was my money, but to be very careful with it because I also had to use that money to take care of her when her health starts to fail.

Well, I never spent it on anything irresponsible, but when my DH was laid off last year, we used that money to supplement our bills.
Now I have gone through ten thousand dollars....I feel horrible. It's my money but it's not really my money.
I am terrified that pretty soon she will need my help and the money won't be there.
I have started to put money back into that account but we're still pretty bad off so I can only afford $10 a month.

I know I was wrong for using that money.....I feel like crap. I don't know what to do other than to try to pay it back as soon as I can.
Does anyone have any advice for me?

Answer Question
 
Anonymous

Asked by Anonymous at 10:16 AM on May. 12, 2010 in Money & Work

Answers (6)
  • Talk to your mother about it. Be honest with her. You never know, she may have a back up plan just in case something were to happen that you needed to spend the money.
    mama2br00ke

    Answer by mama2br00ke at 10:19 AM on May. 12, 2010

  • Well, she said it was your money. What I dont understand is why would she only give you 10 grand and tell you its yours but its also to take care of her when she gets ill? Thats really not a lot of money to take care of someone.I would just be honest and tell her about it. Tell her you are tring to put some back into the account at this time but it may take awhile. Although it shouldnt matter because she said it was yours.
    Anonymous

    Answer by Anonymous at 10:22 AM on May. 12, 2010

  • I'm so sorry you are in this situation. What happened to the booming business? Don't beat yourself up. What would happen if your mother needed your help tomorrow? Could she move in with you? How are your mother's finances and health. There are govenrment programs to help if something happens. And maybe nothing will happen. I get it your mother feels that she bought insurance by giving you that money. And you feel bad because that cushion is gone. But money isn't the only thing you have to offer your mother if and when she ever needs help. How would it be if you still had the money, but lost your house or something?
    Anonymous

    Answer by Anonymous at 10:24 AM on May. 12, 2010

  • ya you know you gamble it away you had to take care of your family talk to her no one will understand that better than your moom she raised you!!! let her know you are trying to save mony back up to it will be okay
    saadamarie

    Answer by saadamarie at 10:27 AM on May. 12, 2010

  • You had to take care of your family, so don't beat yourself up about using that money. You are doing the right thing by putting money back into that account. Even if it is only 10 dollars a month, at least it's something. You had the money at your disposal and you needed it to make sure your family was taken care of. That's a good thing that you did. Now that you have the ability to put at least some money back in, it's a good thing you're doing that. She will understand and she will be glad that you're at least trying to repay that money into the account.

    Next time though there are government programs that will help you pay your bills. There are government programs for food, health care, and suppliment on foods. If you still need it see if you qualify. That will help you greatly in being able to add more money to that account.
    JazzlikeMraz

    Answer by JazzlikeMraz at 10:33 AM on May. 12, 2010

  • At least you realize it was wrong! I'd just try to pay it back! If you need to make some money on the side I know something you can do if your interested. Take care hun!
    businesswife1

    Answer by businesswife1 at 12:19 PM on May. 12, 2010

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