My dad has always been terrible with money (large part of the reason my mum divorced him), got himself into debt etc.
He is now 70, retired, income around £1400 a month which includes his state pension. No mortgage or car to pay but somehow he tells me he has no money day-to-day once his usual direct debits go out. I know he has an expensive (£100) gym subscription and I suspect he buys wine from Laithwaites, fancy coffee etc. He is not good at budgeting or going for basics.
The other thing to note is he recently inherited approx £80k but has seemingly ‘blown it’ (IMO) on a new staircase for his home (£15k!!!), bits for the garden, he did get solar panels… against my advice.
He is now struggling and having spent all that inheritance tells me he really needs an extra couple of hundred a month. The question is - do I help him? I could stretch to that but feel like he hasn’t exhausted his options first - of being more careful, examining his outgoings etc.
I do feel sorry for him because he’s never had much money or luxuries but recently HAS had the opportunity to become financially secure with that inheritance and has frittered it away.