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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

‘I don’t have as much saved as you do’

38 replies

DingDongBingBong · 07/05/2022 15:54

Sorry MIL thread. We encouraged her to pay off her mortgage considering the potential increase in interest rates and the deal she had was variable. She has now done this and it has left her with about £40k in savings.

Every time we speak now she tells us that now she has done what we advised, she doesn’t have enough in case of a crisis. She’s also got SIL to repeat the same kind of line - for example SIL told a good friend of mine (that she hasn’t seen for 5 years) MIL couldn’t have made it to an event we hosted ‘unless she had helped out as it wasn’t local and she wouldn’t have had anywhere to stay as no one else was helping her with that’ (which is rubbish as she could have got a hotel - we aren’t local to where the event was either).

DH’s family all expect something for nothing. When we go to see MIL we are expected to shop for her as we reach her (indication is always she doesn’t have as much as us after all) and when she comes to us she never takes us out to say thank you for our hospitality or anything really. She has also been telling us how SIL isn’t earning what she needs considering all her commitments unlike us who can do what we do (SIL has just done extensive work to her house so not exactly brassic tho). SIL expects hospitality but doesn’t give it.

I don’t quite know what crisis she thinks could happen but am I right in thinking shes obviously got something in mind. Or is it just general concern and I am reading too much into it?

OP posts:
TheSnowyOwl · 07/05/2022 17:53

I think you have her good advice but in future I would send her to a financial advisor so you can stay out of it.

Some people feel reassured by having ready access to a considerable sum of money. We had a relative who would live off of £10 per week and would never pay for anything for anyone when out, always tell us how poor she was, and would accept anyone paying for her. When she died she left an absolute fortune. It was very sad in many ways as she could have afforded to live in luxury with 24/7 care for decades but instead chose relative poverty in order to have the money always available to her.

Seeingadistance · 07/05/2022 18:02

Greatoutdoors · 07/05/2022 17:45

It seems odd you know so much about her finances. I have no idea how much my family have in the bank.

That’s what I was thinking. I neither know nor want to know about anyone’s finances other than my own.

DingDongBingBong · 07/05/2022 18:06

We aren’t still paying our mortgage - our house is mortgage free. It is a property I had before I got together with DH.

We know about her finances because she tells us.

There is no doubt that she has built everything she has up from scratch but her nature is much more around the idea that someone else has more and it’s not fair. Never mind that that person might have taken more risk.

OP posts:
MyrtlethePurpleTurtle · 07/05/2022 18:08

I think you need to back tbe fuck away from MIL’d finances - you’re way too over invested < groan >

Dillydollydingdong · 07/05/2022 18:10

I've got about £10K in savings and count myself lucky. That's probably more than anyone else I know.

DingDongBingBong · 07/05/2022 18:11

Absolutely I will. I have just realised she drags us into these conversations cos of course then the advice is free. Groan. Never again. She can pay for financial advice like everyone else who wants it

OP posts:
Bagelsandbrie · 07/05/2022 18:11

Oh how the other half live….!! 😳

Most people could only dream of being mortgage free and having not only a good income but £40k in savings!

Shes being a complete idiot.

Viviennemary · 07/05/2022 18:14

In hindsight it wasnt really wise to encourage her to pay off the mortgage even if you felt it was the right thing to do.

FrecklesMalone · 07/05/2022 18:27

We are chuffed if we manage to save £40. It's a different world I can't even imagine.

NeedToKnow101 · 07/05/2022 18:28

MyrtlethePurpleTurtle · 07/05/2022 18:08

I think you need to back tbe fuck away from MIL’d finances - you’re way too over invested < groan >

😂😂

middleeasternpromise · 07/05/2022 18:55

Is it more that your MIL and SIL think that you and your husband are affluent and should generally fund the rest of them/offer to help out more? If you are seen as significantly more wealthy perhaps this preoccupies the other part of the family as they wonder if you would step in to help if it need be. Money causes lots of issues in families - hence the 'root of all evil' quote that invariably pops up when talking about money turns things sour.

DingDongBingBong · 07/05/2022 19:53

@middleeasternpromise It does feel like that.

I know that MIL always thought it would be SIL that would be the big success, not DH. The reality is that this is not the way its gone. Instead, whilst she has a really decent job, she has overstretched herself and it is likely that she will need more finance to deal with a new situation she’s found herself in. That’s not my problem but I wonder if that’s what MIL is thinking about.

OP posts:
BelperLawnmower · 07/05/2022 20:01

If in future she needs more than £40k in readies she can mortgage the place again. She's no worse off. In fact she's clearly better off because she will save a lot more in interest payments on the loan than she would have received from interest on the savings.

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