{"id":17256,"date":"2014-06-11T09:51:50","date_gmt":"2014-06-11T13:51:50","guid":{"rendered":"http:\/\/canadianbudgetbinder.com\/?p=17256"},"modified":"2025-02-11T05:28:38","modified_gmt":"2025-02-11T05:28:38","slug":"parent-bank-account-balance","status":"publish","type":"post","link":"https:\/\/digitalskyweb.co\/canadianbudgetbinder.com\/2014\/06\/11\/parent-bank-account-balance\/","title":{"rendered":"Do Your Parents Stick Their Nose Into Your Bank Account Balance?"},"content":{"rendered":"\n

<\/span>Estimated reading time: <\/span>7<\/span> minutes<\/span><\/p>\n\n\n\n

There comes a time when our bank account balance becomes our secret numbers, and no one should know them but the bank account owner.<\/p>\n\n\n\n

Today, I’m answering a question emailed from a CBB reader who wants tips for dealing with a meddling parent. <\/p>\n\n\n\n

How To Handle Parents Who Stick Their Nose Into Your Bank Account Balance<\/h2>\n\n\n\n

I received an email from a fan who shares her concerns with us and hopes to get feedback to help her move forward without breaking any bridges in her family.<\/p>\n\n\n\n

A tricky situation indeed but one that must be dealt with, especially when you borrow money from your parents.<\/p>\n\n\n\n

Telling Parents To Mind Their Business<\/h2>\n\n\n\n

Dear Mr.CBB<\/strong><\/p>\n\n\n\n

My parents taught me about money when I was young, which means I use a budget (I use your CBB Budget Spreadsheet<\/a><\/strong>), but they also didn’t just give me money either.<\/p>\n\n\n\n

I had to repay my parents as I got older if I borrowed money for things I wanted rather than needed.<\/p>\n\n\n\n

When I worked, my parents always took half my paycheque and knew my bank account balance precisely.<\/p>\n\n\n\n

I’m now 21 years old, my parents paid for part of my education, and I must pay back some money.<\/p>\n\n\n\n

We agreed on that deal, so I wasn’t worried about it.<\/p>\n\n\n\n

I work part-time during the week and on weekends to give them back the money they gave to me.<\/p>\n\n\n\n

They still want to check my bank account balance online and know how much I earn.<\/p>\n\n\n\n

I don’t always tell them exactly what is in my account; I give them an average bank account balance for the past months as my income fluctuates.<\/p>\n\n\n\n

I’ve yet to get a credit card<\/strong><\/a>, but the more I read about student debt I want to stay away, although I want to build credit in my name.<\/p>\n\n\n\n

Mom and Dad, I’m An Adult Now<\/h4>\n\n\n\n

I wonder how long it will be before they realize I’m an adult and they are being nosey about my finances.<\/p>\n\n\n\n

As for money, I don’t owe them anything but the agreed amount for my education.<\/p>\n\n\n\n

I didn’t have to get OSAP<\/strong><\/a>, so I’m forever grateful, but my parents partly funded my student accounts, so I am in debt.<\/p>\n\n\n\n

There has to be a point where they let me grow up and take care of my finances and account balance rather than hold my hand.<\/p>\n\n\n\n

Sometimes I feel like they don’t trust me with my money.<\/p>\n\n\n\n

How can I tell my parents that what I earn and my bank account balance state is my private business without hurting their feelings?<\/p>\n\n\n\n

Thanks for any tips from you or the CBB fans.<\/p>\n\n\n\n

~Crystal<\/p>\n\n\n\n

Over Protective Parents and Your Bank Account Balance<\/h2>\n\n\n\n

Hi Crystal…<\/strong><\/p>\n\n\n\n

Thank you for contacting me. First off. I don’t know that I’ve been in the same situation as you; however, I have borrowed money from my parents.<\/p>\n\n\n\n

When I was younger, I was taught about money because my parents were frugal and counted their pennies.<\/p>\n\n\n\n

They wanted to ensure they wouldn’t have to worry about my finances or bank account balance when I went into the world.<\/p>\n\n\n\n

I don’t think my parents have ever asked what my bank account balance was after 18, but they knew exactly how much money I had in the bank before that.<\/p>\n\n\n\n

I did have a credit card, but like many people, I thought I’d own one just in case of an emergency, which is not always the best route.<\/p>\n\n\n\n

Today, I’m all about having cash for emergencies and not using credit, but that differs from person to person.<\/p>\n\n\n\n

It depends on how long you want to owe people money.<\/p>\n\n\n\n

I quickly learned that any debt owed is a debt I have to pay back no matter what, and if it wasn’t making me guaranteed money, then it wasn’t the debt I wanted.<\/p>\n\n\n\n

They are my parents, and since I was living under their roof and they were responsible for me, they often checked my bank account balance,<\/p>\n\n\n\n

The reason was to ensure everything was accurate and to review the figures with me.<\/p>\n\n\n\n

By the time I moved out of the house, I had a pretty good grasp on finances.<\/p>\n\n\n\n

Deciding How Much Financial Info To Divulge<\/h2>\n\n\n\n

When I bought my first house at 21<\/a><\/strong>,<\/a> I talked to my parents about it, and they asked how much down payment I was putting on the home.<\/p>\n\n\n\n

I told my parents what they wanted to know because they wanted to ensure I was on the right track to buying a house so young.<\/p>\n\n\n\n

I don’t look back and think what they did was wrong, and they have never asked me about my bank account balance.<\/p>\n\n\n\n

The questions were to ensure I knew what I was doing financially or at least what I was getting into.<\/p>\n\n\n\n

Some parents have difficulty letting go of their children, or they tend to be overprotective, which may hurt them in the long run.<\/p>\n\n\n\n

Over at The Heavy Purse, Shannon talks about snowplow parenting,g<\/strong><\/a> where parents aren’t allowing children to make their own decisions.<\/p>\n\n\n\n

By doing this, children aren’t allowed to learn from their experiences and mistakes.<\/p>\n\n\n\n

If you can never make your own decisions and learn from your mistakes, how will you ever become experienced in life lessons?<\/p>\n\n\n\n

Parents can’t shield us from the world; they only guide and love us unconditionally.<\/p>\n\n\n\n

Your parents certainly need to know that you are an adult and that your finances and bank account balance are private.<\/p>\n\n\n\n

Bank Account Balance and Marriage<\/h2>\n\n\n\n

What happens if you get married and they try to pry into your bank account balance as a couple innocently?<\/p>\n\n\n\n

They may, if you don’t put your foot down and cause rifts in your relationship if you don’t.<\/p>\n\n\n\n

Even worse, they may question any of your boyfriends that you bring home about how much money they earn and how much debt they have.<\/p>\n\n\n\n

These are questions that you need to find answers to on your own.<\/p>\n\n\n\n

Keeping <\/span>Your Bank Account Balance Private<\/h2>\n\n\n
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\"How<\/figure>\n<\/div>\n\n\n

I’d likely sit down with my parents and discuss my relationship with them and my account balance, precisely my financial picture.<\/p>\n\n\n\n

I would tell them how much I appreciate their financial guidance, how I have learned to budget, and make sure my debts are paid in full.<\/p>\n\n\n\n

I think reassuring them that you know what you are doing might help.<\/p>\n\n\n\n

I’d tell them that it’s time they ventured out financially. <\/p>\n\n\n\n

\\Although you appreciate their help, you want to handle finances and keep what you have in your bank account private.<\/p>\n\n\n\n

Handling the situation delicately is likely intelligent since they struggle to let you go out alone.<\/p>\n\n\n\n

I’m sure the fans will have more helpful hints for you, especially those in the same situation.<\/p>\n\n\n\n

After borrowing money from my parents, I paid it back when I sold my house and moved to Canada. <\/p>\n\n\n\n

I needed money to help me finish off some renovations.<\/p>\n\n\n\n

I learned I needed emergency savings<\/a><\/strong> because I was sinking money into the house to pay the mortgage faster.<\/p>\n\n\n\n

Everything in life is about balance.<\/p>\n\n\n\n

Since we paid our mortgage off, we made sure to have extra cash in our bank account<\/a><\/strong>.<\/p>\n\n\n\n

My parents never asked how much money my wife had before we married. <\/p>\n\n\n\n

Nor did they enquire about how much income we earned.<\/p>\n\n\n\n

They know we paid our house off, so why would they need to ask questions?<\/p>\n\n\n\n

I feel proud that my parents don’t have to worry about me financially.<\/p>\n\n\n\n

Parents Will Always Be Parents<\/h2>\n\n\n\n

As most parents will agree, I don’t think worrying about your child ever disappears.<\/p>\n\n\n\n

Over the years, they have seen how I have handled my finances and trust that I will make the best decisions or find a professional for advice.<\/p>\n\n\n\n

I’m no professional by any means, so take what I say as my opinion; however, as I said, you know your parents best.<\/p>\n\n\n\n

Discussion: <\/strong>What tips would you give to Crystal to help her with the situation she is in?<\/p>\n\n\n\n

Please leave me your comments below. <\/p>\n\n\n\n

Thanks for stopping by to read, <\/p>\n\n\n\n

Mr. CBB <\/p>\n\n\n\n