Recently our car broke down, again, and unfortunately it could not be fixed. We had invested a great deal of money into the car over the years, infact we are still paying off the loan we took out to buy it in the first place, and yet with the engine completely broken, the car had to be scrapped. That left us in a really difficult situation where we had no car, no savings, and loan payments still needing to be paid. Thankfully my wonderful parents came to our rescue and offered to buy us a new car, for which we will be eternally grateful, and yet it got me thinking that, without my parents, what would we have done?
I started to think about how anyone copes in an emergency when they don’t have savings. I’m not talking about the luxuries like holidays and designer handbags, but just the day to day items such as a new boiler, home repairs, your means of travel or even just putting food on the table during a difficult financial month.
I asked a group of other parents how they manage financially and where do they turn when they need money fast.
My Mum is my saviour. I hate asking and It’s rare to do that but she knows I’ll always pay it back. She’s a dream! – Nicole
If we need money fast we use quick loans to tide us over until we find our feet again. – Sarah
My husband is about to get a loan for a new van and we’ve been using comparison sites to find the best deals. – Laura
We cut out all luxuries and use that money for the essentials. If we have to eat pasta all week and downgrade our Sky subscription, so be it! – Anna
We use our credit cards but pay them off as soon as we can do we don’t get into debt. – Lynsey
I invested a lot of money into my designer handbag collection my 20’s so when the need arises, I sell one! The good thing is I always end up getting more money for them than I paid as they are ‘classic’ or vintage now! – Becci
Some parents like Nige, say that his parents taught him if you really want to buy something you should save until you have the money for it, and that is a lesson I would also instil in my own children. That said, although I hope in the future we will be able to help our children out financially in the same way that my parents have helped us, if that isn’t the case, it’s reassuring to know that there are options out there. Be that that the “bank of Grandad” as Victoria told me, or using loans and credit cards. Having that security to fall back on is so important!