I haven't posted here since I first joined earlier this year, but I've been lurking these threads for a while. At my work, we have the usual: Coworkers drive their cars to wait in the drive-thru at the Starbucks across the street. A couple coworkers pack their lunches, but most drive to pick up a $7-10 meal almost every day. The usual stuff...
But there are two coworkers of mine that stand out to me. They're both great people and a pleasure to work with, but I can't help but cringe at some of their choices:
- Coworker A is a single mother of 5 kids. We've talked briefly about money in passing, so I know she's struggling earning just above minimum wage + some child support, but I haven't intruded much since she hasn't asked me. I only recommended setting up a budget with something like Mint and planning out each month's spending ahead of time, finding ways to cut spending, etc. She insists there's nothing she can cut from her expenses, but she admits she doesn't use a written budget. Regarding income, I feel for her, because our company isn't letting its employees work OT, so her only opportunity to earn extra income is a 2nd job.
Anyway, her old SUV was giving her lots of trouble, so she started shopping around for a replacement. I showed her how to price used cars on KBB/Edmunds/etc. so she doesn't end up overpaying. One day she rolls up in her replacement vehicle: a (admittedly, used) BMW x3. I didn't ask what (or how) she paid for it, not my business. First routine maintenance comes along, she said she had to pay $150 for an oil change. While I didn't give her a hard time for the car purchase, I did tell her she paid way too much for an oil change. She responded "It's because it's a BMW". AHHhhhh!!!
- Coworker B, at the same company. We're a little closer and have had longer talks about things like money, health, personal stuff, and she's more open to suggestions re: $$$. Anyway, she's working full time while taking night classes at community college. She lives with her mom to reduce expenses, but she is still taking out student loans for college. Also Coworker B says she's paying her friend $400 each month to borrow her car, and that "once its paid off, her friend will give the car to Coworker B". I told her that's a bad idea: 1) She's paying too much for a car & 2) the risk of her "friend" ripping her off. I can just see her coming in one day, crushed that the owner took the car back after all the money Coworker B put in to it. Anyway, Coworker B says she can't afford to save up for her own car. I asked her why, it should be doable in a few months since she works full time and pays no rent. She then admitted it's because she's loaning Coworker A $500/mo to pay for her apartment, says she'll get the money back in April when Coworker A gets her tax refund.
How can I (and should I) help? Especially Coworker B. She means well, but keeps doing dumb stuff with her money, like subsidizing Coworker A's luxury crossover. And she always has an excuse: "Well, I couldn't save any money this month because I got a parking ticket", or "I had to pay for my boyfriend's daughter's school clothes", or "like 5 of my cousins were in town so I had to spend all my money on groceries and taking them out to restaurants and movies and stuff".