A bit of back-story before I get started. I’m 17 years old, have been employed for approximately 6 weeks and am currently living with my family. I was lucky enough to know someone who helped me get into a pretty good first job (considering my age, qualifications and lack of experience) where I make about £295 per week after tax, while living and working in outer London.
Now the situation is that today when I got back from work my parents told me that they want to build an attic. They seem to have this obsession for building things which they can never afford, so they take out loans or borrow from friends & family. They are always indebted to relatives, companies, banks or friends and their bank accounts are overdrawn most of the time. They got a quote in the region of about £20k for the attic, now they plan on getting 10k from this committee they do with friends where they pool money together and a different couple gets the lump sum every month. As for the other 10k they plan on taking out a bank loan and want me to be paying half of the loan with them every month. The amount is £200 per month so hardly substantial.
Like I said the money isn’t as important an issue as is the way they handle their finances. They are always getting into debt when they could easily not be and I really resent this situation they’re putting me in. I do not have a problem with giving them a part of my wage to pay for bills, utilities etc but this shit really hits a nerve with me. They’re good people and parents and I hate to see them become indebted to others but they don’t listen to me.
Anyway do you think my reasoning is right or wrong, and if any of you guys have any possible solutions for this please share.