Is the Bank of Mom and Dad still open?

This guest post comes from J. Money at Budgets are Sexy.

Oh yeah, good ol' Bank of Mom and Dad! Love that place. A commenter recently reminded me that I've been wanting to blog about this again, and what she shared about her parents sounded pretty cool. I think I'll even do the same one day.

Here's what "Mrs. O" said:

As long as you keep your credit good (paying them back as agreed, or even better, faster than agreed) it is a 0% loan. . . . They set up a "lend money to the kids account" for each child with a certain amount in it. If you don't pay it back, there is no money left in the account to borrow.

Brilliant! It lets you know there's always money there for you if you need it for whatever, but if you don't play by the rules, you get cut off. Absolutely awesome. I had never heard of this concept before, but I think it really sets you up to learn and manage your money better. Even if you mess up and don't pay it back for a few years, you can always wise up and pay it off later to reactivate your credit line. (I wonder if $2,000 is a good limit?) Post continues after video.

• Bing:Should you co-sign for your parents?

What do you think? In the spirit of all moms and dads out there, give your answer to these five questions:

1. Is the Bank of Mom and Dad still open to you? (If not, skip to No. 4.)
2. When was your last loan from them?
3. What are the payback terms? Or do you secretly hope NOT to pay them back? 
4. Would you ever loan money to them?
5. What do you love most about your parents?

I shall go first:

1. Still open? Yup! If I need 'em. I don't think it'll ever be closed, and there's something comforting in that. Not that I really use their services much anymore. Back in the day, though, I'd always ask them for loans, and then usually never pay them back. I still feel horrible about that. I'd start and then they'd feel bad or wipe the slate clean for good behavior or something. (I did get straight A's growing up, but obviously not in money management.)
2. Last loan? I was about to say it was like 10 years ago, but then I remembered I took out a loan for a project I was working on a couple years back. (And this time I paid them back in full.)
3. Payback terms? Anytime they lent me money, we'd go over all the terms up front so we were all on the same page. Whatever amount I needed, we'd divide it by 12 months and I'd pay it off throughout the year, interest-free. The last one was a few G's, and I paid it off early.
4. Loan to them? Of course! Because of them I was born (and you get to read my blog every day) so I'd do anything in the world for them. Whether I was financially stable or not -- they've done so much for us.
5. Love most? Their complete and utter love for us. They have never once let us down or allowed us to feel uncared for. It sounds crazy, but there's honestly not one thing I'd change about them. I told a teacher that one day, and she said, "Oh, come on. There's got to be something." Nope. Even when I got in trouble growing up or yelled at them for being the "worst parents ever alive," I knew I was being a little brat. They're incredible parents, and I pray I'm even a fraction of them when it's my turn.

Man, I'm getting all sappy up in here! You never stop and really think about it sometimes, but it feels so good when you do. Anyway, it's your turn now: Is your Bank of Mom and Dad still open?

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