‘Locking Up’ Your Money for Very Brief Clips of Time?
Question by Fried Kitten: ‘Locking Up’ Your Money For Very Brief Clips Of Time?
This is a ridiculous question but here it goes anyway.
A friend of mine suddenly obtained $ 4,000.00
that he wasn’t expecting to possess.
He has terrible money management skills.
As soon as he gets any money into his hands he spends it.
If he has no bills to pay he’ll by lottery tickets or any product
from a department store just to spend the money.
He wants to know if there is a way to ‘lock up’ the money
somehow so that he can’t have access to it for a short time
frame such as one or two months until his next rent bill is due.
(He doesn’t want to pay a few months rental in advance because
there is the possibility of eviction, due to a structural collapse for
example, in which situation he may have difficulty getting his
money back from the landlord.)
I am not offering to hold the money for him because I anticipate
being called sporadically for withdrawals – I don’t need the headache.
EPICICITY
I’ll look into the 3-month CD possibility – thanks.
Best answer:
Answer by epicicity2012
Sorry, but I know of no such ways, really.
About the best I can think of would be for him to buy a bank CD (certificate of deposit). I think that those come with a contract that says you can’t withdraw anything from it until it reaches maturity. (There are varying lengths of time for that … I think that there are 3-month CDs … could be wrong on that though.) The CD’s really do not earn much interest in such a short time-frame, of course, but at least you can’t touch the money, which is the point of the question.
—————-
And yes, I too have had the experience of trying to hold onto a spendthrift’s money. After the second knock at the door at 3 AM wanting more of the money, I said
“Here … just take it all back and do what you want. This isn’t working.” (lol)
In my case, the guy happened to be a crack cocaine addict. Now he’s a meth and heroin addict. (cheaper drugs). Those are the kinds of behaviors that really can go through money. 😉
Bra and packet of chips used to smuggle drugs into jail
A week before he was sentenced in mid-2013, prison authorities recorded a phone call where Collins organised to have a morphine-based drug, often used to treat heroin withdrawal or as a painkiller, into the correctional facility. Linda Lavaluthi …
Read more on Central Queensland news