TomorrowMakers

Being there for your parents when they need you financially is the most basic thing you can do, and it doesn’t have to strain your finances or marriage.

How to support your parents financially without burdening yourself or your spouse

Your parents are the two people you should forever be indebted to – not just for bringing you into this world but also for raising you well. All the effort, time, love, money, and sacrifices that they put in for you cannot be reciprocated in the same measure, no matter what you do. 

And that’s not even the point. It’s not about paying them back in cash or kind; it’s about being there for them in their old age in all the ways you possibly can. But sometimes, providing financial support to your parents can cause arguments with your spouse. 

If your partner perceives it as a financial burden on the family, there are a few things that you can do: 

1. Have a conversation with your spouse

This is a conversation you and your partner should have early in your marriage. Instead of giving money to your parents secretly, you should sit with your spouse and have an honest conversation. Let them know why it’s important for you to make this contribution to your parents and show them how it’s not going to affect the family budget. 

Discuss the percentage of your salary you’ll allocate to provide financial support to your parents. Figure out if this is going to be a monthly contribution or for specific things such as medical expenses. This would also be a good time to discuss if your spouse needs to support their parents – later, if not now. 

Related: 6 Financial conversations you must have before getting married

2. Get your siblings involved

If supporting your parents is a regular thing and not a one-time situation, it’s best to get your siblings involved. Usually, one sibling ends up financially supporting the parents more than others. This can build unnecessary financial pressure as well as resentment, often leading to a strain in family dynamics. 

When you have this discussion with your siblings, it should only include you and they, not your spouses. The conversation with partners should be had individually. Depending on your age, life stage, and income, each of you can make different financial contributions. Instead of trying to set an equal amount, set an equitable sum – say 10 percent of one’s monthly salary. 

3. Have a conversation with your parents

It’s important to have two conversations with your parents. The first one is to understand their financial condition and how they are managing their expenses. It’s good to figure out how much help they need. The second conversation should be after you’ve spoken to your partner and siblings and decided how much you can contribute. 

It may be a little awkward at first, but it’s best if everyone involved knows exactly how money matters are going to be dealt with in the long run. This transparency will help you maintain a healthy family bond. When your parents know how much you and your siblings will contribute and how frequently, they can handle their budgeting and expenses better too. 

Related: Things to consider while buying health insurance for your parents

4. Think of other ways to help

In addition to helping your parents financially, you can help them strategically too. For instance, you could get them a comprehensive health insurance policy with all the necessary add-ons. You can also help them with financial planning and investing. 

Another way to help is by giving them time. This could mean taking them for regular health check-ups or picking up groceries for them every month. If you stay nearby, dropping by to have lunch with them once a week could be a great way to show that you care. The intention is just to interact and have a good time. 

Related: Is a family floater insurance plan enough to protect your loved ones?

5. Prioritise your family goals

When you’re married and have children, your priority should be your family. Of course, this doesn’t mean you should forget your parents. However, you shouldn’t be helping your parents by compromising your own family’s essential needs. There’s a way to manage both, and for that you need to spend some time planning your finances. 

In other words, you ought to set a budget, build a healthy emergency fund, have health insurance as well as insurance for assets such as car, home, etc., and know your future financial goals and strategically invest for them. 

Related: A family that plans together builds wealth in the long term

6. Maintain a level of privacy

For both you and your spouse, it’s healthy to maintain a basic level of privacy – not just when it comes to offering financial support to your parents but in general. Having a joint account for household expenses and common investing goals is important. But having a personal account for personal spending is essential too. 

As adults, both you and your partner need that space and freedom to be able to spend your money from your personal accounts as and when you like without having to justify each expense. There’s nothing wrong if you indulge in personal expenses from time to time. Nobody can hold you accountable as long as you’re meeting all your family and joint obligations first. 

Remember that having these conversations and figuring things out will take time and patience. So, maintain your cool and put your personal finance skills to use. What's your parenting style - Authoritarian or Indulgent? Find out with this personality test.

COVID-19

How I did it

Praveen Nair
Retiree

Ever since I retired, I have looked forward to the festive season with added zeal. It is the buzz that I need once in a year in my laidback post-retirement life. I like to celebrate the occasion, get the house painted or renovated, buy gifts for my dear ones or go on a vacation. These things… Read more

Swati Mehra

A couple of years ago I was over the moon after landing my first job. I celebrated regally during the festive season that ensued, only to land in a financial soup for the next few months. With gargantuan credit card bills and barely any cash left, I had no other option but to default the payment… Read more

Rohansh Pathak

It is highly unlikely that all the expenses made during the festive season were worth making in the first place. This is the time of the year when unavoidable expenses are bound to upset your budget plans, and you can do little about it. However, I have made it a point to have a look at the… Read more

Shubhra Banerjee
Homemaker

I am a single mother of one. I lost my husband just 5 years into my marriage. Life has been a struggle for me, but I have managed it and today I have no complaints. 

I was a young widow with a 3 year old son when my husband passed away due to a heart attack. My parents were my rock… Read more

MOST RECENT