The current tough economic times make it difficult to at times financially support your parents. Having a spouse and school going kids is tough enough to many already.
The thought of having to atone for your parents’ financial mistakes from your pocket turns many off as much as they struggled so much to raise us. The retirement benefits and pension is enough to leave a comfortable life for them after their heydays.
However, many of them tend to misuse those funds and end up being ‘beggars’ from their children. They become too demanding to the extent of stressing their children.
How do you handle such parents:
Establish a business venture for them
With enough time in their hands, they can be able to manage a business. Through such ventures, they can get funds to lead a comfortable life that will save you the burden of having to finance everything they want. Ensure that you establish something that your parent is passionate about to avoid excuses.
Also, ensure that you establish a less demanding venture physically due to their frail bodies as they get old.
Some parents will ensure that they remind you how they have taken you through school to be where you are. These guilt trips should not make you give in to their demands. Their financial mistakes are not at all your fault.
Take your time and consider your financial standing ensuring that you pay any bills your parents require directly. It will help you avoid demands for more money when they direct what you sent to something else.
Have a face to face conversation
You may find it difficult to talk to your parents about this. However, for your peace of mind, it is high time you did it. An open and honest conversation may help them spend the little they have well without putting you into the equation.
Ensure that you explain to them everything about your finances, where they go to, and the need to save to raise their grandchildren. It will help prevent grudges they may hold against you.