Do you give money to parents?

I’m wondering if anyone gives money to their parents regularly. My parents currently at the ages of 60’s have retired ten years ago with very little savings, so I give them CAD$5000 (Canadian dollar) each month.

I feel obligated to provide monetary support to them, because it’s my responsibility. My parents spent all their money on family, me, and my three elder siblings in the past. I feel it’s time for me to contribute to the family when I finally finish my university and embark on a new career.

However I feel $5000 per month does eat away my monthly income very quickly. I find it difficult to save money. At this rate, I don’t even think I’ll be able to retire at age 55, like my parents. Having worked for two years after university degrees, I’m still living like a student. This sometimes makes me wonder when I’ll buy my first home or when I’ ll be able to establish my own family. I’ve never had a girlfriend in my life…could it be I’m too cheap, not willing to spend?!?! ò.ó

Do you peopel give money to your parents? If so, do you do it regularly or once in a while? How much do you give???

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10 Responses to Do you give money to parents?

  1. Yuni on 2014/03/14 at 12:08 am

    I am an ABC living in Asia. I gave about USD$500 a month to my parents-in-law, not to my parents because my parents are still living comfortably and have a thriving business. They don’t have mortgage so the money is for their insurance and pocket money (eating out, gasoline). It may not be much, but that’s all we can give at the moment 🙂

  2. kathryn on 2014/02/07 at 3:30 am

    Why did they retire so early, without an income?
    No decent parent would want their child sacrificing their future. There must be more to this, than you are telling us.
    My parents also retired early, but they only did when they could be self sufficient until their pensions kicked in. They would never even consider asking their childrent for handouts.

    • Ryan A. Smith on 2014/02/08 at 1:58 am

      I don’t give them $5000 any more, because I don’t know where the money went. Instead, I took over their 530k mortgage which I intend to pay off in 5 years since 2011. At this moment, the payment is on track…2 more years (3 more years at most) to finish the mortgage. The house is theirs to keep; that’s my intention. I’ll respect whatever they decide for the house after they pass away. I have 3 siblings, but they don’t have the financial means as I do. They help parents in other ways. On top of the mortgage, I’m also paying their household utilities, insurance, maintenance, etc. It’s good I’m still single, so I don’t have to worry about any potential financial issues from the spouse or other relatives of spousal side.

  3. Bethb on 2011/05/18 at 4:24 pm

    Tell partents to sell the main house since the house market is good. Then buy a smaller home close to where you live/work so to reduce the mortgage. Cut down some expenses. If you have work insurance, will it cover parent’s when they are your dependent?

    Parents should not be a burden to children. Good finance is require when you are younger.

    • Ryan A. Smith on 2011/05/19 at 12:21 am

      Downsizing the house is like asking my dad to die. He won’t allow it. He wants it as the main place for the family to gather. The way I see the house is all those financial troubles we had in the past decade.

      Furhtermore, my parents do not want to live in cities with long cold snowy winter, like the one where I work. Plus, I don’t have a house yet, so they can’t live with me.

      I’m the only sibling providing finance to my parents right now. My other elder silbings can’t afford to, at this moment; they have their own families and careers to deal with. I’m single enough to give as much financial support as I can.

  4. Sarah on 2011/01/08 at 10:34 pm

    You are very kind. Have you ever had a discussion with your parents about combining your abilities? Maybe you could live in a side by side duplex where the equity in your parents home helps with a downpayment and then you can pay the mortgage payments and be available to help out as they get older. There could be a few other options also.

    • Ryan A. Smith on 2011/04/30 at 4:54 am

      I don’t live close to my parents due to work. What options do you have? Thanks.

  5. Kelly on 2009/12/16 at 5:29 pm

    Do they need $5000 to live comfortably? I will retire on much less than that.

    • Ryan A. Smith on 2009/12/17 at 1:59 am

      My parents have many things to pay: house mortgage (20 years of mortgage remaining still), utilities (phone, TV, gas, hydro, electricity), insurance (house, car), property tax for main residence, and medication costs. The expenses add up pretty fast.

      I don’t live with them. Otherwise I could have claimed many tax credits for my income tax.

  6. Ryan A. Smith on 2009/06/14 at 2:15 am

    It does eat away my savings fairly quickly. Still living like a student. No house, no girlfriend. Just rent a place and have a car to move me around.

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