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 settle down with 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
If you give money to your parents, how much do you give???
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$5000 to parents each month??? that’s more than my monthly wage!
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.
Do they need $5000 to live comfortably? I will retire on much less than that.
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.