I have a friend who says whenever he gets a raise – or around that time – his father has some demand worth Rs. 30-40k come up. It could be remodeling his furniture, change of a/c, new washing machine, …a vacation etc.
His father used to work in a private sector company and retired as a clerk. Has no pension, and the kingly provident fund is long gone. Only decent investment he had was a 1bhk which got sold to get his daughter married off. So by 2005 his father had no house, and a princely sum of Rs. 700,000 in bank fixed deposits, post office, etc. This gives him an annual CASH FLOW of about Rs. 50,000 which is spent on the medicines, and other social obligations. THEY REALLY HAVE NO SURPLUS.
However, his father expects the son to look after them – fair enough. The son is doing reasonably well, but is not really an Investment banker with money coming out of his ears!! So on a tight budget he has to look after his parents (he has a 3bhk, but it is packed) – his 2 children are growing up (hate sharing a room, but what the hell!!). His wife wants to take up a job again – just to get out of the house. Life is not easy.
Should the son tell the father ‘No way how you are going on a vacation – I need the money for paying YOUR health insurance premium, medical bills, …etc’ or should he indulge them?
Should he tell them ‘No attending weddings of your ‘relatives’ spending Rs. 3000 per wedding (taxi, gift, travel sometimes),,,,
Should he tell them: ‘I have no enthusiasm to meet your friends and relatives who pile on. Sorry, but we need some privacy and cannot find it in this house because of the people visiting you.’
Should he tell them: You need to pay your doctors’ bills, health insurance bill, a part of the food bill, ….and then use the left over ( if any) for other indulgences….
tough for children too!
As a 50 year old one can appreciate the feelings of a 23 year old and a 50 year old…..but not sure I can see the world from a 81 year old. I do not wish to comment, just to say that while allocating money you need to take care of 3 generations….
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