Ways to give allowances to parents who are not financially secured
When young adults started working, they forked out a sum of money as part of allowances to their parents. However, not all parents are financially stable or financially smart to manage their finances or the allowances given to them.
Hence, here are some useful ways you could do to give the allowances to your parents who are not financially secured. It might work or not work you as every parent’s mindset towards this varies.
Give weekly instead of monthly
You could decide when to give your parents the allowances depending on their situations and you know your parents best. Weekly allowances are good enough however if you are aware your parents belonged to the “uncontrollable” category, then consider giving it as a daily allowance to control their spending and at the same time, they are being restricted to spend unnecessarily.
Help to plan your parent’s finances
An effective way to help manage your parent’s finances would be sitting down with them and talking to them on their monthly expenses. You can find out their incomes and spending expenditures, and set up budgets to “control” their spending. After having a rough estimation of how much they spent monthly, you could probably decide on the sum of allowances that is appropriate and able to meet their expectations and this also helps them tide through monthly.
Get the necessities instead of giving them the allowances
Maybe you understand your parents are unable to manage their finances well due to their inability and bad spending habits. A useful method can be through getting the items directly from the shop for them instead of handling the cash to them. In this way, they are not able to spend unnecessarily on other stuff and you are controlling their “allowances” in your hands.
Help your parents to save the allowances
Allowance can come in many form such as giving it to parents or alternatively, putting aside the entire monthly allowances for saving purposes. If your parents felt that this method is better as it gives them some cash for their future retirement, then do it. Otherwise, you can set aside half of the allowance without informing your parents (secretly) to save for them. When the time comes, you can give them the remaining allowance which you have saved for a period.
We are interested to find out more from you on how you manage your parent’s allowance who are unable to handle their cash well. Do share with us!