Anonymous
How do i budget for my children and parents?
Money is quite tight in my household, how do i split between me giving money to my parents or spending on my children's needs? i feel guilty to choose one over the other, but sometimes i have to pick between them. how do i make this choice then?
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Elijah Lee
05 Dec 2019
Senior Financial Services Manager at Phillip Securities (Jurong East)
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It depends on what you are spending on.
Eg. is it for kids' tuition? Extracurricular activities? Toys?
VS
Parents' medical fees? Karaoke? TOTO?(!!!)
I would prioritize NEEDS over WANTS, and not Parents vs Children.
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Pang Zhe Liang
05 Dec 2019
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
As always, we will need to go back to the basics to understand our cashflow. Through a proper cashfl...
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Hi anon,
I would put priority on critical items first.
Humans have basic needs, such as food and clothing. If it's anything other than that, it's probably a want, if you really want to be strict about classifying. Your children do not need a new toy every 3 months, but they will need to at least be fed and clothed.
Regarding giving your money to your parents, you will want to ensure that it's within your means as well. If they are spending this money on their wants, you could have a talk to them and explain that you need to re-allocate a part of your cashflow to address their grandchildren's needs instead.
If you can be very clear about the division between what's crucial and what's not, and ruthlessly strip out non-essential spending, you will be able to at least address the needs of both your parents and your children.