In India, children have been habituated to taking care of their parents in their old age. But, today the time has changed. In old age, the medical expenses, the increasing number of nuclear families, and the huge cost of living make parents bank upon their retirement plan. Sometimes the retirement fund does not prove enough to meet the financial needs. So, children are the only support system for them.
After marriage, it becomes a little difficult to support parents financially as an individual gets the responsibility of his/her spouse and kids. Here, you’ll learn the ways you can support your parents after marriage.
1. Discuss it with your Spouse Before Marriage
Today, the concept of Hindu marriage got changed a little bit. Would-be couples are now allowed to meet each other before the wedding. So, it’s good to chat with your partner about your plans to support the parents. Discuss the salary proportion you want to give and how often you’re going to contribute it. i.e. regularly, on special occasions, or just in emergencies.
2. Give your Partner Some Privacy
While putting your family’s finances in order, give your beloved one some financial privacy. Let them have their account for personal spending and/or saving. Give him/her some freedom to use the amount from his/her account the way they or want without being held accountable for it.
3. Look for Other Financial Plans
In old age, the chances of regular health illness increase. So, set your parent’s finances in order by getting the most useful health and critical illness insurance plans. Guide their investments with debt and equity so that they don’t need anyone else to meet their financial requirements after retirement.
4. Consider your Family a Priority
After getting married and having kids, your own family should be your first goal. Ensure that you have an emergency corpus, a strong budget, and adequate insurance plans to meet the regular and basic needs of your family. Support your parents whenever they need, but not by compromising the requirements of your own family. If you’ve siblings, create and assign a tangible plan acceptable for everyone.
If you’re unmarried and wondering how to find the right spouse who can be your strong pillar in supporting your parents financially, then Wedgate Matrimony is your solution. This is the leading matrimonial site where you can compare various profiles and choose the right one who understands your responsibility to support your parents.
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