Parents have lots of debt and no savings

[meesh1070]

@lukemaster130 I have asked my mum to list down before, but apart from the monthly bills, she’s unable/unwilling to list the rest, because “how to track how much I spend when I go buy groceries? A bit here a bit there, how to track?”

 

[lukemaster130]

@meesh1070 yea i guess it should be essentials man if that's the case

 

[rev2214]

@meesh1070 at 28, 2400 monthly saving is a lot. but considering you're still living with your parents I believe a portion of that 2400 should be contributed to the expenses of living there and not to be mixed with the 700 as I'd consider that as special allowance.

the only reason you can save that much is because you're living with them. giving them just 700 is like taking it back because it will surely be used for general expenses (which you're using it too since you're living there)

 

[meesh1070]

@rev2214 Sometimes I question the need for special allowance for parents, but since we’re Asian and grew up with Asian values, I guess there’s no escaping it. I am already thinking of contributing more, but have not decided on how much yet. Thanks for sharing your opinion.

 

[rev2214]

@meesh1070 It's an asian thing for sure, can't run from it. I see it as a way to get blessings and a "feel good" gesture on my end. It doesn't have to be straight up money though for your case, maybe just stock up the grocery and take care of the general maintenance/ bills. Leave the mortgage to them.

So this way, they'll be happy you're willing to contribute a little bit more in a way that's not hurting your savings that much. But also, leaves you room to save comfortably and maybe in the future help them pay off (if they ever need them just in case)