Filial piety is an important value in many Asian countries, but particularly in the Philippines. It’s not uncommon for children to stay with their parents until they marry, or for parents to continue supporting children even when they’ve graduated from college. Respect and care for family members is so important that a congressman has even pushed forward. House Bill 5336 or the Parents Welfare Act of 2014, which mandates support for parents.

While the law itself may seem a bit extreme, if you’ve been wondering about the best ways to help your parents settle down post-retirement, then here’s a helpful list of tips for you.

Talk It Out




The first, and often hardest, thing to do is to sit down with your parents and have a frank talk about where their finances and budgets are at the moment. This includes any hidden bills, debts, or expenses that they might not have told you about. It’s best to have everything out on the table so that there are no nasty surprises later on.

Start Taking On More


One good way to help your parents out as they grow older is to see which parts of the household you can begin managing for them. This doesn’t necessarily mean paying for certain things yourself; simply keeping on top of what bills or taxes need to be paid is already a huge help to your parents. It’s helpful to familiarize yourself with things like amilyar through studying the Presidential Decree No. 464 or Real Property Tax Code, so that’s one less thing your parents have to worry about.

Take A Look At Their Insurance




Health insurance is something that becomes more and more essential in your later years, as the cost of maintenance medicines and recovery grows higher. Most plans have premiums that rise as you grow older, but luckily there are some that are more forgiving. Paramount Direct’s guide on health insurance provides families advice on financial cushions for sudden hospitalizations at affordable rates, which means that you don’t have to worry about paying bills until you’re fully recovered.

Treat Them



Another way to look out for your parents as they begin to enter retirement is to give generous “gifts”. This doesn’t mean buying them a flatscreen TV or tablet, but instead helping out with big expenses once in a while. You can buy their groceries for the month so they have a bit more extra cash, or when something in the house needs repairing you can offer to foot the bill. Doing this every once in a while won’t kill you financially, but it will be a huge help for your parents.

Help Yourself Before Helping Them


This one might seem a little weird, but it’s incredibly important. Phys.org says that most millennials are underprepared for their own retirements. Make sure you’re on a proper footing financially before offering to help with your parents’ expenses. If you take on more than you can handle, you might end up sinking your own savings as well as your parents’. As the old adage says, help yourself so you can better help others.

For more tips on how to be financially savvy, check out this article on investing for millennials on Arvic Ryuuzaki.

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