My dad spends on all the vices with the exception of smoking.
He also lives day-to-day with no savings at all.
So one day, my siblings together with my mum came up with an idea. We will open a joint account and each put some monies in the account as his old age savings.
Example, each gives him $100 monthly, $50 is given to him to spend, the other $50 goes into his account that he doesn’t know about.
This is for emergencies/rainy days if required. No point telling him to save as people who do not have financial sense will not understand the merits of having savings, especially at his advanced age.
Just save for him without his knowledge.
- Yup that’s what our family did too. It was requested by my father. Each month, every member who is working will contribute $100. We have been doing this for years so there should be a substantial amount inside.
- Just top up to his special account. No point put $ in bank