Sandwich Gen (How to get my dad to save?)
Hi, my dad is 63 yo this year and he has a full time job , bringing home a gross income of approximately $1500 now. Despite his 40 years of work, he doesnt have any savings… Everything in the house has been paid and catered for so the money that he brings back is solely for his own use such as transport, food smoking, beers and buying lottery.
However, he seems to be extremely poor in managing his finances, i always tell him to save part of his income upon receiving it before spending the rest but it always went on deaf ears. And this resulted in him having to approach either my sister or me on a monthly basis to “borrow” money. If he’d followed my advice, this vicious cycle would be broken.
We wish that we could help but we cant always help as we have our families and stuff to pay… we have our own liabilities…
Any ideas on how to talk to my dad on this?
Netizens’ comments
He’s like surviving on $45 per day, per month,
that is if his payout is sufficient at all .
And don’t harp on his 40 years of no savings.
He spend 25 years just to clear payment for his flat.
Another 15 years to at least pay for your raising expensive ( yes his responsibility in raising you cost money)
It’s not that simple to save money when you don’t even have enough to begin with.