Taking care of the family is a tremendous responsibility. It is often our parents who work hard to fill this role; they work hard all their lives and make huge sacrifices so that we can have a better life. But do they ever sit back and enjoy the fruits of their labor?
While giving up something of value because another person needs it more is noble, sacrificing what you truly need can be difficult.
According to a study, dual-career couples–where both wife and husband work– made up the largest group among married couples in Singapore, increasing from 47.1 percent in 2010 to 52.5 percent last year. During this phase, both parents have to manage the demands of their job and those of their families, but most cannot afford to do so.
The Sacrifices of Parents
Caught up with the demands of life, most parents hustle and set aside their comfort to provide for the family. And sometimes, it is unavoidable to take out loans, which is why many parents spend most of their lives paying off the debt instead of spending money on themselves. This often leaves them financially strapped until their retirement years, unable to celebrate the fruits of their hard work.
In a typical Singaporean family, both parents had to work all day, every day, and hire a domestic helper to take care of their children. They find it difficult to enjoy leisure time, especially with their children. No matter how much they want to spend quality time with their family, they can’t afford to lose their jobs. They understand that in order to give their kids a better life, they need two incomes.
Every parent knows the feeling of having to give something up for their child. They will do anything for the sake of their children, even if that means giving up something important to them. This can include giving up time that could be spent on hobbies or socializing with friends, or even avoiding purchasing things the family could otherwise afford. However, not every parent is willing to make the same sacrifices. Some are more willing than others to give up career opportunities and work a few hours, while others are more interested in providing their children with the best life possible. Their concern over their children’s future welfare becomes more important than anything else.
Don’t Neglect Your Needs
We understand that most parents want to prioritize the needs of their children over their own. They may work long hours, reduce their spending, or take on other frugal habits to ensure their children can study in a good school or participate in extracurricular activities and hobbies. However, in the process, they usually fail to look after themselves and prepare for their future.
They end up losing their savings from putting it all up for their kid’s tuition fees and are less likely to be able to replace those funds in their retirement years.
Becoming Heavily Reliant on Children
Like many of us, we take on the financial responsibilities over our parent’s financial affairs as they age.
In other words, many kids end up being responsible for their parents’ financial obligations because their parents can’t afford them anymore. It’s hardly surprising, considering that most people spend their entire lives working toward the goal of being able to retire but never actually plan how they’ll accomplish it or think about whether they can afford it.
Unfortunately, some parents would never be able to retire because they’ll have to take up odd jobs to earn money and sustain their needs up to their last breath.
Secure Your Financial Freedom
As a young adult, it may not be easy to fully understand the importance of planning for retirement. However, through our parents’ experiences, knowledge, and sacrifices, we can understand the importance of saving for the future.
It’s essential to realize that retirement isn’t just about giving up work and doing what you please. It’s about enjoying life to its fullest and achieving financial freedom. In order to do this, you’ll need to learn how to save, manage your money and, most importantly, plan for your retirement.
If you want to empower yourself with the right tools to build your financial future, you can reach out to us anytime! Together– Let’s make our financial freedom.