Real Answers for Life’s Money Challenges
Late last year, I got my first permanent-full time job.
I was very proud to have gotten this job, especially since I am a foreign national.
I already feel like Ive had a later start in life than others.
Im in my late 20s and only just got my first permanent full time job.
What do I do?
-Dutiful Daughter
Dear Dutiful,
Your desire to support your parents is certainly admirable.
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Try setting a specific savings goal for yourself.
In financial planning, a three-month emergency fund is generally considered the bare minimum.
Ultimately, the goal is to save enough so that youre not constantly stressed about money.
Obviously, youll need to adjust your remittance budget to meet your goals.
But this doesnt have to be an all-or-nothing decision.
Nor does it have to be permanent.
Then put the other half in a savings account.
you’re free to revisit the amount once you hit the three-month mark.
Or you could temporarily pause your contributions while your father is still working.
That could give you a little extra time to pad your savings before he retires.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you could easily return later.
Well keep it updated as offers changes or expire.
You say you lied when you told your parents you felt ready to start sending money home.
But I also suspect that life turned out to be more expensive than you expected.
That has a way of happening when youre just starting out.
Thats especially true right now, since prices are soaring for virtually everything.
Your parents were understanding when you asked for time to adjust to paying for your living costs.
Maybe theyll understand that you need a bit of extra time to adjust.
Hopefully, as your siblings finish school and get jobs, theyll be able to contribute, too.
Helping your parents is a worthy goal, but dont neglect yourself.
Children can never really repay their parents for their sacrifices.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
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