Son Sends Rs 70,000 From Canada Monthly, Parents Lock It All In 'Committees': 'Makes No Sense'

A 22-year-old man living and working in Canada has sought the internet's help on how to improve his parents' money habits. Detailing that he was the sole breadwinner of the family and sending Rs 70,000 every month back home, the man revealed that his parents were parking the majority of the money in committees or chit funds, popular in the country as an informal way of saving money.

The man explained that the money he was sending should be enough for a family of three or even five in India. However, since they were parking most of the money in committees, they had to manage with only Rs 20,000 to run the household, which was not enough.

"They put 25k in for my mom, and 25k for my dad. They see it as "forced savings," but it locks their money up for the year. Because they're locking away 50k out of the 70k that I send, they're left with only 20k to run the entire house: groceries, utilities, my sister's school/admission fees," the man wrote.

Struggling to pay for the amenities, the parents complained to their son, and he was forced to cough up extra money, leaving him financially vulnerable in a foreign land.

"So almost every month, they turn around and complain to me I'm not sending enough, asking for extra "top-ups" to cover basic bills. Just this month, I had to send an extra 25k on top of the 70k, completely throwing off my own personal budget in Canada," he said.

"I've tried explaining to them that keeping money in a locked committee when you can't cover basic daily needs makes no financial sense. If an emergency happens, that money is stuck."

The man said he was feeling 'burnt out' and that he was working in Canada just to fund their saving schemes while putting his own life on hold.

"Has anyone else confronted parents with similar demands? I have not refused to help but when I am already planning on sending 70k every month," the man said, adding that parents asked him to return the Rs 25 lakh they had spent on his education.

Check The Viral Post Here:

I'm 22 y.o male in Canada and supporting my family in India, but I feel like I'm just funding their kametis (those chit-funds) Need advice/vent.
by u/Ok-Being1322 in personalfinanceindia

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Social Media Reactions

As the post gained traction, social media users advised the man to have an honest conversation with his parents and explain the ramifications of their actions.

"You need to discuss with them more openly. About how much are your expenses (don't ever say you will manage). Also ask them how much they need to manage their expenses," said one user while another added: "If you haven't disclosed your salary yet, it's better to keep it that way."

A third commented: "Fight fire with fire. Calculate the cumulative amount you have sent (sum all the 70k monthly payments and all the top-up payments) and show them you have paid off most of the Rs 20 lakh already."

A fourth said: "They're probably saving for retirement and for your sister's wedding. They know once you have your own family you won't send as much so they're trying to squeeze everything out right now. You have to put your foot down."