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But why start saving money for parents?

Rewind to a year ago. My dad had a minor surgery - nothing very stressful, but serious enough to require a few lakhs.

He was 59 years old at the time and thankfully covered under his employer’s Health Insurance. But here’s what hit me: ‘What happens when he retires? Do I have enough for them?’

I did not. No backup.

Frantically, I searched ‘saving money for parents’ and fell into a rabbit hole of real stories. Honest conversations of people like me who assumed their parents were ‘sorted’ until they weren’t.

That’s when I knew - I needed to build wealth for my parents before I saved for myself.

The emotional + financial equation

Thinking about yourself first doesn't make you a bad child. But, for me, the importance of saving for my parents was my love language.

They raised me, educated me, took loans to fund my passion, and now? They’re ageing. When they should have been planning their retirement, I was their priority instead.

So, saving money for my parents is more than just a responsible move for me - it’s an expression of gratitude.

Real talk: benefits of saving for parents

Here’s what no one tells you about the benefits of saving for parents:

• You sleep better
  Having more than enough as a buffer for emergencies is a game-changing feeling.
• You live debt-free
  If you have a separate fund for your parents, you’re less likely to dip into your savings or take a loan if they need help.
• You avoid guilt trips
  Imagine the stress of managing your next EMI and your parents’ health needs at the same time?
• You lead by example
  When you start a family, saving money for parents is a mindset you’ll want to pass on to your children.

How I do it (and you can too)

Saving money for parents doesn’t mean you need to cut down your expenses or send 50% of your salary to them. Start small, start smart.

1. Open a separate account
Call it the ‘Parent Fund’ and avoid using it for expenses other than retirement and necessary expenses for your parents.

2. Automate monthly transfers
Even if it’s a small amount, stay consistent. It matters more than the amount. You could begin a Recurring Deposit to stay consistent or start an SIP in a Mutual Fund. Let compounding do its work.

3. Get insurance
No, your office Family Floater Policy is not enough. Even if it’s a basic health plan, get one that’s designed to cover their health needs. Tip: the earlier, the cheaper.

4. Include them in planning
Just because you’re the one paying, don’t leave them out of your planning. Ask them about their retirement plans or medical needs. They’ll be glad you asked.

Saving money for parents - What’s the right time to begin?

Some might say: “It’s too early to think about all this. Focus on your future first.”

But here’s my learning: you are in a better position to control your future when your loved ones are cared for. And in most cases, retired parents do need all the emotional, financial, and mental support they can get.

So, for me, it was not too early. It was the right time to make a real difference.

Final word: It’s not sacrifice, it’s strategy

Saving money for parents is the real grown-up flex people don’t talk about. It’s not a grand gesture, just consistent care.

And honestly? You don’t have to give up on your dreams.

A little planning and regular savings ensure the people that your parents are safe, secure, and supported.

The benefits? Peace of mind, knowing you made the right choice.

Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.

By Axis Bank Learning Hub Team