What is National Pay Back Your Parents Day?
Do something special every November 20 on National Pay Back Your Parents Day. Why? Because it costs googobs of money to raise a child and now that it’s done and you turned out just fine, you can ”pay it back” to your parents — in cash! Or, do some chores to lighten their loads and put smiles on their faces.
History of National Pay Back Your Parents Day
When Mothers’ or Fathers’ Day rolls around each year, we scramble to show our parents appreciation with gifts, outings or time shared. You can also reward your parents by helping with home repairs, chores or paying for cleaning services. But have you ever stopped to consider what your parents really want (or even need) is cold. hard. cash? National Pay Back Your Parents Day gives you the chance to “make it rain” on your parents with greenbacks, checks, certificates of deposit, stocks, bonds, cash cards and coins for all they’ve done for you. Here’s why.
During the 1980’s the United Nations wanted to raise awareness of the important role that parents play in the lives of children. Global Day of Parents, every June 1, is a UN initiative enacted in 2012, recognizing how good parents give their children a strong start in life.
Granted, NationalPay Back Your Parents Day on November 20, is a brand new holiday. But you can make some comparison to National Parents Day, which occurs every fourth Sunday in July. In 1994, President Bill Clinton signed a proclamation recognizing “…the role of parents in the rearing of children.” And if you really want to do the right thing today, get prepared to dig deep. According to an article in “USA Today” last year, American parents spend a whopping $233,610 to raise just one child from birth to age 18!
Consider your gift a worthy investment because even seniors who have a retirement nest egg may need some financial help. According to the Congressional Research Service, in 2017 the poverty rate for Americans 65 and over was 9.2% with some fluctuations due to demographics.
So unless they’re closely related to a Buffet, a Bezos or a Gates, your parents may need some help from you, the child they raised $233,000 ago! National Pay Back Your Parents Day gets you started.
National Pay Back Your Parents Day timeline
AARP supports family caregivers with advocacy and saving options
Working with state legislatures across the country, AARP advocates for over 27 million caregivers who provide for parents and other family members.
AARP fights scams with the Fraud Watch Network
With the increasing risk of older people being cheated out of their hard-earned savings, AARP initiates the Fraud Watch Network, an online consumer protection tool, which is available to all, regardless of age.
The Caregiving Resource Center is launched
The Ad Council partners with AARP to promote an online guide, the Caregiving Resource Center, which helps over 40 million caregivers nationally.
Tax-Aide starts out with 35,000 IRS-certified volunteers
Seniors get free help filing for taxes with the assistance of seasoned, IRS-certified tax professionals.
National Pay Back Your Parents Day
Talk to your parents about their financial needs
Although you want to help your parents, it may be a little delicate. They’ve shown you support and financial help for years doing what parents do — providing for their child. Now that they’re older, let them know it’s your turn to help.
Help your parents around the house
It’s not always about the money. National Pay Back Your Parents Day lets you give your parents something practical, like help around the house. Do it yourself or pay a professional to install safety features, like ramps in the bathroom or set up a raised-bed vegetable garden.
Discuss secure ways to transfer money to your parents
Present your parents with money transfer apps like Paypal, Venmo or Zelle. Once they decide on one, walk your parents through the process to show them how easy it is to receive money when they need it.
National Pay Back Your Parents Day FAQs
When is National Pay Back Your Parents Day?
National Pay Back Your Parents Day is a new holiday which occurs annually on November 20.
What is National Pay Back Your Parents Day?
National Pay Back Your Parents Day on November 20, recognizes all the love and especially, money that your parents gave you from birth to adulthood. On this day, you can “pay back” your parents with a cash gift, check or financial investment. In some cases, you might help around the house, do some repairs or show your appreciation in some other way.
Why is National Pay Back Your Parents Day important?
National Pay Back Your Parents Day is important as a way to not only honor your parents for their love and support over the years; but it provides a concrete way to return that love with financial help, which is needed as many of our parents age with less access to financial resources.
National Pay Back Your Parents Day Activities
Pay for your parents’ groceries today
Remember back in the day when you were still in college living on financial aid or you just got your first job and money was tight? Your parents probably took you grocery shopping a few times. Today, you buy their groceries and we promise that will make you feel good.
Take your parents to see a financial planner
Help your parents get a more realistic picture of their financials by offering to pick up the fee to see a financial planner. Let them know you’ll be as supportive as possible, whether good news or bad.
Gift your parents with a money order, cash or check
Parents don’t always share their financial challenges with their children. But maybe today, make it easy for them by giving a financial gift. Feel great showing your generosity and letting your parents see what a great person they raised!
Why We Love National Pay Back Your Parents Day
We can make our parents' lives easier
More than likely, your parents are retired or living on a fixed income and everything costs so much more today. Gifting your parents with a little extra money on National Pay Back Your Parents Day lets you take off some pressure by paying a few bills or giving your parents some cash. It shows you care.
We can show our appreciation
Good parents make sacrifices. How many times did your mom pass up those swanky shoes she saw online because you needed to get ready for prom? National Pay Back Your Parents Day, not only acknowledges the sacrifices but it lets you say, “thank you” with a financial gift or a helping hand.
It’s a cool role reversal
Mom and Dad are usually the ones picking up the check for dinner, orthodontia, or that jet ski you've had our eye on for quite some time. But this time, it'll feel good to be the one reaching for the bill at dinner. Now just do that 2,300 more times.