Advice Needed: MIL Wants to Live Separately, Concerned About Finances
I (M30) am married, and my wife's dad passed away a few years ago. She has one sister, who is also married, and no brother. Their mother is still alive.
Here's the financial situation:
- They sold their village house for ₹8.75 lakhs.
- They also have ₹7 lakhs in an FD.
Currently, my mother-in-law splits her time between our house and her elder daughter’s house—15 days a month at each. However, she wants to live separately now, as her elder daughter constantly disrespects her. Despite this, she stays there because of her daughter's small kids.
She’s considering either:
- Renting a 1RK on a heavy deposit (₹3 lakhs).
- Renting monthly for ₹4K.
My concern is that she should focus on saving and investing money instead of spending unnecessarily. I also think getting health insurance for her is crucial.
For context, my wife and I live in a rented 1BHK.
What advice would you give me in this situation? How can we balance her desire for independence with securing her financial future?