Hi,
Although we have said that one must honor his parents by providing food, clothing and similar items, the child is not obligated to spend his own money in honoring his parents; this is a physical mitzvah rather than a financial mitzvah.
However, if the parent is needy then the parent has top priority as a recipient for the child's tzedakah.
(Code of Jewish Law Yoreh Deah 240:5)
Chag Purim Sameach,
Mordechai
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