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Anonymous
In the context of Singapore, How much allowance do you give your parents? You can share it in terms of the cash amount or a percentage of your salary also okay.
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Zac
03 Apr 2021
Noob at Idiots Invest
20% after cpf
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20% of my gross pay (including aws & bonus) to my mum ever since my first full time job, but I dont give her extra during cny or other special occasion. So my pay increase she get more, I get more bonus, she get more.
My logic: if I can pay 20% to CPF, why can't I give her the same.
Both my parents still working, so my mum just bank in the money in our joint account.
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Generally the amount should be based on how much you can afford to give and what your financial plans are.
I started off with 5% of my starting salary. Thereafter, I increased it based on the following:
-yearly increment goes to my parents
-if there's no, or very small, increment increase by $50
-for months with AWS/bonus, the amount will increase accordingly (1.5 months bonus means 2.5 of the normal amount will be given that month)
-any salary increase due to promotion / job change will increase the amount accordingly
I started off with only 5% as I was saving for wedding, house, ect. My goal is to be able to give $1000 per month within 10 years from starting work using the above criteria.
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Hi Anon, I think this is a great question! I personally feel it varies from individuals. I wouldn't ...
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