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Anonymous

18 Nov 2020

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How much allowance do you give your parents?

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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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.

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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