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Anonymous
Hi all, I'm currently working, earning about 4.5k a month after CPF. I'm married with a kid. Recently, my parents keep asking me for money, and I've been acceding to their requests. However, a part of me feels that this money should be going towards my child, instead of my parents. On the other hand, filial piety is important to me, and I feel guilty if I don't give my parents the requested funds. My partner is also chipping in, and I feel bad bc his parents don't do this. Any advice?
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Pang Zhe Liang
06 Mar 2020
Lead of Research & Solutions at Havend Pte Ltd
Firstly, you should spend quality time with your parents and find out the reason why they are asking this money from you. For instance, it could be for an emergency, to supplement their living needs, or merely to seek your attention. As a result, the only way to find out is to have an open conversation with them - spend more time listening than to talk.
Next, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-pers...
Thereafter, set aside a budget that is for your parents, as well as for your child. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly...
On the whole, I totally agree that filial piety will stay with us for the rest of our life. Therefore, spend quality time to talk with your parents. Thereafter, have a complete understanding on your cashflow and to create a budget that doesn't stretch yourself beyond your limit.
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Hariz Arthur Maloy
06 Mar 2020
Independent Financial Advisor at Promiseland Independent
I think clear communication should always be the priority of any family conversation.
Are they aski...
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If the amount is within my capabilities, I don’t mind to give them the money. But I will also look at what is the purpose they need the money, if its for gambling or drinking, I won’t give. But its for their basic necessities or travelling, I don’t mind to give as this is part of our responsibilities.