Anonymous
What is the best way to give my wife an allowance as a SAHM?
My wife will become a SAHM and I'm intending to give her an allowance of 2k/mth and I will take care of all the other expenses.
Is there a better way to give her the 2k instead of cash? Like hiring her as an employee and giving her a salary instead.
And after paying her own insurance, she is left with 1.2k each month. Any advice for on how she can maximize her 1.2k?
Thanks.
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Gerald Low
24 Aug 2020
Senior Financial Advisor at Manulife
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Hey there,
If you are a business owner, having her as an employee is a good idea. There are tax benefits for both of you. You can also consider helping her top up her CPF too. There are tax benefit and she can enjoy up to 5% guaranteed return.
Of course, these questions can only be better answered, knowing how your wife intends to spend the allowance and the kind of lifestyle she is having.
By using the right bank account and investment vehicle that suits her lifestyle, she will be able to maximise the 1.2K here.