Anonymous

30 Dec 2019

∙

Hello, both of my parents are not working, typically how many % of income does one set aside for parents?

What's a good gauge to have for this? What other considerations are there when considering how much to set aside?

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Leslie Koh

30 Dec 2019

Associate Financial Services Manager at Prudential Assurance Company Singapore

I would suggest 20% as the max.

The minimum should be an amount that covers the monthly family expenses, while the remaining can be set aside as an emergency fund for them.

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Pang Zhe Liang

29 Dec 2019

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Firstly, 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...

Next, understand the situation in the household - how much money is required to run the family every month? E.g. utility, bills, grocery

From there, evaluate your affordability. For a general guideline, it will be about 10% to 20% of your income. At the same time, talk to your parents to understand their needs and work out a number that works for both parties. At the end of the day, there is no perfect number to give.

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Aaron Tan

28 Dec 2019

I would say 15% is a good portion.

But will need to be adjusted accordingly to needs and situation ...

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