Asked 3w ago
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.
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.
Hi Anon, I think this is a great question! I personally feel it varies from individuals. I wouldn't put a number on it as different individuals are in different phases of life and that would affect their "priorities" and "spending power". For example someone who just started working full-time, their take home will greatly differ from someone who has been working for years. Their take home would have been different as well as they would have been more stable and will probably (not to assume) be able to offer more.
I personally just started out my full-time and am planning for a 5-10% of it for my mom. With that aside, I've recently shared some financial knowledge with her and got her onboard a Robo-Advisor platform for long-term investment which would help her in the years to come.
Apart from monetary-aspects, I would also say for parents, monthly allowance isn't the most important factor. Their form of "currency" would be our time as children, spent with them. Bringing them out for a meal, or even a simple stay home over the weekends would bring them more happiness than the allowance we provide.
Hope it helps! Just my humble 2 cents anyway! Cheers! :)
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.
16% before CPF deduction
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