SG Budget Babe
Asked by Anonymous
Asked 5d ago
What is a good amount to give them? what's the percentage of your budget for this? what's the rationale behind it?
Top Contributor (Nov)
I started with 20% of my take home and have managed to keep it to that level so far.
Of course, I also supplement this by just outright buying the groceries once in a while, and also bringing them for a meal or two when I can.
Recently I'm starting to tinker with the idea of topping up my mom's RA as well, once she starts getting her CPF Life payouts, as she tends to keep my allowance in the bank which isn't really earning much. I do know that it's a one way trip for that, so I'm doing my maths on whether it's worth it, and if so, how much is a good amount.
I give 10% every month. This is just me. Why? 1st of all they are still working. They do not want to take it initially about 25% of my salary. My parents want me to do something else such as save to invest, save to buy houses and etc. But of cause when my parents are no longer working, i will be giving them more. It is always up to individual and very subjective.
The most important thing is, you must start to give. Must build this habit early.
I give them 10% of my monthly salary each! It really depends on how much you are comfortable with.
Dependso n your parents and the stage of life they are at. If they are working, it's likely that your allowance will be seen more as fillal piety over necessity. But if your parents are close to retiring or retired, then will be good to see how much you are comfortable in giving, without going into debt yourself! :)
I give about 15% of my take-home pay as I'm saving up for studies in the future and I don't wish to burden my parents with my future school fees. :)
As much as they need, and as much as you're comfortable giving :)
Evaluate your current expenses and loans, then speak to your parents and know what are their thoughts. Both of my parents are currently working and they dont see the need for me to give them monthly allowance. I typically bring them out for meals and pay for the monthly gorcery instead. This will also be subjected to change when the situation changes.
For me, it's 15% of my take home pay. I think % might not be the accurate assumption of what is the right amount to give as monthly allowance, as absolute figure would probably be better to measure.
I think if they are reaching 65, then it might be an idea to top up their CPF so it can fund their retirement with interest that's earned, which can be a decent proxy as well.
Around 10% of my salary. In additionally, I also help to lighten her burden by paying some of the bills at home.
I started off from 30% as a fresh grad, with the value increase but percentage decreasing as my pay increased (a bit). Currently I'm around 25%. I subsidise some of the grocery money too because I pack my own lunch to work. And some ad-hoc NTUC vouchers that I win here and there.
There isn't much rationale behind mine - my parents asked for that amount and I just suck thumb and give that amount lol
500 a month + 1 time lump sum contribution of 7k to mum's CPF retirement acc so that her future CPF payout will increase and I get a tax relief of 7k too. Win-win.
Top Contributor (Nov)
20% to 30% of my income, alongside with some variables, e.g. grocery, birthday red packet.
I treat my mother as my savings account. 😂
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