Asked by Anonymous
Asked on 13 Aug 2019
What's an acceptable amount/percentage? Please share your salary and allowance amount.
I used to gave my mom every month $500-$800 cash and pay her phone bills and some other bills. She has a full time job and long story short, I found out that she’s not been saving up the money I gave to her and instead spending on unnecessary stuffs. Now I stop giving her the cash and instead I use the money to top up her Special Account. Calculate how much more to hit the minimum sum when she retire and top up every month accordingly. I told her I will start to give her cash again when her CPF start paying out the monthly Retirement Sum. This way you don’t need to worry she anyhow spend and no money to retire, all burden falls on you.
I thought I was the only one who worries about parents spending unnecessarily! Interesting to see other people sharing the same concerns.
For example, my mum deems weekly manicures and pedicures necessary O_O
As such, I look to directly pay for food (stuff in the fridge), essential toiletries like soap and shampoo, as well as big-ticket expenses like mattresses, curtains, washing machine etc.
I give 20% monthly of my takehome pay. (after CPF)
But I don't think there should be a benchmark? You give what you can :)
I think as children, it is the simplest we can do to contribute back to our parents who brought us up.
About 15-20% too but I try not to give them in cash unless they specifically asked for it because they will spend it on unnecessary stuff like gambling 4D/TOTO and changing tap/door lock which is totally working fine?? etc.
I would rather pay for all their shopping, grocery, insurance, bills and meals.
The allowance for my parents is split into few portions:
I credit a fixed allowance of $150 per month for offsetting some giro deduction expenses and give cash as & when needed.
I pay for the grocery purchases made with the supplementary credit card
I pay for the internet + mobile lines + insurance instalments
Generally $600 - $800 per month, which is approx 20 - 25%?
Depending on individual's income and expenses, someone's 10% maybe equivalent to your 20% or vice versa, so it's really hard to judge, based on a percentage against your salary or an amount, if it's an acceptable amount to give. Also, some parents spend less and some spend more, do they spend more on needs or want? How much is enough? It's hard to define.
I feel that most importantly, you need to be comfortable with the amount to give and try cover your parents' basic expenses or at least major expenses? You can do some simple calculation to work out your expenses and maybe talk to your parents to know how much allowance they would like to have, and see if it's within your means/budget. Should you have problem giving the amount they prefer, communicate and I believe they will understand.
I give about 15% of my salary to my parents.
It really depends on you. There is no need to follow any benchmarks! If you think your parents need more, then give more.
In 2007 when I graduated from NTU, I gave $800. That time, my monthly salary was $3000. Additional will be given for them when people "pass away for white gold, wedding angbao or their medical expenses"
The annual increment for the allowance at 3.5% per year. and an additional 1-month allowance for their CNY.
I gave my parents 15%, because I am their retirement plan sadly.
Can't negotiate less. But if you can we encourage to give about 10% of take home pay. That is easy and not taxing on your own savings and investment.
I give 10%. Not high income earner.