Tuesday 14 February 2023

[Post 209] How Much Should You Give Your Parent Every Month?

As a new graduate(Like me!), it can be overwhelming to balance your own financial needs with supporting your family. One question that may come to mind is what percentage of your salary should be given to your parents.

This is a difficult question to answer since it is difficult to strike the correct balance between taking care of your personal financial requirements and helping your family. 

Before determining this amount, it's crucial to make sure you have enough money for your own necessities such as housing, food, and transportation. You don't want to compromise your own financial stability by giving too much to your parents.

Once your own finances are secure, you can consider how much you can afford to give to your parents. While there is no definite answer, some experts suggest giving anywhere from 10-20% of your pay. This amount can vary based on your financial situation and the needs of your parents. 

If they are facing financial difficulties, you may want to give more, and if they are in a stable financial position, you may be able to give less.

Having an open and honest conversation with your parents is important in determining the right amount to give. It's also recommended to set clear expectations about the use of the money to make sure everyone is on the same page.

Personally ,I am currently giving about 10-20% of my pay after CPF deduction to both parents,which is quite close to my monthly budget.As for my pay range, let's just say it's around $3,000 to $4,000 a month 😉

In conclusion, the answer to how much of your pay should be given to your parents is not set in stone. By taking care of your own finances and communicating with your parents, you can find the right balance that works for everyone. The most important thing is to prioritize your own financial stability while still supporting your family.

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