Sunday, September 23, 2012

Should you give an allowance to your parents?


There's an article recently published in the "Sunday Times" which debates whether working children should give part of their allowances to parents as a form and gesture of appreciation and respect. This, of course, is debatable and it varies from one family and culture to another.

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From the interviews of some of the working adults in the articles, we know that some do give part of their salary received every month to their parents as a form of respect while some do not practice this. Those that do not give their parents any allowances argue that their parents have enough to support themselves hence they do not see the need to contribute.
 
I personally (and solely only my personal opinion) feel that if parents have sufficient income (or even earning higher income than yourself) to support themselves, then there is really not a need to give allowances to them. Of course, by not giving the money to them I don't mean spending it on booz, party, gambling or branded goods. What you can do with these money is to utilise it to either make downpayment for your house, investment on your financial planning or savings on your children's education. You get it.
 
My point is "respect" needs to be earned -- not simply by giving a fixed allowance to them every month but rather spending it on quality with your parents on weekends and treating them well. Fair enough, I don't give my parents any allowances unlike most of my colleagues which did so. But what I do contribute is spending quality times with my parents every weekends. We eat, laugh and tell stories together as a family. The smile within the heart is probably what they will rather desire more than simply receiving an allowances from their children.



3 comments:

  1. For those who want to give cash allowance, you do so and earn tax rebate at the same time - provided your parents are above 55 years old and have no money left in their CPF retirement account.
    If so, you can do an online top-up of around $200 a month to their CPF retirement account and they will receive it as cash in their bank account that is linked to their CPF. The top-up earns you a tax rebate (if you are paying income tax).
    The CPF online service to use is e-cashier. Choose "Top up receipient's RA under minimum sum" and use the NETS transfer mode to pay. Do NOT use the Credit Card payment method as there is admin fee that will wipe out your tax savings.

    ReplyDelete
  2. Give the tax savings to your parents - increase their allowance by the tax savings gained

    ReplyDelete

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