Should working adults give their parents monthly allowances?

50-dollar notes

A very sensitive topic, huh?

But one that should be discussed.

After all, the journey into adulthood is not a walk in the park.

As you make your way into the working world and start earning your keep, it makes you wonder if you should provide financially for those who brought you into the world.

In our little red dot, there’s an unspoken expectation that working adults must provide monthly allowances for their parents.

But really must meh? Is there a right or wrong answer? Let’s see.

Cultural expectations around filial piety

In Singapore, there’s a deep-rooted expectation of filial piety.

It’s almost an incontestable social value here—especially in the older generations where they think their children must provide for them.

However, we’re now seeing new expectations among younger generations when it comes to filial piety. And IMO, there’s really nothing wrong with it.

At the end of the day, whether you prefer buying gifts, taking your parents out for weekly meals, or giving them monthly allowances, you do what’s best for you.

The financial realities of many young working adults today

Do you know that a study done by the Citi Foundation-SMU Financial Literacy Programme for Young Adults 2 years ago has shown that 1 in 3 young adults in Singapore are not confident in managing debt?

Many people in their 20s don’t think about budgeting and managing their finances, let alone helping out their parents with an allowance.

This lack of financial understanding can be attributed to a few factors.

For one, education hasn’t provided sufficient preparation for handling money.

Another is that these young adults have not taken the time to research and understand the complexities of budgeting and money management when heading out into the workforce.

It’s easy to assume that if you’ve got your first full-time job, you should be able to start helping out your parents immediately.

But it’s important to remember just how difficult that can be if you don’t know a thing about money management.

Have an open conversation about expectations

That said, knowing what your parents expect from you and understanding what you can afford are important aspects to consider. It’s difficult, no doubt, but it’s essential to reach a compromise.

If your parents’ expectations are out of line with what you can afford, there are options for bridging their expectations and the reality of your financial situation.

For instance, maybe you could suggest splitting costs like utility bills and groceries?

woman shopping at NTUC

Image Credits: straitstimes.com.sg

Or you could explore other solutions, like sending money once every 2 months or providing help in other ways such as running errands or helping with chores around the house.

The idea is to meet halfway, somewhere.

Set a budget you can afford for monthly allowances

If you can afford a monthly allowance for your parents, good.

But first things first, allocate budget percentages based on your expenses, savings, and debt (I hope it’s just a student’s debt ya).

This will help you determine the limit of how much you can spend each month by calculating your “take-home” after CPF deductions.

If your expenses are greater than your income, start by cutting down unnecessary spending or look for ways to make extra money.

You can also let your parents know that you will increase their allowance as your income grows.

Make compromises to find a solution that works for your family

Every family’s budget is different so I can’t tell you what you should or should not do.

And while you may feel obligated to give your parents a monthly allowance, sometimes it’s just not practical based on your current financial status.

But don’t worry—you can still come to an agreement that satisfies both sides.

Here are some tips:

  • If you have siblings, discuss among yourselves to share the responsibility of monthly allowances for your parents.
  • If you’re all working adults, talk about how much each one of you can contribute towards the financial welfare of the family.
  • For only-child cases, see if there are any items or bills that you can chip in and take away from the burden of your parents first.
Alternative ways to show gratitude to your parents

It doesn’t always have to be about money.

More so if your parents are still in the workforce, have a hand in investing, and earning more than you do.

There are other ways to show them you’re thankful to them for bringing you up. For instance, spending time together.

Make time to chat with them regularly or visit them in person if you’ve already moved out.

Taking the initiative to remember important dates like birthdays and anniversaries can be a way to express your love too.

Or you can organize bi-weekly dine-out dates with the old folks. Zi-char style; anything goes!

zi char dishes

Image Credits: asiaone.com

The decision to give a monthly allowance to your parents is a personal one. No “outsider” has the right to tell you what’s “right or “wrong”. So take time to decide if you can afford to give your parents a monthly allowance, and if it’s something you feel comfortable doing in the long run. If you can, it’s worth considering, but if you can’t, speak to your parents about it and find alternative ways to “make up” for it.

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FAQs about The Reserve Residences that’s launching on 27 May 2023

The River Residences main view

In this post, we will be exploring the most frequently asked questions about The Reserve Residences, an exceptional new development set to launch soon, on 27 May 2023.

We will look into the luxurious, unique features, and unparalleled amenities that await future residents.

Whether you’re a potential homeowner, investor, or simply curious about this property, this comprehensive guide will provide valuable insights into all that The Reserve Residences has to offer.

Ready? Let’s dive right in.

Where is it located?

The River Residences location

The Reserve Residences is located in District 21, along Jalan Anak Bukit, Singapore 589603.

What are the nearest MRT stations?

Beauty World and King Albert Park.

Where can I eat, shop, and exercise?
  • Bukit Timah Market & Food Centre is a 2-minute walk away.
  • The nearest shopping malls include Bukit Timah Plaza, KAP Mall, and Beauty World Centre (all within 6 minutes).
  • Rifle Range Nature Park offers walking paths and it’s a 9-minute walk away.
What are some schools nearby?

Preschools

  • WorkPlayz Montessori @ Upper Bukit Timah
  • Kanopy Forest Preschool
  • ChildFirst @ King Albert Park

Primary schools

  • Pei Hwa Presbyterian Primary School
  • Cambridge Primary School (DIMENSIONS)
  • Bukit Timah Primary School

Secondary schools

  • Methodist Girls’ School
  • Hillgrove Secondary School
  • Hwa Chong Institution (High School Section)

Higher institutions

  • National Junior College (9-minute drive)
  • Ngee Ann Polytechnic (5-minute drive)
  • Singapore University of Social Sciences (4-minute drive)
Who are the property developers?

Sino Group and Far East Organization.

What is the tenure and when is the TOP date?

The tenure is 99 years and the TOP date will be in 2028.

What are some of the facilities available?

The-Perch-Reading-Room

A world of leisure and social opportunities spanning 7 floors at this new development awaits you.

It features a 600-m jogging path, a designated area for your furry friends to frolic, open-air activity spaces, and lush gardens.

Gather with your loved ones in the cozy, communal dining pavilions and living areas designed to help you relax and re-energize.

At the heart of it all, you will find the Family Pool, seamlessly connecting the 50-m Lap Pool with an array of themed pools, creating a refreshing oasis for rejuvenation and togetherness.

What are the 4 distinct collections of The Reserve Residences?

The Reserve Residences

The River Residences

Experience luxurious living at The Reserve Residences, where the elegant residential towers rise majestically amidst verdant greenery and serene pools.

There are perfect 1- to 3-bedroom abodes designed to cater to your unique lifestyle preferences.

Each home encapsulates the spirit of a tropical sanctuary, bathed in an abundance of natural light and offering spacious layouts for modern living.

Plus, cleverly designed storage solutions ensure a clutter-free and harmonious environment for you to call home. Perfect.

Horizon

This exclusive Horizon collection features 3- to 4-bedroom residences, ideal for families and multi-generational living.

Boasting full-height windows, these homes showcase breathtaking panoramas of the sky and surrounding greenery.

Spacious living and dining areas provide the ideal setting for social events and festive occasions, making every moment truly memorable.

Selected units present unrivaled tranquil vistas of the neighboring Bukit Timah Nature Reserve and Rifle Range Nature Park.

Creekside

Creeskside

Creekside homes have 3 to 4 bedrooms, each featuring a balcony with invigorating views of the pool or lush greenery.

Nestled within a low-rise block, these homes are set apart from the main residential towers, lovely for folks who want a sense of seclusion.

For an added touch of luxury and discretion, selected residences come with a private lift so you can have a truly private living experience.

Treetops

Lastly at Treetops, picturesque vistas are exquisitely paired with sophisticated interiors, showcasing tasteful marble accents.

Revel in the grandiosity of the living spaces, boasting generous ceiling heights of up to 3.2 m.

Every residence in this distinguished collection offers either a private lift or direct access to the car park, providing an unparalleled level of convenience.

Can I have a brief breakdown of the floor plans?

The Reserve Residences

Unit Types Sqft Range
1-Bedroom 441 & 495 sqft
2-Bedroom 560 to 743 sqft
2-Bedroom + Study 721 to 807 sqft
3-Bedroom 883 to 1044 sqft
3-Bedroom + Study 1216 sqft

Horizon

Unit Types Sqft Range
3-Bedroom 1313 & 1324 sqft
4-Bedroom 1475 to 1744 sqft

Creekside

Unit Types Sqft Range
3-Bedroom 1119 to 1378 sqft
4-Bedroom 1894 & 2185 sqft

Treetops

Unit Types Sqft Range
4-Bedroom + Study 1991 & 2250 sqft
5-Bedroom 2336 to 3003 sqft
What is the cost per square foot (PSF)?

The estimated price is around $2,300 per square foot (PSF).

What is the price range?

Starting from $1,110,000.

Where’s the showroom?

The show flat’s located at 100A Upper Bukit Timah Road Singapore 589680.

And there we have it. I hope this blog post has shed light on the most frequently asked questions about The Reserve Residences, launching in a few days! As an outstanding development offering an unparalleled luxury lifestyle, it’s no wonder that interest in this property is on the rise. For those considering calling this exceptional place home, I trust that this post has provided some necessary insights to make an informed decision. Let me know if you want to see a similar post on Lentor Hills Residences? Till then, see ya!

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Standard Chartered launches the new Journey Credit Card and you can earn up to 3 miles per dollar

The ‘X Credit Card’ is rebranded to the new ‘Journey Credit Card’ with enhanced benefits

Are you ready to embark on an incredible journey? Look no further than the Standard Chartered Journey Credit Card, the ultimate companion for all your travel aspirations. Packed with fantastic benefits and unmatched rewards, this card will take you places you’ve only dreamed of. Let’s dive into the incredible features that make this card a must-have for avid travelers.

First and foremost, the Standard Chartered Journey Credit Card offers an amazing welcome gift of up to 45,000 miles for new cardmembers! Yes, you read that right—just for joining the Standard Chartered family, you’ll receive a generous welcome gift that will kickstart your travel goals in the most extraordinary way possible. Imagine the possibilities as you jet off to your dream destinations, all thanks to this exceptional welcome offer.

Here’s how can you pick up the bonus miles:

  • Up to 25,000 miles: Earn additional 5 miles per dollar from eligible spends within 30 days of card approval, capped at S$5,000
  • 10,000 miles: From annual fee payment of S$194.40
  • 10,000 miles: From S$5,000 eligible foreign currency spends

This limited-time offer is is valid until 30 June 2023. T&Cs apply.

But the journey doesn’t end there. With the Standard Chartered Journey Credit Card, you’ll earn up to 3 miles for every dollar spent, ensuring that every purchase you make brings you closer to your next adventure. This is the only card where you can earn 3 miles for every S$1 spent on online transactions from transportation, grocery and food delivery merchants. On top of that, you can earn 2 miles per S$1 for foreign spends and 1.2 miles for every S$1 spent locally.

Whether it’s booking flights, accommodation, dining at your favorite restaurants, or indulging in retail therapy, your spending will be rewarded with miles that can be redeemed for flights, hotel stays, and a variety of other travel experiences. With this card, every dollar spent is an opportunity to unlock remarkable rewards.

But that’s not all. The Standard Chartered Journey Credit Card comes with a host of other enticing benefits designed to enhance your travel experiences. Enjoy exclusive access to airport lounges, where you can relax and unwind before your flight. Take advantage of complimentary travel insurance that provides coverage for you and your loved ones, giving you peace of mind wherever you go. Additionally, the card offers attractive dining and lifestyle privileges, allowing you to enjoy discounts and special offers at a wide range of partner establishments.

Applying for the Standard Chartered Journey Credit Card is quick and easy. Simply fill out the online application form on SingSaver to get started. As part of an ongoing offer till 31 May 2023, you will also receive an additional $20 Cash via PayNow plus 1x ReboundTag, on top of the 45,000 miles!

For more information about the Journey Credit Card, click here.

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How a minimalist lifestyle can improve your finances

minimalist interior

I’m sure many of us like to “show off” to our friends, don’t we? That’s why our social media facades make us feel so good.

Some of us go to the extreme to buy branded stuff or take on debt to buy a luxury car, while some spend beyond our means to take on social media-approved vacations.

But eventually, you will realize it’s such a waste of money. Especially when the credit card bills arrive.

But all is not lost. If you would only make the right turn now, this—a minimalist lifestyle—can save you.

Buy less, save more

It’s a no-brainer, isn’t it? When you buy less, you save more.

In this way, you’re investing your money in important things and not in unimportant ones. Your hard-earned money can be used for what matters—like furthering your studies/skills upgrading and on essential things like rent and bills.

Declutter by selling used/unused items

If you’ve got clothes and items that you’ve never/lightly used, why not sell them to someone in need?

While you may not be able to “make money,” you’re sure to recoup some cash. 

With apps like Carousell, it’s easier to buy and sell online.

Some items can fetch quite a fair bit if it’s still in good condition but make sure your photos are flattering as well. I’ve personally sold a ton of stuff on Carousell in the past so I know it works.

Just remember to exercise caution when dealing with strangers since scams are on the rise everywhere.

Find fulfillment without extravagant purchases

The money spent to get that Chanel bag or that Rolex watch can be better used elsewhere.

chanel-flap-bag

Image Credits: fi.bestsales2023.com

Yes, they may look nice and “elevate” your social status but what for if you’re spending future money you’ve yet to earn?

Living with less can provide more focus and value to your possessions too. Also, reducing clutter and distractions can lead to better living.

Instead of buying things all the time, why don’t you concentrate on self-improvement? Invest more in yourself so you can keep up with the AI advancements and keep your job!

Or you can consider sharing your time, money, or skills with others in need. Mentoring or volunteering can bring you more inexpressible joy than any branded bag out there.

Financial freedom is within reach

Aren’t you tired of chasing pleasure and money? No one can stop you if you’re born rich but if you’re not, seeing the interest rolling alongside your debt is a real headache.

Financial freedom is within reach if you would only stop and break free from all this spending frenzy.

And you can do so via intentional spending. Put thorough thought into your purchases, and stop buying things for the sake of short-term pleasure. Spend only on things you need and are essential for day-to-day living.

Once you become more intentional with your money, you can free up your budget to pay off debt. That should be the 1st goal if you’re in debt.

In a nutshell, living a minimalist lifestyle could be a great way to help improve your financial situation. You can save money by focusing on buying only the items that you need without having to worry about maintaining a lifestyle that is beyond your means. I’m not asking you to go overboard with the minimalism though—you can start small and work your way up, even if it’s just removing a few luxury items from your wardrobe or streamlining your expenses. Any baby steps you take now will help you out in the long run, and you just might find yourself appreciating life more when all the extra “stuff” isn’t weighing you down.

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