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Tuesday, November 29, 2022
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FRESH GRAD’S PARENTS DEMAND 10% OF HIS ANNUAL SALARY AS THEIR ALLOWANCE

I’m lucky enough to get a decent job as a fresh graduate, however my parents demanded for 10% of my annual salary as their allowance.

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I feel that 10% is a bit too much since I’m only planning to spend 7.5% of my annual salary and I’m saving and investing the rest as part of my effort to get my own place in a few years while also starting my journey towards financial independence as well.

I’m not buying luxury goods, keeping up with the Joneses or anything of the like since I don’t really believe in materialistic possessions and I just want to start investing in property as soon as possible before interest rates on loans start to hike even further in a few years.

I definitely do acknowledge that my parents have played a big role in providing a stable home for me to succeed and I’ll likely still be staying with them for another few years before I get my own place so I was thinking that 5% would be a fair number, in addition to picking up small stuff like utilities, mobile plans, and the like.

Additionally, my parents do decently for themselves and have sufficient money for retirement. They don’t have any debt and it’s more of a token of appreciation for raising me up for all these years.

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How did you navigate this situation of giving allowance for your own parents? Am I wrong for not wanting to contribute 10% back to them?

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