It’s summer. The squad’s headed out of town, away from Manila’s busy streets and off to a beach for some sun and stress relief. Some are also off to other countries or to the cold regions like Sagada, exploring places they’ve never visited before, taking the opportunity to fill their Instagram feed with #OOTD shots that bring out their inner model.
But amidst all those plans, are you forgetting something?
There are two kinds of Manillennials: those who still live with their parents, and those who have moved out, planning to make their own mark in the world. Regardless of your living condition, however, you should not be forgetting about that portion of your monthly income that should be going to your parents.
So, how much should you be giving to them?
There’s no set amount or percentage of your salary that should go to them. After all, the salary of Millennials ranges from the basic to the (inhales) unreachable. But did you know that you’re earning less than what your parents would have been earning at your age? To determine a comfortable amount that won’t leave you crippled until your next paycheck, consider the following:
Do you have to spend on your accommodation?
Those living on their own and paying rent would have to prioritize this, because one missed rent may mean bank fees (if you’re paying via post-dated checks) or a bad reputation as a renter. If you’re not paying for rent, however, you can give your parents the equivalent of rent as a “thank you” for them letting you stay in their house for ~*free*~.
Is affordable food accessible to your office?
One of the downsides of working in central business districts is the price of food. This is one of the biggest expenses of Millennials, especially if you account for all those times you hang out at coffee shops or meet up with friends after work. Have a set budget for this, to avoid overspending. If you can, pack your own lunch.
Are you paying for gas and a postpaid device?
Some Millennials are lucky enough to work in a company that pays for their transportation expenses and gives them an office phone. Those who aren’t as lucky should try to cut back on these expenses to have a little more to give to the ‘rents.
Do you have an emergency fund?
Yes, your HMO may be covering most of your medical expenses, but what if a different kind of emergency happens? You need to have some money for the unknown. Never forget to save every month. You may give the same amount to your parents, provided that it doesn’t leave you with less than half your current salary.
Are you paying for your own utility bills?
This often comes with renting your own place, but if you’re living at home, the least you can do is to pay for your family’s utility bills. It’s a monthly obligation that won’t take too much of your salary, but your parents will appreciate the effort.
Do you have a stable job?
It would be impossible to give your parents anything if you don’t have a stable job yourself. Are you close to quitting a toxic environment? If so, you need a cushion–an amount equal to 2-3 months of your salary–to get you by until you find a new one. If this is the situation, you may tell your parents that you will need a raincheck on your obligations to them. They might even help you by offering some advice on finding a new and better job!
Parents know that you have your own expenses. Though some of them may comment on your lifestyle or ask that you take care of your younger sibling’s monthly allowance, they will understand if you can’t tackle all the expenses right now. Whatever you can give, they will appreciate, for sure.