Mum’s retrenchment leaves Singaporean worried about supporting her while saving for his own family

SINGAPORE: When a parent suddenly loses their job, the financial impact can extend to the rest of the family too. For adult children, it can mean stepping in to help at a time when they are also trying to plan their own futures.

One Singaporean man is now facing that situation after his mother was retrenched.

In a post on the r/asksg forum on Thursday (Aug 20), the man said his mother had lost her job after her company began going through a merger.

According to him, his mother had planned to rent out her home to bring in some passive income, but he does not think this will be enough for her to get by. She also has no savings to fall back on, he said.

The man wrote he was more than willing to help his mother. Still, he admitted that the sudden responsibility had left him feeling overwhelmed, especially since he is also preparing for some major milestones of his own.

“I plan to get married and have kids soon, so when she broke the news to me, I was rather shocked and started hiccuping. I do have some savings for her, but it is not much; it can only last for 4 months at the most,” he said.

This is the first time he has had to financially support a parent, so he is now trying to figure out what he should do before his savings run low.

“This is my first time supporting someone. I wonder what else I should do to prepare for this small transition in my life. I’m trying to save more. I have set aside a small savings for my future family and for my parent, with my middle income. Is there anything else I can do better?” he asked.

‘You can draw a line with a budget set aside per month if needed’

In the comments, many felt the son should first let his mum explore other ways to support herself, such as renting out a room, rather than immediately taking on the full financial burden himself.

One of the top comments pointed out that renting out a room could bring in a decent amount each month.

“If she rents out a room, these days it can be between S$800 and S$1300. If she is healthy, get her to do some part-time work, like cleaning at childcare. Don’t try to hard-carry them. Not sure your circumstances, but if they cannot save, it can signal bigger issues.”

Another pointed out, “Room rental can cost S$1k per month easily. Is S$33 a day not enough for a retiree? Occasionally got a GST voucher, COL voucher, etc.”

Others suggested that the son should first sit down with his mum and get a clearer picture of her finances.

One wrote, “If she got retrenched, was there a payout? How old is she, and what’s her CPF situation like? Is she willing to go back to work? It’s important to sit down with her and get a complete understanding of her finances and her plans. Once you have more info, have a conversation with your fiancé. Hopefully you are both on the same page on support for parents.”

Another added, “Your parents spent their lives raising you with their money. I don’t think there’s anything wrong with supporting them back now. You can draw a line with a budget set aside per month if needed, and she’s your mom after all.”

In other news, a Singaporean has turned to Reddit to complain about what she feels is an increasingly aggressive tipping culture in the city-state, something once far more commonly associated with the West.

Posting on the r/singapore subreddit on Monday (Aug 17), the local asked: “Is tipping culture getting a bit ridiculous? What is wrong with some restaurants these days?”

Read more: Singaporean questions tipping culture after restaurant app pre-selects tip on S$111.51 bill