A Family Expense Account - Worth A Thought!

One of the best decisions I have made for my mom (my dad passed on a few years back) was to have get my siblings together to set up a Family Expense account just prior to me getting married 2 years back.

We proposed an amount that we are each comfortable to contribute monthly. The contributions are transferred into a joint account (in all the siblings' names) and used to pay for mom’s allowance, utilities, handphone bill, conservancy fees, etc.





For example,

Total contribution from the children : $1200.

And it is used to deduct:

Mom’s food allowance : $500
Utilities : $120
Handphone / Homephone bill : $50
Conservancy fees & other misc expenses :$80
Voluntary contribution to her Medisave account : $100
Insurance : $50


The remaining $300 then are saved up for rainy days, such as when mom fall sick, the money will be used for her doctor visits, etc.


To me, every family should have one such account. Things often turn ugly when the folks fall sick and children starts bickering over who should pay for their expenses, how much to pay, etc….

Of course, you’ll need someone trustworthy to manage this account…

Nevertheless, personally I think this is worth a serious thought.