I think its good to save a lot while your parents are still working and able to support themselves. Mine are retired but have put aside a nest egg for themselves by downgrading their property. I am 28 now. I give my parents roughly 10% of my gross monthly and save roughly 60% excluding CPF. As for the rest, I spend about 800 on grab/taxi, 600 on food, and 250 on utilities (which includes my parents' bills), and around 1500 on discretionary spending (including travel).

It is good to save up for a rainy day. Covid is a difficult situation for all. I got a pay freeze this year but consider myself lucky as many of my peers had pay cuts or were even laid off. It is also good to consider your mid to long term goals when considering how much to save/invest. Personally, I am looking to buy a house within the next 2 years and so am keeping my savings in cash/govt bonds as I don't want my plans derailed by a market crash. Thereafter I plan to use 30% of my income to purchase ETFs for the long term, up to retirement.