There is no doubt that having a baby is the greatest blessing of God. As countless hugs, kisses, and fun to look forward to throughout the years is just priceless but no one can ignore the responsibilities that come with the birth of your newborn baby. With the welcome of this new member in your family, your life will completely change. Your little bundle of joy is totally dependent on you for all his or her needs. You will not only have to devote your time but also have to invest enough money to ensure that your newborn baby is well cared for.
When deciding to have a baby, the first thing that you have to consider is your financial matters. As we all know that raising a child in Singapore costs much more than it used to a few decades ago. There is a huge difference between the amount of money pumped into your kid?s education once he or she starts schooling. It is good to understand what it costs to raise a child? It will help you to plan better and manage your finances while meeting the needs of your child at the same time.
Raising A Child In Singapore – Expenses To Consider
Until a child is completed his secondary school education, the average family spends $276,400 on raising a child but it is not the only expense. Here I am going to discuss various expenses which one has to consider when raising a child in Singapore. These include:
- Health Care
- Education
- Allowances and
- Other Expenses
Health care
As we all know that a kid will need to see a doctor frequently for check-ups or other ailments during the initial months. Private pediatricians will charge you about $200 a visit and the mandatory vaccinations will set you back about $1000 which makes a big hole in your pocket. So, it is a good idea to have your child covered under your health insurance policy. However, this will result in an increase in your insurance premiums.
Education
As time passes, education becomes very costly, parents can expect to pay about $2,136 for their kid?s basic school fees upon successful completion of their ?O? Levels. The cost of basic education for the first 16 years of your child?s life is largely subsidized by the Ministry Of Education (MOE). There are also some additional costs which exist such as tuition fees and enrichment classes.
Allowances
A weekly allowance is something that comes in hand in hand which covers the cost of meals at the school canteen, extracurricular activities and also transportation money for train and bus fares.
For primary school students, usually, parents give around $150 a month and for secondary school students, parents give around $250 per month. As children grow older, the amount will also increase. Some of the children receive a few hundreds of dollars from their parents per month for their usual expenses.
?Other Expenses
There are various things that come under the category of other expenses. It includes things like phone bills, getting a computer and buying clothes for your child. Parents can expect to spend up to $480 a year on phone bills, $1,500 on a computer and around $400 a year on clothes for their child.
For more information about the childcare cost or education cost, feel free to contact us.
There are various things that come under the category of other expenses. It includes things like phone bills, getting a computer and buying clothes for your child. Parents can expect to spend up to $480 a year on phone bills, $1,500 on a computer and around $400 a year on clothes for their child.
For more information about the childcare cost or education cost, feel free to contact us.
