When you think about the baby budget, a little bit of panic is normal as the cost of raising a child in Singapore is “not a piece of cake”. You have to set a long-term saving plan for your child’s future but also keep in mind that setting a long-term savings goal is one thing and achieving it is another – A truth about which no one can tell you but every new parent must know especially if you are job-oriented and have a limited source of income.
You can also talk to any working parent. They will definitely tell you that childcare is very costly. But even they might not realize the exact cost. So it is good to will keep your finances in flux for years to come.
Here are the top five practical ways to save on childcare costs. Just have a look!
- Browse All Your Available Options
Usually, parents think that the branded and the costly childcare products are always the best but it is not right. The highest priced care is not necessarily the best. As in branded stores, all the price of marketing and advertising is calculated in the cost. So, it is good to find a locally owned, independent childcare center who offers more personalized service for less. You can also look into options offered by local churches and daycare centers run out of private homes. Be sure whichever option you choose is licensed by your state.
- Nanny Share is Not a Bad Idea
Hiring a full-time nanny may be an extra financial burden on you. You have to pay anywhere between $2,100 to $5,000 per 28 days for a full-time nanny who basically lives at your home. undoubtedly, it is very expensive but If you share the cost with one or more other families then it becomes much more accessible. Sharing a full- or part-time nanny is not a bad idea if you have friends or family with children around the same ages as yours.
- Do Some Extra Work
Apart from your job, do some extra work on weekends to earn some more money. Adjust your schedule and ask your employer to allow you to work from home on weekends or in public holidays. It might not seem like much, but by doing overtime you’ll make more money.
- Don’t Forget the AXA Early Saver Plus Plan
AXA Early Saver Plus is a participating endowment plan that offers you a guaranteed return of up to 1.57% per annum. This plan offers protection coverage at a minimum of 101% of the total premiums you have invested.
- Think Outside the Day Care
If you need childcare coverage for your kid who is studying in elementary school then think twice or before you commit to using pricey daycare to fill the gaps, look into whether your child’s school district offers before- and after-school programs. As many local parks departments offer the same kind of services. You can also find a responsible teen for in-home babysitting until you get home from work. Your child will be able to get home much sooner to start on homework or chores and you’ll get to come straight home from work.