Planning for Parenthood: Managing Baby Expenses in Singapore Without Draining Your Savings

For how well-developed Singapore is compared to other neighboring countries, it is equally surprising that our nation has transformed into one of the most difficult places in the world to start a new family. Sure, the public systems are top-notch, the medical facilities are the best in Asia, and in general, the standard of living for the majority of the population has experienced a steady but predictable rise. That said, Singapore is expensive, and the estimated living costs for a single person, excluding rent, have exceeded S$1,490 per year.

Are you planning to start a family and do you also have to pay rent in a neighborhood like Katong? In that case, if your family is composed of four members, you will be expected to pay around S$5,500 per month in ongoing living expenses + let’s say around S$3,000 for rent, in a two-bedroom flat. That’s S$8,500 every month and considering that the average monthly income for full-time work in Singapore is S$5,500, you could face issues in keeping up with expenses. Moreover, if you want one of the parents to stay full-time with the children, this will become pretty much an impossibility.

Childcare fees in Singapore have become pretty much unmanageable for most families. Take, for example, childcare and preschool fees, which are now pretty much mandatory as both you and your spouse will need to continue with full-time work. For infant care, the fees for government-supported centers can reach as high as S$1,400 per month, while private preschool fees can expand beyond S$2,000. The Money-saving is rising. So, more and more families are starting to use loans as a viable option for extra monetary security.

Childcare fees in Singapore have reached values that are hard to manage for the vast majority of our country’s young families. Sure, fast and easy money saving tips for parents like storing your cash reserves in savings accounts are plentiful on the Internet. But the truth is, life in Singapore is now quite expensive and most likely, in order to provide your children with the right resources for predictable development, you will, at some point, require an extra helping hand. Our agency can provide you with the right financial tools for your loved one’s subjective financial requirements, and we are always here to answer your questions and reassure you of our professionalism.