Becoming a parent brings great joy but also great responsibility
Becoming a parent brings great joy but also great responsibility. At first, the demands and costs of raising a child can seem overwhelming. However, a little forward planning can ease the way, enabling you to offer your new addition the very best.
Tips & advice
Make sure you’re completely comfortable with your childcare choices
The importance of early childhood development is widely recognised. That means choosing the right child care for your young children is vital. Here in Singapore, we are lucky to have a range of excellent childcare options, including live in help. When it’s time to choose a pre-school, do your research to find one that suits you. Things to consider include location, facilities, philosophy, curriculum, child-to-teacher ratio and cost.
Start thinking about university now
University days will be here before you know it. Your kids may choose between studying in Singapore or joining the almost 300,000 Singaporean students studying overseas. Although Singapore universities are well regarded by potential employers, many students opt to travel for a wider range of courses or to gain overseas experience and access new opportunities. Local tuition fees vary widely between institutions and courses. At the NUS for example, current fees range from around S$14,000 up to around S$40,000 for courses such as medicine and dentistry. Meanwhile an overseas education can cost hundreds of thousands. Either way, it pays to start a savings or investment plan for your child now so your kids have the option later.
Financial planning for new parents
We’re living longer, and with rising daily costs, it is high time to really think about how much we should save, and how to save. Putting some money aside in an account that generates returns is prudent financial planning as new parents, but to truly build your wealth, you may also want to consider investing a portion of your money at the same time. With your investment working doubly hard for you, you can rest easy knowing that whatever dreams or goals you have for your child for the future, you’ll be able to meet them head on.
Don’t forget to look after yourself
Looking after your family begins with looking after yourself. Make sure you’re following a healthy lifestyle, including diet, rest and exercise, and getting regular medical checks. Your efforts will help keep you young, fit and healthy for years to come. Moreover, with a new baby depending on you, it’s important to plan for the unexpected. As a new parent, take a close look at what protection you have in place and make it a priority to top up your coverage. If the worst happens, you need to be confident your family will be well cared for.