Parenthood comes with much responsibilities. You have to care for your child's health and physical needs at every age, impart knowledge and good values, guide them through difficult situations, and, of course, plan for their futures. This may not be easy, especially when you are mired in your everyday life, working and planning for your own investment and retirement needs.
One important area you cannot ignore is to plan for your child’s future tertiary education. Studying in Singapore is not cheap, and many parents would need to proactively save towards it to be able to put their children through tertiary education.
According to a Straits Times report in 20161, the cost of each academic year in university is at least $8,000. Hence, a 4-year local degree programme would cost a minimum of $32,000. If you include living expenses such as accommodation, food, transport and allowance, this can easily sum up to $60,000 over a 4-year period.
But planning for your child’s education isn’t just as simple as trying to save toward the $60,000 mark. There are other crucial factors that you need to consider as well.