How much do you plan to save for a child?

Assuming that the cost for feeding and bringing the baby up is negligible from 0-12 years old. When s/he is from:

P5- Sec 4:

Tuition fees for 3 subjects and 1 enrichment = $50(per lesson) x 4 weeks x 9 months(the rest are term breaks) x 6 years

= $10,800

Sec 1- Sec 4 Allowances: $60/ week (cuz they want to hang out with their friends) x 52 weeks (1 year) x 4 = $12,480

JC/ Poly - Uni Allowances: $500/ month x 12 x 6 years = $36,000

Uni Tuition fees and exchange programme: $9,500/ year x 4 + $10,000 = $48,000

Total: $107,280 (low estimate)

If studying overseas:

Tuition fees: $40,000 x 4 years (with hons) = $160,000

Rent + Food + Misc: $1300 (low estimate) x 12 months x 4 = $62,400

Total overseas uni expenditure: $222,400

From the calculations, if the child is studying overseas, the amount will easily double or triple. So a handy rule of thumb for me is to save at least $300k per child so I can have some sort of safety net.

This amount really scares me but I really love kids and want to have 2 so I guess they’ll be my motivation to work harder.​​​

As a typical Asian culture, most would plan and want to save minimally at least for their university fees + allowance till then. With the uni options available, many do not save extra for overseas uni, however, many local uni these days have semester exchange programs as part of the experience and could be a additional significant cost as well.

This question is totally relatable to me as I'm embracing life as a married couple soon!

Anyway, going back to the main question. Personally, I did some independent research on this and turns out that as a couple we have to set aside approx. $50k/child to cover their study up to JC/poly/ITE. Uni is going to be another challenge but I guess its gonna be more expensive.

True it will be good if the child can manage to get a scholarship, but regardless we as a parent must do our own due diligence to cover them throughout their education journey.

Ditto comment by Freddy Toh, aside to fulfilling our responsibility as parents, we have to slowly guide them so as to differentiate between needs and wants which hopefully transition into financial awareness and curiosity.

Stay motivated!

I'd think providing them education for them to be able to 'fish' themselves is appropriate thing to do for any parents. Buying them house, car, etc. is extra if I have surplus :)

I calculated and planned ard $50k/child for local university, which I deemed enough. Overseas college would easily double this, which if one of my kids wants to pursue I'll fork out from my investment bucket.