facebookHow much $$ exactly does it cost to have kids? How much money should one prepare to set aside? If there's a range, that'll be great! - Seedly

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Anonymous

01 Apr 2022

āˆ™

Couple Finance

How much $$ exactly does it cost to have kids? How much money should one prepare to set aside? If there's a range, that'll be great!

Planning to settle down and have kids, is it possible to have kids based off an avg income e.g 3.2k? Can be more specific in the $$ to set aside so that we can know where to start:)

Discussion (4)

What are your thoughts?

Kent Toh

Kent Toh

09 May 2022

Consultant at Sprinklr

As always, it depends on how much you want to provide for the kids. How much you splurging for comfort, what brands and how sparingly you use. Do try to source hand-downs, you may not even need to buy any clothing. Buy milk/diapers in bulk. Milk powder can be as low as $100/6 tins/3 mth, Diaper $0.30/pc or $2/day. If you have family to help care the kids great - free, if not infantcare is the one unavoidable cost of maybe $400-$800 (depending subsidies). Assuming just looking at the short term of first 2 years, $10k is enough. Medical delivery govt can be $5K, newborn prep - $1-2k.

Speaking from experience on some of the basic items:

  • maternity packages (public hospitals) with checkup and delivery (~$6k), can covered fully with baby bonus grant
  • milk + daipers (buy during shopee/lazada sales only) (~$450 per month)
  • basic neccesities like clothes, toys and misc (~$100 per month)
  • childcare under gov subsidies (~$450 per month for working mom)
  • integrated hospitalization insurance with rider (~$80 per month)
  • endowment/investments for education fees (~$300 per month)

On top of those, you may also need. Then again, these numbers all depends on your lifestyle. Strongl...

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