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Anonymous
The costs of education seem to always be increasing, so what do you think is a good amount to set aside for your child's education? (all the way up to university)
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Cedric Jamie Soh
24 Dec 2019
Director at Seniorcare.com.sg
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Depends if you're paying for your child's university? I have no intention to pay for said future/imaginary child's education so I guess it'll just be the regular allowance and maybe a bit more for hostel living. I find paying for education yourself helps you to take more responsibility on your choices and that fosters a more responsible person and they do not take it for granted.
I took a cpf education loan from my parents, and paid my own way (13k) for exchange via part time work and a 10k loan from the school. My parentsprovided me an allowance and paid my hostel fees.
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https://blog.seedly.sg/cost-raise-child-singapo...
Seedy did an article covering how much it cost to raise a child. You can refer to this to look through the expenses at each life stage and save accordingly
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I saved 10% of my income aside for them. That's for me. The most expensive part is during College and Unis. Other than that, still manageable.
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I think a safe amount would be about 150k?...
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I am not exactly saving for children education, but more of a big lump sum in the future if he
needs a big expensive university education
or if he doesn't need, he may use the money for a business
or for his wedding and his other family commitments
I will say save 5 to 10% of your income for this future is a guideline.