facebookHow much would you save for your child's education? - Seedly

Advertisement

Anonymous

24 Dec 2019

SeedlyAMA

How much would you save for your child's education?

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)

Discussion (12)

What are your thoughts?

Learn how to style your text

Cedric Jamie Soh

24 Dec 2019

Director at Seniorcare.com.sg

I am not exactly saving for children education, but more of a big lump sum in the future if he

  1. needs a big expensive university education

  2. or if he doesn't need, he may use the money for a business

  3. 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.

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.

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

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.

I think a safe amount would be about 150k?...

Write your thoughts

Advertisement