Anonymous
How much money should a couple have before starting a family? Our combined monthly income is $6k (before CPF cries) as of now, so we are quite worried about our future finances. Any advice?
We both still have to support our parents in the future. I read online that raising a child through university needs about $670k. Feels like we will never be financially stable enough for one, much less two kids...
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Jayden
17 Aug 2020
Manager at Board
Hi Bro,
Definitely, the living expenses is high in Singapore. You should start saving immediately if thinking of starting a family. A 50 30 20 rule is quite managable. You can tune to your ability to even 30 20 50.
https://blog.seedly.sg/working-adults-allocate-...
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Hariz Arthur Maloy
14 Aug 2020
Independent Financial Advisor at Promiseland Independent
Here's my harsh approach.
If you're single and can't afford to save 60% of your income, you can't a...
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That really depends on individual, there are people married and having a kid with combined income of 5k or even lesser, they won't be able to afford luxuries, much lesser vacations, more home cooked food, no pricey atas private tuition or child care. Are you comfortable with that? If yes, you're already ready to start a family.