How much should you budget for your kid in Singapore as they grow up and what strategies do you adopt? Save or invest their money pool? - Seedly
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Anonymous

Asked on 24 Apr 2019

How much should you budget for your kid in Singapore as they grow up and what strategies do you adopt? Save or invest their money pool?

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Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered on 18 May 2020

Hi there!

personally I chose to top up my child’s CDA fund so as to benefit from the dollar-for-dollar matching from the government.

next I intend to look into endowment saving plans for him. Endowment plans don’t yield that much profit, so they yield more than saving accounts and their guaranteed cash components offer peace of mind.

probably will then buy ETFs or even shares for him. If your child is still young, you have a long investment horizon, so you can afford to wait and cash in when the time is ripe

there’s a similar thread here with some good insights: https://seedly.sg/questions/do-you-start-saving-or-invest-for-your-child-tertiary-university-education

dont forget to plan for your own retirement too!

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Personally I feel that it depends on how much you are able to save per month. If the amount is substantial and you can afford some form of risk, then probably investment would be a good option for you. Then again it’s really based on the individual profiles. :)

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