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Parenting

Is having a child an expense or investment?

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Parenting

Savings

I'll save 5% of my income for their future education needs. I'll have a portion of variable return and guaranteed return. It's important to also make sure parents are sufficiently insured, kids also should consider getting some early Critical illness cover. Abuse all Govt initiatives like the CDA as well.

Parenting

Singapore educational level is high and the syllabum is not easy, MOE kept putting harder stuff and expect P3 to do P5 stuff. So if your kid had difficulties keeping up, may need to consider getting some help. Seedly has a perfect post for this: https://blog.seedly.sg/tuition-rate-compilation-how-much-it-cost/ More here : http://singaporeschild.com.sg/heres-the-average-cost-of-tuition-in-singapore/ and https://www.singsaver.com.sg/blog/tuition-centres-vs-private-tutors-in-singapore-costs All the best and remmeber don't over do it, balance is key as kids is still kid and childhood and play also makes it part of them when they grow up too. Happy Parenting! :)

Parenting

Investments

Richard Woon Tian Jun
Richard Woon Tian Jun
Level 6. Master
Updated on 26 Mar 2019
For me it was John C Bogle, the father of Index Funding (may he rest in peace). I think I chanced upon his book as I was looking for financial books to read to start me on my investment journey in the university library which didn't look too boring to me and was quite easy to digest. His wisdom is simplistic and easy to follow, yet quite profound at the same time - why look to buy a winning stock and fail most of the time, when you can just buy the whole market and win together with the economy? Of course, I am simplifying things, but he truly set me on a path to understanding more about how the markets work, and the difficulties of trying to win it. (doesn't stop me from trying my best to do so though!) The book was called "the little book of common sense investing" which I still remember very vividly till today.

Parenting

Lifestyle

AMA SG Budget Babe

Investments

First...you will have to understand: - How long do you want to stay invested? - When do you see yourself liquidating/surrendering/cashing out your investment? Endowments and ILPs might be other avenues for you to consider other than Regular Saving Plans from banks. Actions leads to reactions/consequences. Choices arise from the knowledge you have and thus, making the best decision with its consequences something you can bear.

Education

Lifestyle

Parenting

Savings

hi Maybe you can look at how much does it cost for the potential program you want to enrol them in, and work backwards to be realistic. Otherwise, we won't know if $500 is sufficient and we also won't know how long do we need to save / invest to be just in time for the usage of the fund. Read: https://www.theonlinecitizen.com/2018/05/24/child-education-in-singapore-how-much-it-really-costs-and-how-to-save-on-it/ and https://www.valuechampion.sg/2018/05/child-education-singapore-how-much-it-really-costs-and-how-save-it To find out more on the potential total cost requires and then you can ask the community on how much to save, how long to save and to save / invest in what tools to achieve your target in time :) Cheers

Resale HDB

HDB BTO

Family

Parenting

Siti Putri
Siti Putri
Level 5. Genius
Answered on 02 Nov 2018
It is not about "better" per se but your eligibility and affordability. You can only buy BTO if your spouse is a SPR and you are a SG citizen if not forget about it not eligible. For resale, your spouse must be at least on LTVP pass but cannot be a co-owner but just a legal occupier status in the paperwork. Any other pass like EP/WP/Spass not applicable. Of course if you are above 35 years and can afford it can just buy solo. Your spouse can form the family nucleus if needed. If you are not SG citizen but SPR you cannot buy a resale HDB until after 3-5 years SPR issued.

Lifestyle

Parenting

Investments

Family

Savings

Yixiong Chang
Yixiong Chang
Level 5. Genius
Answered on 30 Oct 2018
It really depends. 2% is good but there are better options to consider. For reference (risk free investment), the singapore saving bond give an average of 2.05% for 3years, and 2.48% for 10years holding period. If you would like to consider retirement planning, topping up CPF special account gives guaranteed 4% return plus additional 1% up to a certain limit. In additional u will get tax relief for the topped up amount. Eg. if your taxable income is $40k, every dollar above is taxed at 7%. If your taxable income is $80, is taxed at 11.5%. Thus if u topped up $1000, u get $1000 tax relief, saving 7% or 11.5% of $1000 which would have paid as tax. On top of earning 4% interest on your $1000. In short, if u do not intend to utilise the money u put into CDA within 3years, it might be better to repurpose your cash.

Healthcare

Parenting

Lifestyle

Marriage

Family

Congratulations! :): For cash back with no caps, go for Amex True Cashback card. https://www.americanexpress.com/sg/content/true-cashback-card/?sourcecode=A0000EUPTJ&cpid=100301242&veid=sI3ZX35Kd%7cdcpcrid278583159244plidkwordamerican%20expressmatchepgrid35256418218ptaidkwd-19866590slidu5JGN5Av&gclid=EAIaIQobChMItOqpjnc3QIVFwSRCh2K9AHREAAYASACEgLpzfDBwE&gclsrc=aw.ds just nice, your medical / health expenses can be charge using the first 6 months, get 3% cash back, up to 5k. Hence you charge 5k to this card and get $150 for the first 6 month. Subsequent fee , you can charge $700 (min spending) with BOC family visa card, spend on medical / healthcare fee to get 5% cap at $40. So you can spend $800 to get $40 cash back. http://www.bankofchina.com/sg/bcservice/bc1/201605/t20160503_6891836.html T&C at: http://pic.bankofchina.com/bocappd/singapore/201803/P020180327710875490784.pdf With above 5k + $800 gets $150 + 40 = $190. Any other expenses you can continue to charge on the Amex True Cashback card since it has no caps and get 1.5% cash back. Alternatively you can charge also on Standard Chartered Unlimited Cash back card which gives also 1.5% cash back with no caps and other string of benefits. :) That should cover most of your hospital / healthcare spendings. Happy Parenting! :)

Parenting

Lifestyle

AMA SG Budget Babe

Dawn Fiona
Dawn Fiona
Level 5. Genius
Updated on 07 Jun 2019
To never look at price but to consider value. To make him think and spend in terms of utility. That money is a means to an end but it isn't everything either.

Lifestyle

Parenting

Bank Account

AMA SG Budget Babe

Dawn Fiona
Dawn Fiona
Level 5. Genius
Answered on 14 Aug 2018
Frankly speaking, havent budgeted yet cos I haven't researched enough to know what to expect! I'm already overwhelmed by all the prenatal and first few months stuff (breastfeeding, baby essentials, baby insurance, etc). Also depends on the baby right? Healthy babies with less sensitive skin or fussy feeding preferences = cheaper costs. Our baby isn't out yet so we dunno, and it is hard to budget accurately when we don't know how he's like yet. But we've budgeted $20k for the baby's first year, hopefully it'll be enough! I'll write more on this topic as I research and go along. Becoming a mom is still very new to me! I'll love to hear advice from fellow moms who have already been through it!
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