How Much Cost to Raise Child in Singapore 2023
Are children really so expensive to raise in Singapore? One of the things you might be considering right now if you’re expecting your first kid is obviously the cost of having and raising a child.
So, is raising a child in Singapore actually expensive? The answer is yes, in a nutshell. Do you want to know why and what the contributing factors of the high cost of raising a child in Singapore are? Then you should read this article!
Nevertheless, as many parents will confirm, no matter how costly and inevitably stressful it is to raise a kid, there is no price that can be placed on the delights of seeing your child grow up.
Be sure to finish reading this article if you’re starting a family so you don’t miss any important details.
How much to start a family in Singapore? – Cost to raise a child in Singapore
If you and your spouse are still trying to establish a family, family planning may be very difficult and stressful. We know that one of the things you are thinking about is the expense of raising a family, especially in Singapore.
Let’s start out by discussing how much it costs to establish a family in Singapore. According to a research on household budgets, a family of four with parents, a pre-teen, and a teenager requires at least $6,426 per month to maintain a basic quality of living.
However, a family of two with a single parent and a toddler or preschooler requires $3,218 per month. This is true regardless of whether you are a single parent, which is something we are very proud of.
The needs of single-parent and two-parent households, which were estimated to be $4,534, will be more than met by employees making the equivalent of the median pay from that era in 2020.
In the meanwhile, $2,906 per month is the average pay per working parent required to maintain the necessities of life.
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How Much Does It Cost To Raise A Toddler In Singapore
After a year, your infant can switch to dairy milk and solid foods instead of needing formula milk. Costs at this time often come mostly from child care and baby expenses.
Toddlers range in age from one to three years old, and virtually all parents are aware of how expensive raising a toddler can be when taking into account all of the many factors.
The following are the things you should consider about in order to comprehend and learn more about Singapore’s monthly cost of raising a toddler:
|Factors||Cost each month (SGD)|
|Baby food (till 2 years old)||$100|
|Meals (from 2 years old)||$200|
|Infant care (2 to 18 months)||$1,275|
|Childcare (till 4 years old)||$720|
|Pediatrician visits||$100 (per visit)|
|Total||$2,520 (pediatrician visits are excluded)|
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How much to Raise a Child in singapore? – Cost to raise a child in Singapore
Raising a child is, as well known, a very big responsibility you’ll ever carry for the rest of your life. But don’t get us wrong, having a child is of course, a huge blessing that every parent out there will ever receive.
So, if you’re ready to have a baby, check out the table below as we put together how much it will cost to raise a child in Singapore.
|Baby care (first year)||Ages 1 to 6||Ages 7 to 18|
|Infant formula (7 – 12 months)- $1,320|
Milk bottles & pacifier- $100
Infant care- $1,275/month
Baby carrier- $200
|MOE Kindergarten (ages 5 & 6)- $400/month|
Infant care (2 – 18 months)- $1,275/month
Pediatrician visits- $100/visit
Childcare (till age 4)- $720/month
Meals (from age 2)- $200/month
Baby food (till age 2)- $100/month
Pocket money – $100/month
Miscellaneous – $300/month
Family leisure and travel- $2,000/year
Electronic gadgets- $50/month
|Total: $13,620||Total: $65,850||Total: $121,000|
Overall, achild’s upbringing and further education in Singapore are projected to cost $289,520. Naturally, the expenditures will be much greater if you wish to send your child to study abroad.
Additional costs that have not been taken into account include insurance payments, child care after your child enters elementary school, yearly family vacations, and unexpected medical visits.
Depending on the lifestyle of your family, you could spend more or less than this anticipated amount of $289,520. But keeping this in mind will help you understand what to expect financially.
The cost of raising a child in Singapore has soared since 3 years ago as a result of the COVID-19 pandemic’s dramatic surge in inflation.
As of August 2022, some estimates place the average cost of raising a child in Singapore from birth to age 20 between $200,000 and $1,000,000.
What is the largest cost when raising a child? – Cost to raise a child in Singapore
As you can see from the table we’ve discussed, the most expensive aspects of having a child in Singapore are infant care, pediatric visits, infant formula, tuition fees, and other necessities like bottles, diapers, and clothing.
Expect high expenditures when raising a child because this is the time when there will be a lot of pediatric appointments. In addition, you will be required to enroll your child in school, enrichment programs, and other extracurricular activities.
Having kids is indeed an expensive responsibility. But, if you’re genuinely committed to starting a family and becoming pregnant, raising a child won’t simply be about the pricey stuff you’ll buy for them.
You should initially be aware of this sort of information while raising a child, such as the primary costs you should take into account.
As you have looked at all the tables that we have covered above, you will now realize that there are actually a lot of factors and things that you will be considering while raising a child, better understanding why it is so expensive to have a child, particularly here in Singapore.
Does the Government pay you to have kids in Singapore? – Cost to raise a child in Singapore
Since the COVID-19 epidemic began, the government has started to provide prospective parents with a one-time payment. The inducement, according to the nation’s deputy prime minister, will soothe those who are under financial stress and concerned about their jobs.
This is in addition to the $7,330 incentive that couples are currently entitled to if they give birth in Singapore, a policy intended to stop the country’s declining birth rate.
This scheme, commonly referred to as the “baby bonus system,” provides your children with a monetary gift from the government starting on the day they are born.
Do you now have a better understanding of why raising a child is so expensive? You could be thinking to yourself right now, “Wow, my own parents raised me this well despite how expensive and difficult raising a child is.”
Life is short, so always cherish and value your parents. If you’re already intending to have a family and are starting to do so, we hope this article has been very helpful to you and has taught you more about having a child in Singapore, including the main costs.
We’re giving you our warmest wishes and luck!