For most people, starting a family is a momentous event in their life. It can be easy to get so excited about the joys of having a child that you overlook the practicalities involved with having a family.
Even if you’re emotionally ready for parenthood, it’s important to assess if you’re ready for the financial ramifications of a growing family. To answer this question, the important thing to know is the cost of raising a child in Singapore.
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According to estimates, it costs at least $670,000 to raise a child in Singapore in 2019. That is a hefty financial responsibility and it’s important to start off on a sound financial footing if you’re planning to have children.
Having a financial plan can help you navigate the challenge of handling the costs of parenthood. So before taking the plunge, here are some questions to ask yourself to help evaluate if you’re financially ready to have a child: