Don’t let the high costs of bringing up your child overwhelm you. In Singapore, there are many enhanced subsidies that make the process more affordable. For starters, if your child is a Singaporean, he or she is eligible for a basic subsidy of up to S$600 per month for full-day infant care and S$300 per month for full-day childcare.
Families with working mothers holding gross monthly household incomes of S$12,000 or below are also eligible to tap into the Kindergarten Fee Assistance Scheme (KiFAS) to help defray their children’s kindergarten fees at any ECDA approved operators.
When it comes to shopping for your child, don’t splurge on expensive clothing, shoes or toys because your little one can grow out of them within months or weeks. Get comfortable with the idea of shopping pre-owned baby items or borrowing from friends or families who have older kids. There is really no shame in letting your child receive a couple of hand-me-downs as long as they are in good condition and serve their purpose.
Another great way to save on kids is to look out for restaurants that offer kids-eat-free deals. Hard Rock Café, Ikea, Sabio By The Sea, Morganfield’s, Pizza Hut, Paulaner Brahaus and Cafe Melba are some popular places that offer free meals for your little one. Be sure to do a little research on their terms and conditions before heading out because the free deals are usually set on specific days or time frames
Conclusion
Raising a child in Singapore may be expensive but no matter the cost, priority should be given to protecting his or her health and wellness right from the point of conception. If you’re a parent or parent-to-be, don’t overlook the importance of maternity insurance. The single premium term insurance not only protects both the mother and baby but also offers you peace of mind if the unexpected happens.
Text: Priscilla Lee/ValueChampion
