Student
Primary to secondary school
The recommended approach to preparing for your child’s university education is to start investing as early as possible. By doing so, you can take advantage of time and compound growth to build up a substantial education fund.
However, not all parents may have enough set aside by the time their child is ready for university.
Fortunately, there are various government schemes and support programs that can help ease the financial burden of paying for tuition fees:
Post-Secondary Education Account (PSEA)
Post-Secondary Education Account (PSEA): Overview | MOECPF Education Loan scheme
CPFB | What is the CPF Education Loan Scheme?MOE Tuition Fee Loan
Borrow up to 90% of your tuition fees.
Tuition Fee Loan | MOE
Click below to read the article for more details.
Enrolling children in enrichment classes has become the norm, with many parents willingly investing in these programs to provide their kids with additional learning opportunities and structured supervision after-school hours.
The following are the common after-school activities and their respective costs.
Student Care
A student care center can be a great place for children to be, as it provides many vital opportunities for children to hone their academic or holistics capabilities. Fees start from $200/mth and you can pay lesser for student cares that are MSF-registered. For private centres, student care can cost between $300 to $500 a month
Tuition
In Singapore, many attend tuition classes to keep up with the intense academic expectations.
Upper Primary: $60-$85/hr
Upper Secondary: $65 to $95/hr
JC: $100 to $130/hr
Hobbies
With all the focus on academics here, hobbies give kids a much-needed break from the pressure, letting them relax and do something they enjoy
Swimming: $100/mth for group sessions
Piano: $150 to $200/mth for group and individual lessons
Robotics: $45/hour for group sessions
Get a Hospitalisation Plan: Apply for an Integrated Shield Plan for your toddler.
Your life protection is their main protection – Upsize it:
Surprisingly, this is the next priority, rather than plans on the child’s own life or health. Just as how we cannot safeguard the unborn baby directly except by safeguarding the mother, your newborn child’s financial security depends mainly on how well you as parents are insured against loss of your income in case of death, serious illness or disability. The child has no income of his own for which to insure, but depends on yours. So, now that the baby’s here, you need to have more protection – for him or her.
Critical Illness Plans: This can be considered as a third priority, if budget allows.
Optional Steps
Teaching your child good money habits can set them up for financial success later in life. Here are some simple ways to start:
Set Savings Goals Help your child set savings goals for something they really want. Use a piggy bank or a clear jar, so they can see their progress as they save coins. This encourages the idea of delayed gratification and the rewards of saving. Additionally, you might explore opening a savings account for kids at a bank, which can teach them about managing money while earning interest on their savings. OCBC Mighty Savers Accounts – Children Bank & Savings Account Open My Account (Kids) with POSB
Give Them Chore Money Assign small chores and offer a small payment for completing them. This helps your child understand that money is earned and can foster a sense of responsibility.
Let Them Pay Start small by giving them $5 or $10 on a trip to the dollar store. Let them choose items, see the total, and use the money to pay. This hands-on experience teaches them about making choices and understanding the value of money.
By introducing these habits early, you can set your child on the path to a healthy financial future
In event of your untimely demise, if you have a newborn and do not write a will, the distribution of your assets will be determined by Singapore’s intestacy laws. This means that your estate may not be distributed according to your wishes, which can lead to potential disputes among family members.
Additionally, without a designated guardian in place, the court will decide who will care for your child, which may not align with your preferences.
Writing a will ensures that your wishes are clearly stated and provides protection for your loved ones.
Plan ahead with MoneyOwl’s End‑of‑Life and Estate Planning e-book to understand estate planning, secure your wishes, protect your loved ones, and make informed end‑of‑life decisions.
This e-book will help you to understand how to ensure your wishes are honoured and assets are distributed smoothly, using essential tools like wills, CPF nominations and trusts.
Get acquainted with the different government support schemes for parents.
Understand the types of insurance you and your child needs to be adequately protected.
Understand the steps needed to plan financially for your child’s education.
This e-book demonstrates how to optimise government grants, the types of insurance needed for adequate protection, how to grow your money so you can plan for your child’s education (and your retirement) as well as how to plan for all those big what-if scenarios.
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