SINGAPORE: A married couple took to an online forum to get Singaporeans to weigh in on how much they need to earn to comfortably have a child in Singapore.
The woman wrote, “My husband and I are planning to have a kid, and I am considering leaving my job to take care of the kid when he/she is born.
I would like to ask those with kid(s) what income we should earn to be comfortable having a kid in Singapore?”
She also added that her definition of “comfortable” is “having mostly home-cooked/hawker meals, once or twice dining out at a restaurant per week, sending my child to a mid-range playgroup when he/she is a little older.”
Singaporeans weigh in on the financial side of parenting
Some people gave actual figures, while others went further by sharing more insights and tips. Many stressed the importance of having savings.
“I reckon you need to save up at least S$20-30K as a light buffer for the first 1 to 2 years because your partner won’t be able to work, and you’d likely sleep less and take more time off due to the baby.
So you’d technically make less money that year. It’s better to have lots of savings.”
“To be on the very safe side, budget $2000 a month per child,” said another.
A third wrote, “If one of you is leaving their job, then there’d better be at least a one-year savings to (keep you guys afloat) just in case.
I feel like anything under S$8K is a big nono because, after all the expenses, there should still be 15% at least for savings, and 10% for entertainment funds (annual holiday, occasional staycations, etc.)”
“For my family, we earn S$160K per year household income,” another shared.
“We are comfortable with one baby currently. The baby goes for anchor operator infant care (the baby bonus pretty much covers the entire period of infant care fees if you go for anchor operator).
We eat out often, so we spend a bit more on food. No car, but we don’t bring our baby out that often, so there are no issues so far. We just rely on taxis and the occasional MRT.
We still have a budget for one to two trips a year for a holiday. Also, it is enough for us to invest money every month for our own retirement and our child’s future university fund.”
Still, some said that comfort is subjective.
“Everyone’s comfort level is different,” one comment read. “Some prefer to have kids earlier; some prefer to wait till (they’re) more financially stable.
No matter how much you plan or read up, you can never be fully prepared for parenting. I would say, just take it as it comes, step by step.”