Bringing up a child is expensive and difficult to plan for. But hopefully with this article, we can put a number to one of the most pertinent questions in every parent’s mind - how much does it cost to bring up my child?
There is no universal standard cost for raising a child as there are too many variables involved. For instance, it’s often likely that the more well-to-do a family is, the more disposable income they have to spend on their children and their needs.
But let’s attempt to quantify it. Singapore is considered the ninth most expensive country in Asia to live in. On a global scale, we’re the 20th most expensive, according to research company ECA International. Various publications have placed the figure from anywhere between S$285,000 to as high as S$670,000 to raise a child from infancy to 21 years of age.
With that out of the way, let’s begin brainstorming. How can couples kickoff planning to bring up their bundles of joy, even before “I do.”?
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