We have given you tons of advice on weddings and housing, helping you prepare for a life together! You are at that point in your life where you have to make another big decision, to have a baby or not to have a baby? (Or you’re already expecting if that’s that case, CONGRATULATIONS!)
As we all know, raising a kid is no easy feat especially in Singapore where you will find yourself spending thousands of dollars even before the baby is born!
Cost Of Prenatal Checkups: $6000 – $29,500
Prenatal Check-Ups – $2000
The first trimester usually carries the most risk but there is nothing much to be done except to take care of the mother’s health. Take note that your the trimester begins on the first day of your last period which means, by the time you find out that you’re pregnant you’re probably 5 weeks in which gives you enough time to schedule in 1-2 check-ups.
Once you’re in your 2nd and 3rd trimester, gynaecologists might offer a prenatal package which could cost around $2000 excluding supplements.
Baby Supplies – $4000 – $27,500
As the due date draws closer, you will start preparing for the baby’s arrival. That means purchasing everything that’s needed such as clothes, milk powder and diapers. Setting you back between $4000 and $27,500 on baby gear alone. No need to worry just yet, you won’t spend this amount immediately, it will be accumulated over time!
Check out Babble for a detailed list
Cost Of Delivery: $6000 – $19,000
Hospital bills can cost anywhere between $6,000 to $12,000 for a normal delivery and $10,000 to $19,000 for a C-section. This depends on the ward that you will be staying in, the type of hospital and if you’ll be opting for an epidural or any other side services.
TIP: Make use of your Medisave maternity package, this helps to cover the cost of your prenatal expenses as well as delivery expenses such as hospital room stays and delivery.
Cost Of Raising A Child: $18,000/Year
A baby bonus (varies on birth order) will be given after you have given birth to help cover expenses. A Child Development Account (CDA) is also awarded to help you save for your child’s future needs.
A child can cost you around $18,000 a year and approximately $360,000 at the end of 20 years. So, it’s time to start saving for this because a child is going to be your biggest investment!
Here are some tips that could help you save some money and lighten the financial load:
- Forego on nursery furniture
- Head for more affordable milk powder or consider getting them from JB
- Say “Yes” to hand me downs
- Download a money tracking app
- Join a community that discusses other money savings tips