In a recent TikTok video, user @thatasianmama delved into the intricacies of raising three children comfortably in Singapore. Her insights provide a snapshot of the financial considerations and challenges that come with providing a lifestyle she deems comfortable.
Private School Fees and Extracurriculars
@thatasianmama highlighted the significant expense of private school fees, noting that the cost for her three children amounted to approximately S$5,500. This alone reflects a substantial investment in education. Additionally, engaging children in extracurricular activities, such as martial arts, contributes to the monthly expenses.
Dining Expenses
Even without opting for restaurant meals, the TikTok user emphasized that feeding a family of five can still incur expenses ranging from S$30 to S$60 per meal, especially when factoring in hawker center costs. This underscores the continuous financial commitment involved in providing nourishing meals for a family.
Vacation Costs
Vacations were a significant component in @thatasianmama’s calculations. Even with budget-conscious choices like opting for cheaper flights and accommodations, taking two trips a year could accumulate expenses ranging from S$8,000 to S$10,000. Moreover, considerations like hotel policies for families of five and the allure of family-friendly cruises, costing approximately S$10,000 to S$20,000, contribute to the overall financial landscape.
The Total Price Tag
The TikTok user ultimately suggested that a monthly budget of S$30,000 to S$40,000 is required to raise children comfortably in Singapore. This figure encompasses various aspects, including educational choices, extracurricular activities, dining, and vacations. The goal is to afford children the freedom to choose their preferred curriculum without compromising their lifestyle.
To achieve this level of comfort, parents must navigate the delicate balance of meeting immediate parenting expenses while ensuring long-term financial security. The budget should not only cover current needs but also contribute to house payments, car expenses, insurance, retirement savings, and other essential expenditures.
Source: @thatasianmama on TikTok