Newborn
Planning to have a child or expecting a newborn
1. Guide to Baby Bonus Scheme
Financial help for all parents to help manage the costs of raising a child.
1. Guide to Baby Bonus Scheme
1. Baby Bonus Cash Gift (Credited to Child Savings Account)
- Total Amount: $11,000
- First $3,000 is disbursed at birth.
- Remainder is paid at 6, 12, 15, 18 and 24 months, up until the child is 6.5 years old.
- What can you use it for:
The cash gift can be used for any purpose, as it is credited as Cash to the Child’s Savings Account (CSA).
2. Child Development Account (CDA)
- Government’s Initial Deposit: (First step grant)
$5,000 (no initial deposit required from parents)
- Government co-matching Top-Up:
Up to $4,000.
- What can you use it for:
Funds in the CDA can only be used for approved purposes such as healthcare, preschool fees, and other educational needs.
2. Plan for Newborn Baby Caring Options
A Guide for First-Time Parents
2. Plan for Newborn Baby Caring Options
A Guide for First-Time Parents
Here are common options parents consider when having a newborn baby, along with their associated costs:
1. Nanny (for the 1st or first 2 months)
Cost: Ranges from $2,800 to $4,000/mth
If sourced through agency, it may cost up to $4,500/mth
2. Helper (typically 2-year contract)
Salary: $500 to $750/mth depending on experience and nationality
Domestic helper Levy: $60/mth (concession)
Medical insurance: $700 to $1,000 a year, depending on age and tier of insurance.
If sourced through an agency, there will be additional charges such as fees and paperwork administrative charges that can amount to $2,000 to $3,000.
3. InfantCare (7am to 7pm)
Government-approved centres:
Typically cost $700/mth after government subsidies
(Can be paid using CDA account)
Private Infant Care:
Typically $2,000 to $3,000 after government subsidies
Read article for more – other alternatives and options
3. Budgeting for Baby Essentials
3. Budgeting for Baby Essentials
As first-time parents, the costs of baby essentials can feel overwhelming, often adding up to $3,000 to $4,000. However, you can save by exploring the second-hand market for hand-me-downs, where many items are available at lower prices.
With careful budgeting and planning, you can manage these expenses more effectively.
To help you get started, we’ve curated a checklist that outlines the essential items you’ll need for your baby, along with average prices to guide your budgeting process.
Optional Steps
4. Insurance for Newborn
Surprising Facts – Which Insurance Plans to Get First for a Newborn
4. Insurance for Newborn
Surprising Facts – Which Insurance Plans to Get First for a Newborn
- Get a Hospitalisation Plan for Your Newborn: Apply for an Integrated Shield Plan for your baby. You can apply as early as 14-days old for some insurers.
- 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 for Your Newborn: This can be considered as a third priority, if budget allows.
5. Check Out the Vaccination Costs for Your Child
Fully subsidised for Singaporean newborns
5. Check Out the Vaccination Costs for Your Child
Fully subsidised for Singaporean newborns
In Singapore, vaccinations for newborns under the National Childhood Immunisation Schedule (NCIS) are fully subsidised for citizens, ensuring that families do not incur any out-of-pocket costs when accessing these essential services at clinics or through home-based options.
Additionally, parents have the option to purchase extra vaccines that are not covered under the NCIS, allowing them to provide additional protection for their children if they choose to.
Vaccinations can be done at Polyclinics or GPs.
Skip the queue and get the convenience by booking home-based vaccination service with telehealth providers.
6. Getting your Will done
6. Getting your Will done
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.
Craft your Will using MoneyOwl’s Digital Will-Writing service
Craft your Will using MoneyOwl’s Digital Will-Writing service
7. Read about the Financial Aspects of Having Children
7. Read about the Financial Aspects of Having Children
- 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.
Toddler
Childcare to kindergarten
1. Plan for Childcare and Explore Subsidies
Plan for childcare and find out which subsidies you are eligible for
1. Plan for Childcare and Explore Subsidies
Plan for childcare and find out which subsidies you are eligible for
- Plan out which Child Care Centre is near your house and its costs Use the LifeSG App to source for close by centres. Search for preschools | LifeSG – Services
- Singapore Citizen children enrolled in licensed childcare centres are eligible for a basic subsidy of up to $600 per month for full-day infant care and up to $300 per month for full-day childcare. Working mothers with a gross monthly household income below $12,000 may qualify for additional subsidies.
Subsidy applications are submitted to ECDA through licensed childcare centres. Please visit their website for more details.
2. Insurance for Toddlers
What insurance should you get for toddlers first
2. Insurance for Toddlers
What insurance should you get for toddlers first
- 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.
3. Invest for Your Child
Kickstart an investment fund or plan for your child.
3. Invest for Your Child
Kickstart an investment fund or plan for your child.
- Open an investment account specifically for your little one.
- Invest $100/mth to this fund in a portfolio made up of low-cost, globally diversified funds. Increase this amount by $50/mth each year (or what you can afford).
Optional Steps
4. Create a Family Budgeting system
Track and see where your family expenses go to
4. Create a Family Budgeting system
Track and see where your family expenses go to
- Set up a budgeting system using our 3-account system: Find out more on our financial guidance page, where we suggest ways of how you can organize your cash flow using the 3-Account Method.
Click here to read our OwlRubrics: Implementing Personal Budget.
- Download this budgeting file: Download our budgeting Excel file to easily track your monthly income, fixed, and variable expenses all in one place.
5. Find Out the Costs of Vaccination
Fully Subsidised for Singaporean Children
5. Find Out the Costs of Vaccination
Fully Subsidised for Singaporean Children
In Singapore, vaccinations for newborns under the National Childhood Immunisation Schedule (NCIS) are fully subsidised for citizens, ensuring that families do not incur any out-of-pocket costs when accessing these essential services at clinics or through home-based options.
Additionally, parents have the option to purchase extra vaccines that are not covered under the NCIS, allowing them to provide additional protection for their children if they choose to.
Vaccinations can be done at Polyclinics or GPs.
Skip the queue and get the convenience by booking home-based vaccination service with telehealth providers.
6. Getting your Will done
For peace of mind about your child and your assets in case of your death
6. Getting your Will done
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.
Craft your Will using MoneyOwl’s Digital Will-Writing service
Craft your Will using MoneyOwl’s Digital Will-Writing service
7. Read about the Money Aspects of Having Children
Ultimate Financial Guide To Giving Birth and Raising a Child in Singapore
7. Read about the Money Aspects of Having Children
Ultimate Financial Guide To Giving Birth and Raising a Child in Singapore
- 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.
Student
Primary to secondary school
1. Preparing for university education
How to Plan and Pay for Tuition Fees in Singapore
1. Preparing for university education
How to Plan and Pay for Tuition Fees in Singapore
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 | MOE - CPF 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.
2. Understand the Costs of Enrichment and Extra-curricular Activities
Costs of sending your child for student care, tuition and other activities
2. Understand the Costs of Enrichment and Extra-curricular Activities
Costs of sending your child for student care, tuition and other activities
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
3. Insurance for your Child
What insurance should you get for toddlers first
3. Insurance for your Child
What insurance should you get for toddlers first
- 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
4. 3 simple ways of teaching your child good money habits
Teaching your child good money habits can set them up for financial success later on in life.
4. 3 simple ways of teaching your child good money habits
Teaching your child good money habits can set them up for financial success later on in life.
- 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.
5. Review or do your Will
For peace of mind about your child and your assets in case of your death
5. Review or do your Will
For peace of mind about your child and your assets in case of your death
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.
Craft your Will using MoneyOwl’s Digital Will-Writing service
6. Read our Ultimate Financial Guide on Having Children
Ultimate Financial Guide To Giving Birth and Raising a Child in Singapore
6. Read our Ultimate Financial Guide on Having Children
Ultimate Financial Guide To Giving Birth and Raising a Child in Singapore
- 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.
