What is the real cost of a child’s education in Singapore?

Ask most parents or parents-to-be in Singapore about having a child and you may get the same unanimous response – It is expensive to raise a child in Singapore.

Furthermore, it’s ever more apparent that the bulk of this cost is concentrated on education. And we’re not even talking about other additional expenses including food, health, and amongst other essentials.

Knowing that Singaporean parents are more willing to spend more on their child’s education, we came up with a quick breakdown below to help parents understand how much and what is expected to ensure that you’re financially prepared for your child’s education needs.

*Figures quoted are approximate and for illustrative purposes only.

Why not both?

There’re many ways to achieve your financial goals but most importantly is to start early and stay disciplined. There’re two easy and fuss-free ways around it. You can start making your money work for you by investing using a Regular Savings Plan (RSP) or invest in a dollarDEX investment portfolio as part of the building blocks to your child’s future:

With a Regular Savings Plan (RSP), you can start out with affordable amounts each month, take advantage of compound interest and ride out price fluctuations while growing your investment portfolio steadily. This is a good way to force yourself to save regularly and saves you lots of time from monitoring your investments.

Besides saving consistently through a RSP, you can take another step further by taking a risk questionnaire and get a dollarDEX investment portfolio that is matched to suit your risk profile. This also makes it less painful to decide which funds to buy and a good way to ensure that you’re investing into something that suits you.

To maximise the money you invest, start your journey on dollarDEX where we do not charge you any fees for your investments. That means 0% sales charge, switching fees and platform fees.

With no fees, this means more money goes into your investments to maximise your returns. See how much potential returns you will get with a SGD100,000 investment over a one-year period below.

†All projected returns are based on a fixed 5% return for the 3 platforms from 1 Jan 2016 to 31 Dec 2016.
#Based on the assumption of an average 1% fee for sales charge and switching fees for investing online with Banks in Singapore.
^Based on the assumption there is a platform fee of 0.1% and no sales charge and switching fees imposed. An assumption of 1 switching transaction was taken into consideration for the above illustration.

So give your child a head start on his or her future by taking charge of it financially and help turn their dreams into reality!

Take your first step in planning ahead by opening a dollarDEX account to kick start your investment journey!