Ok, real talk. Living in Singapore is really expensive.
After multiple internships and a freshly-framed graduation picture with the family later, you’re finally ready to welcome adulthood. Except that you realised that the economy isn’t at its peak, finding a well-paying job is hard, and living in Singapore is really expensive.
Comes the yearly affair every Chinese New Year where your relatives ask you intrusive questions about your future plans with your other half. “When getting married?” “BTO when?” “When have kids?”
Shrug them questions as you wish. But there will come a time to tie the knot, arrange a once-in-a-lifetime ceremony, buy a house, have offsprings, pay bills and retire.
If you fail to plan, you plan to fail! Plan out your life goals in specifications, including financial planning. Know exactly how much you need to help achieve your next milestones.
Phase 1 – BTO
Phase 2 – Wedding
We love a wholesome commemoration of love. There are so many costs pegged to the simple ceremony of tying the knot and saying ‘I do’. Let’s delve into some of these costs.
Pre-wedding: The ecstasy of walking up to the Registry of Marriages (ROM) at Fort Canning comes with a small cost. Marriage fee alone costs $42. Solemnisation can cost between $300 to $5,000 for full-day packages! Other costs found here.
Wedding Day: Regardless of a lavish or modest wedding D-day, inevitable costs have to be spent on photography services, wedding car and outfit rental, cost of the venue and food catering, and all other miscellaneous services. The average damage can easily range between $30,000 to $100,000.
Unless you have the comparable influence as Melissa Koh to have your wedding sponsored, these are money you will have to fork out for your wedding.
Phase 3 – Raising A Child
Do you have $670,000 to raise a child? That’s how much it costs to raise a child in Singapore.
According to the SmartParents study, the entire course of raising a kid from prenatal to adulthood will cost a Singaporean at least $670,000.
From expectancy to raising your child until the age of 22, that’s enough money to invest in a condo with a 99-year tenure! Unsurprisingly, more than half of the costs go to academic education.
I Need Money For My Wedding, BTO, Children’s Education…
Here’s a silver lining: There are many ways to save up!
Short-term endowments are forced savings plans perfect for young couples and families to save up with a higher-than-average return rate.
If you are looking for a Mortgage Insurance plan for your new BTO flat you can include your details here and we will contact you to help you find the right coverage. You can also include your details below to find out more about which Endowment Plan suits your savings goals.