$350k for 1 child?

[Funz]

DH and I are keeping our eyes on our retirement as well as planning for our children’s tertiary education. We have about another 20yrs to earn what we can. So with that duration in mind, we are putting aside the necessary monies for each of us.


For us, we will try our best to support our children through their formative years. If we can, we will support them fully through their tertiary years, else it will be partially. If need be they will have to take a loan for their tertiary education and pay it off when they start work. By my kids’ time, a basic degree may not be enough but I don’t think I can see them through their masters and PHD.

Personally, I feel, though financial planning is important it should not be the main deciding factor for a couple to have kids. Oft times, we are not able to see that far into the future and we cannot predict how our earnings will increase or decrease. I have friends who keep saying they cannot afford to have kids in their 20s and early 30s and until now in their late 30s, they feel that financially they are finally more comfortable but they have problems conceiving.

I will be very sad if my kids hate me just cos I am unable afford swimming or piano lessons or not able to give them a carefree uni education. Not everyone in this world have that privilege.

I do not see anything wrong in kids seeing themselves through their tertiary years. I did that and so did DH. DH did begrudge his parents the fact that they did not provide him an easier tertiary life. They did however make sure that he grew up healthy, gave him a roof over his head, tried within their means to guide him, supported his education up to at least ‘O’ levels. But hey, if his parents thought that hard about their financial situation, he may not have been born and there goes our kids too.

[HyperKiasu]

Charmaine_chong:

I am hoping my kids able to get scholarship for their university. Otherwise, will most likely compromise with local university.

if it is law school or medical school of local U, still a compromise?? :?

[kaitlynangelica]

Hi Funz,


yes. While it shouldn’t be the only factor, I think parents -to-be have to be at least aware of the potential costs. What I was refering to was ppl who blindly have them in the name of having a complete family. And then get shocked later on that costs are so high or that kids these days need tuition.

[kaitlynangelica]

HyperKiasu:

Charmaine_chong:

I am hoping my kids able to get scholarship for their university. Otherwise, will most likely compromise with local university.

if it is law school or medical school of local U, still a compromise?? :?

Heard that nowadays, local u not easy to get in. I have a colleague, said his son got 10 points for O levels, couldn't get into any JC.

[HyperKiasu]

ksi:

Actually I see the self-financing a good way to make them better adults in future. Chances of them returning to ask for wedding expenses and buy their house would be lower if they learn how to make their money earlier because all their expectations will also be adjusted according to what they think they can afford or they would work doubly hard at their degree as they know making money is not so easy if they don't have the entrepreneur flair. There should not be guilt feelings on the parents' part cos in the past, I am sure most of us give tuition to supplement our expenses, any guilt from our parents?

in fact, i will feel guilty if i don't guide my children lead a life independently as early as possible ....

[corneyAmber]

To me, having children is not a financial issue, it is a sanity issue.


One needs to have enough sanity to have children, financial is truly secondary in my opinion. Everyone will learn how to live whatever financial situation we are in. If we have more, we live with more, if we have less, we live with less. But the mental stoicness to see a child grow from young to an adult is more critical because responsible parents cannot just walk out on their children nor pretend that they were never born during trying days. It is also the mental strength that decides how your child will grow up to be. So many of us may be focusing on the wrong bank…not the money bank you need to worry about…but your mental bank to raise a child with your inner strength. If your children can inherit this rich mental bank from you, your children will be far richer and takes care of the money bank themselves.

[HyperKiasu]

kaitlynangelica:

HyperKiasu:

[quote=\"Charmaine_chong\"]I am hoping my kids able to get scholarship for their university. Otherwise, will most likely compromise with local university.

if it is law school or medical school of local U, still a compromise?? :?

Heard that nowadays, local u not easy to get in. I have a colleague, said his son got 10 points for O levels, couldn't get into any JC.[/quote]ya, perhaps local U is most cost-effective, so become most competitive...

[HyperKiasu]

ksi:

To me, having children is not a financial issue, it is a sanity issue......It is also the mental strength that decides how your child will grow up to be. So many of us may be focusing on the wrong bank....not the money bank you need to worry about....but your mental bank to raise a child with your inner strength. If you child can inherit this rich mental bank from you, your children will be far richer and takes care of the money bank themselves.

well said! :celebrate:
we parents need to make good deposits into this mental bank from Day 1....

[corneyAmber]

kaitlynangelica:

Heard that nowadays, local u not easy to get in. I have a colleague, said his son got 10 points for O levels, couldn't get into any JC.

For stream that they want right? Art stream or commerce stream usually more attainable with that score. In any case, the education landscape has changed so much in that if a child does not get into IP route, the option of going Poly route should immediately come to mind already because MOE already capping the calibre of kids that can make it to the U at PSLE level.

[HyperKiasu]

raising a children is a "project"

it is a double entry
debit investment (child)
credit liability (urself)
…