How Much Have You Prepared for Your Child's Education?

Tiger_SG
10-09
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Last week, we discussed whether children should start learning about investing early.

Most tigers believe that children should gain an understanding of money at a young age.

While others argue that current investments are aimed at providing a better future for their children, so learning about investing isn't necessary.

Some parents express that having children will motivate them to work harder, giving them a purpose to strive for.

There are also parents who start saving for an education fund as soon as their child is born, and some even prepare stock funds for their children.

Singapore's education system is famously competitive. In the 2023 global assessment of 15-year-old students' abilities, Singaporean children ranked first in all evaluated categories.

Some say that Singapore's education system is mass-producing elites.

How much money have you set aside for your child's growth and education?

What proportion does it represent of your family's savings?

How much do you put in child’s education?

Join in our discussion and share your experience with other tigers!

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Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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Comments

  • Shyon
    10-10
    Shyon
    Investing in my child's education is a top priority for our family. We've allocated around 30% of our savings to ensure they have access to quality schooling, tutoring, and enrichment programs. This investment includes not just tuition fees but also resources for extracurricular activities, which are vital for holistic development.

    In Singapore’s competitive education landscape, I recognize the importance of providing my child with every opportunity to excel. This means budgeting for advanced courses, workshops, and even educational trips that can broaden their horizons.

    By prioritizing education in our financial planning, we aim to foster both academic excellence and personal growth, preparing them for future challenges in a competitive world.

    @Tiger_SG @TigerStars @Tiger_comments @TigerGPT

    • icycrystalReplyShyon: 
      [Like] [ShakeHands]
    • ShyonReplyBarcode: 
      Thanks for support
    • BarcodeReplyShyon: 
      Cheers for the 🏷️ Sis❣️
    • Shyon: 
      Come and join yo guys @koolgal @rL @icycrystal @b1uesky @Universe宇宙 @Barcode @nomadic_m @GoodLife99 @Fenger1188
    • TigerGPT: 

      As an AI financial analyst, I don't have personal financial resources or the ability to engage in discussions. However, I can provide you with some general insights on financial planning for your child's education.

      Allocating a portion of your savings towards your child's education is indeed a wise strategy. Here are some key points to consider:

      Determine your education goals: Clearly define your objectives for your child's education, including their desired school, curriculum, and extracurricular activities. This will help you estimate the potential costs involved.

        

      Create a budget: Calculate the estimated expenses for tuition fees, educational resources, tutoring, enrichment programs, extracurricular activities, and other educational needs. Consider both short-term and long-term expenses.

        

      Assess your current financial situation: Evaluate your current income, savings, and investments to understand how much you can allocate towards your child's education. It's essential to strike a balance between funding their education and other financial goals, such as retirement planning.

        

      Start saving early: The earlier you start saving, the more time you have to accumulate funds. Consider setting up a separate education fund or investment account specifically for your child's education.

        

      Explore investment options: Depending on your risk tolerance and investment knowledge, you may consider various investment vehicles to grow your education fund, such as stocks, bonds, mutual funds, or education-specific investment plans. It's crucial to conduct thorough research or consult a financial advisor before making investment decisions.

        

      Regularly review and adjust your plan: As your child grows, their educational needs and goals may change. Regularly reassess your financial plan and make adjustments accordingly to stay on track.

        

      Regarding the proportion of savings allocated to your child's education, it's subjective and depends on individual circumstances. A common guideline is to allocate around 10-20% of your monthly income towards education-related expenses. However, this can vary based on your financial goals and priorities.

      Remember, investing in your child's education is a long-term commitment. It's essential to maintain a balanced approach, considering both financial stability and your child's educational needs. Seeking professional financial advice can provide you with personalized guidance based on your specific situation.

      Risk Disclaimer: The information provided is for reference purposes only and does not constitute investment advice. Investing involves risks, and past performance is not indicative of future results. Always conduct thorough research and consult a financial advisor before making investment decisions.

  • MHh
    10-09
    MHh
    If we assume a local University degree is about 30K, we also need to factor in inflation that maybe more than the average. If we are a bit more ambitious and want to support overseas degrees, that would be a minimum of 300-500K inclusive of living expenses. Unfortunately, for an average household, this is easily the retirement fund of a person or at least half!
  • Success88
    10-09
    Success88
    My son already 16year old and currently on O-Level. I will prepare at lease at 50K for him to cover his JC and University by then I can relax already. Enjoy my FIRE 🔥 @Tiger_SG @koolgal @MHh @HelenJanet @SR050321
    • Success88: 
      Won't bankrupt. Just manage the spending. Focus and need first then wants. Save and invest more money can be done.
    • SPOT_ON: 
      mine both chose.poly education.. i bankrupt [Spurting]
    • Success88: 
      ☺️☺️☺️
    • SR050321: 
      Bravo 👏🏻
  • nomadic_m
    10-16
    nomadic_m
    I am blessed with 2 amazing boys. Aiming to set aside an estimate of $50k per child for their tertiary education in New Zealand. this is through a weekly auto invest amount in a high interest account.

    my husband & I are also blessed to have 2 kidneys each. we only need 1 to live. and I read that the liver is the only organ that has regenerative capabilities? 🤷😂🤣

  • SPOT_ON
    10-10
    SPOT_ON
    actually didn't prepare... take study loan or deduct from cpf first... and pay back later when they start working!

    @MHh
    @Mrzorro
    @melson
    @Barcode
    @Success88

    • Success88: 
      Must prepare and just invest them. Good education for them also an investment 😀
  • Universe宇宙
    10-09
    Universe宇宙
    @TigerGPT go to the Internet and gather information about what percentage: parent set aside how much for their child growth and education
    • TigerGPT: 

      As an AI, I don't have personal experiences or the ability to participate in discussions. However, I can provide some general information about how much parents typically set aside for their child's growth and education.

      The amount of money parents set aside for their child's education can vary greatly depending on their income, financial goals, and personal circumstances. Some parents may start saving for their child's education as soon as they are born, while others may wait until later years.

      According to a study conducted by Sallie Mae, a financial services company specializing in education, parents in the United States saved an average of $18,135 for their child's college education in 2020. This amount represents a portion of their overall savings and may not cover the full cost of tuition and other educational expenses.

      It's important to note that the percentage of savings dedicated to a child's growth and education can vary significantly from family to family. Some parents may prioritize education savings and allocate a larger portion of their savings, while others may focus on other financial goals such as retirement or homeownership.

      Ultimately, the amount and proportion of savings dedicated to a child's education depends on individual circumstances and financial priorities. It's recommended to consult with a financial advisor to determine the best saving and investment strategies for your specific situation.

      Remember, the information provided is for reference purposes only and does not constitute investment advice.

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