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

Tiger_SG
10-09

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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  • Shyon
    ·10-10
    TOP
    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

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    • icycrystalReplying toShyon: 
      [Like] [ShakeHands]
      10-11
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    • ShyonReplying toBarcode: 
      Thanks for support
      10-10
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    • BarcodeReplying toShyon: 
      Cheers for the 🏷️ Sis❣️
      10-10
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  • MHh
    ·10-09
    TOP
    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!
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  • Success88
    ·10-09
    TOP
    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
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    • Success88: 
      Won't bankrupt. Just manage the spending. Focus and need first then wants. Save and invest more money can be done.
      10-10
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    • SPOT_ON: 
      mine both chose.poly education.. i bankrupt [Spurting]
      10-10
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    • Success88: 
      ☺️☺️☺️
      10-09
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  • nomadic_m
    ·10-16 16:49
    TOP
    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? 🤷😂🤣

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  • SPOT_ON
    ·10-10
    TOP
    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

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

      10-09
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  • koolgal
    ·10-14
    🌟🌟🌟As a loving parent, it is good to set aside some savings for my children.  However I want to impart the value of savings to my children too.

    So even though I may set aside say 50,000 dollars for each of my child, I would tell them that  for university education, it would be a loan that they have to pay back when they are working.  That way they would be more focused on their studies and not squander the time and money spent on their higher education.

    @Tiger_SG @TigerStars @Tiger_comments

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  • Tiger_SG
    ·10-12

    Hi, tigers! The coins have been sent to your account in the topic: How Much Have You Prepared for Your Child's Education?

    Welcome to post in the topic to win more tiger coins~ Click the notification to check your coins! 💙 💚 💛 🧡

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  • icycrystal
    ·10-11
    @TigerGPT

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

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

    How much to put in child’s education?

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  • Mrzorro
    ·10-10
    I think I will set 500k aside for my child growth and education. That means I can't retire and need to work harder until the age of 65? hopefully, inflation will be reduced, or maybe the Singapore pool can help me a bit with my toto betting. [Facepalm]
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  • hengheng88
    ·10-10
    Planning for a child's growth and education in Singapore involves careful financial preparation, considering rising education costs and the competitive academic environment. A practical strategy is to save SGD 500 to SGD 1,000 monthly, potentially accumulating SGD 108,000 to SGD 216,000 over 18 years. Families should allocate 15-20% of total savings for education, ensuring financial health while supporting educational goals. Costs for primary and secondary education range from SGD 10,000 to SGD 15,000 per year, increasing for tertiary education. Teaching financial literacy early empowers children to make informed decisions, fostering responsibility and long-term success in a competitive landscape.
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  • BB J
    ·10-10
    60K for local uni cos the new Gen will like to stay in Uni  accommodation with friends.  For overseas 400K plus 20K for the new Gen to go travelling with friends during the course.  This is the new trend,  they like GP travelling with friends. However, now that I know some of the investment tools and techniques,  compounding my investment will be a good idea to save the children future education fee. If it is done correctly,  I don't see a problem to provide them for education fee even with the high inflation rate... So the conclusion is, Investment is the key for future education fees....
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  • highhand
    ·10-10
    just save 20 to 30% of your salary should be enough for child's education. although SG expensive, but still can manage.  If get to University, better study local Uni. still can use cpf to help pay.
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  • LiverpoolRed
    ·10-10
    I have saved 100k for my child's education.  It is more than enough for studying in local university. If they want to study overseas university, they have to go for bank loan by themselves.
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  • 全天股神
    ·10-09
    by saving alone  will not meet the education spending for our children. we need to consider multiple sources of accumulating the required money.
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  • Khikho
    ·10-09
    有父母开始存钱孩子一出生就获得教育基金，有的甚至为子女准备股票基金。
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  • DiAngel
    ·10-11
    Didn’t prepare but asked them to study hard and get scholarship for it. I m a tiger mom. 🐯[Chuckle]
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  • 一股冲霄
    ·10-09
    全力铆足股市，将收益的1/3作为孩子将来的投资或教育基金
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  • ECLC
    ·10-10
    Study locally affordable with less savings. No budget for overseas study; scholarship is a must.
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  • hd87
    ·10-10
    I don't have children now. if I have, I will set aside 10% of my net worth for the education.
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