Personal Finance
Best Financial Resources For Single Mothers In Singapore
By ValueChampion  •  February 26, 2021
Key Highlights Single mothers can save on various pregnancy costs (including pre-delivery expenses) through the Medisave Maternity Package The government matches every single dollar a parent puts into a Child Development Account (CDA) under the Baby Bonus Scheme There are various subsidies available to single parents who need to place their children in infant care or childcare The average cost of raising a child in Singapore is estimated to be S$1,500 per month. Given that a married couple’s average monthly household income stands at S$8,352 and nearly 18% of that combined income goes toward providing for a child. With the introduction of Working Mother’s Child Relief and HDB subsidies, parenthood has indeed become less financially taxing for parents. However, the same can’t be said for single parents, where they’re often left out of support policies, even though this group often needs it the most....
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By ValueChampion
We distill sprawling marketplaces—for insurance, credit cards, bank accounts, and more—down to choices that represent a sweet spot for value—as in offering the features, returns, or experience we think you need for the smallest outlay. We ask: Is the return on a particular purchase or decision worth the cost or risk of that option, and how does the choice stack up against other options?
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