Expecting a new child is exciting, but it also means bigger responsibilities. Raising a child in Singapore could amount to S$670,000, an infographic by SmartParents showed. With such potential high costs, it is never too early to start planning your family’s finances.
Here are some steps you can take to prepare for the road ahead.
- Adjust your current budget to accommodate your newborn
You’ll have so many more things to spend on once your baby arrives — clothes, diapers, pre-school, doctor’s visits, and so on. Before that time comes, why not take some time to review your monthly expenses and find ways you can cut your spending. Here is how you can get started:
- Use an expense tracker app like Planner Bee to manage your banking, savings and investments. You can also set goals and track your progress through the app
- Stop buying takeaway coffees and make your own instead
- Walk or cycle to work if possible