Raising a child in Singapore doesn’t come cheap, especially with costs ranging from education fees to healthcare expenses consistently heading northwards.
According to a 2010 Straits Times article, which was also discussed in this forum thread, experts estimate that the cost of raising a child up to tertiary education level is between $190,000 and $700,000. Even with government subsidies included, that works out to be minimally $300 a month. And if you’re aiming for one of those prestigious private childcare centres, the figure can easily be bumped up to over $2,000 a month.
Maximise your every $
Parents, are you worried that your savings may be inadequate to provide for your child’s needs? Maybank can help your family maximise every dollar saved or spent with the following products:
Maybank Youngstarz Savings Account Designed for children below 16 years old, with complimentary insurance and exclusive birthday privileges.
Maybank iSAVvy Savings Account Online account that adults can take advantage of, offering high base interest and additional interest-on-interest of up to 18%.
Maybank Family & Friends Card Enjoy 5% cash rebates for selected family-friendly shopping all year round.
Triple your interest with Maybank Family Plus
What’s more, when you consolidate your transactions under the Maybank Family Plus programme, your child can receive up to three times the interest on the first $30,000 of his/her Youngstarz Savings Account.
Here’s what you need to do:
Maintain an average daily balance of at least $2,000 in your iSAVvy Savings Account;
Deposit at least $200 into your child’s Youngstarz Savings Account every month;
Spend at least $800 on your Maybank Family & Friends Card in the same month.
Now that’s an easy and achievable way to maximise your child’s savings faster and certainly a good way to save for a rainy day.
Find out more how you can help your child receive the financial security to enjoy a brighter future here.