money lender singapore

First year – How Much Do You Have to Set Aside for Your Newborn?

In another post we discussed the cost of delivery and having a baby, but how about when you bring them home? What are you going to pay to take care of them? A money lender Singapore might be able to assist you in caring for your child during their first years. So, let’s see what you can expect as it relates to the costs of raising a child during their first year of life at home.

Consumables –

From the diapers to formula, you really have no idea how much things cost until you bring the baby home. So, let’s take a look at the breakdown.

1. Diapers –

Going through 6-10 on a daily basis, you are looking at a cost of $0.23-.30 per diaper. There are promotions and cheaper brands, so make sure you look for this when shopping. How can you save? Buy in bulk. Doing so will cost more up front, but greatly reduce the cost per diaper, so look for deals, and buy when they are on sale/promotion.

2. Formula –

With a cost of over $170 per month for some brands, you can truly see how costly this can be. But, there are ways to save. With NTUC programs you can save up to 20% for stage 1 or 2 formula. So, how do you save on Enfamil or Similac? Go with the generic brands. All are truly created equally and the price is much cheaper. As this is a regulated industry, your child is safe drinking any formula, regardless of brand.

AptaAdvantage and NTUC Plus are also saving programs. Also consider promos and other specials when available. Look for deals and you can really cut back on the cost of consumables in this category.

3. Others –

Hand sanitizers, baby wipes, food, detergent, all of these add up. In fact, you can spend between $70-120 a month easily on these items. You can find many freebies and giveaways, so look for these.

Breakdown –

With diapers running $600-720 for the year, formula being $540-1020, and other items running $840-1440, you can easily spend over $3100 a year for consumables alone. So, look for deals, promos,and know which programs are offered, so you can save.

Non-consumables –

But, wait, there’s more. As a parent, there is clothing, prams, carriers, and other safety items you have to invest in. So, you have to account for these costs as well. A pram or baby carrier alone can run $200; car seats, a crib, and clothing will easily run over $1000 for parents. You can expect to spend about $2000 for these items in year one.

Every parent is different and some will go with the costliest, while others simply look for savings. SO, it is tough to determine just how much you spend in this category, but there are ways you can save.

So, how do you save on the non-consumables? You can of course rely on promos, coupons, and sales. You can go with second-hand items. Hand me downs are also a great option if you have kids, or family members with kids. It is a simple way to cut these costs in half, or cut them out entirely as a new parent.

Medical costs –

So, you know how much it costs to deliver, but once you bring them home, you have to take your baby to the doctor routinely during the first year as well. With $200 per visit on average, and costs of vaccines, you can expect to spend more than $1000 during the first year alone.

How can you save on these expenses? Free polyclinics are great; you are only charged consultation fees in these offices. NTUC also offers various discounts and programs for families to take advantage of.

Infant care –

If you are going back to work, you have to find someone to take care of your baby for you. So, you have to account for these costs as well as new parents. For an eight month period you can pay between $4000-12500, depending on if you choose private care, at home, or taking your baby to a day care. The costs again are truly going to vary based upon the choice you make as a parent, so you have to decide upon the best route for care when you are determining who to leave your child with.

So, what are the total costs? –

On the lower end, you can expect to pay $7800 for the first year, and on the higher end of the spectrum, close to $19000 for infant care. Your newborn is extremely costly; with this in mind, there are many programs which offer assistance, and there are a number of ways in which you can reduce the total cost and burden, when it comes to caring for your child, without having to compromise on the quality of care they are going to receive during their first year of life.

Don’t overspend –

More doesn’t always mean better. In fact, there are programs which are affordable, and offer the same quality of care. So, take advantage of these. Look for savings, and know where you can cut back, rather than going with the most expensive. Make sure you give your child a great start.

Try certain formulas, try out different diaper brands, shop, and look for savings. You do not have to compromise on quality, in order to give them the best; in fact, you will often learn generic or cheaper alternatives are just as good, if not far superior than the most expensive. So, do your research so you can learn and save.

NTUC has many great programs. Not only for food and consumables, but for medical care. Make sure you take advantage of these programs as well. Families in Singapore have options; you simply have to know what they are and how to go about saving. When you take the time to learn, research,and find the right programs, you are not only going to pay less, but also receive the best quality and care for your child.

So, make sure you compare, find discounts, and rely on government funded programs, in order to save during your child’s first year at home.