Welcome Guest ( Log In | Register )

6 Pages  1 2 3 > » Bottom

Outline · [ Standard ] · Linear+

 Finance required to fund a child.

views
     
TSBacktoBasics
post Nov 8 2015, 02:43 PM, updated 9y ago

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
How much do you need to prepare to fund a child? How to know whether you are financially ready for a child?

Serious topic, serious answers please.
cc980024
post Nov 9 2015, 09:08 AM

Casual
***
Junior Member
492 posts

Joined: Aug 2009
As long as you are not in bad debt, and manage to have savings monthly. With a change of lifestyle, should be able to fund for a kid. But if you really want the full figure of how much it cost until the day they are independent, only the rich dare to have kids.

I accidentally conceived 9yrs ago. Rough amount:

1) pregnancy (10mth) with Sunway Med : RM150 monthly + a few times additional test RM300 + delivery (Rm8K)
2) confinement (own mom as confinement lady) : Rm2K+ (for food and herbs) exclude wine as we manage to reuse some of the wedding wine to make it into chinese prune wine or so.
3) babysitting (baby care by own mom in hometown): RM1K+ monthly (for baby formula and expenses to travel bk hometown weekly)
4) schooling age (now) : Rm1K (daycare fee, rough est for his food, books, toys) + RM 300 (other activities exclude tuition)
5) insurance (since baby) : RM150 monthly + RM100 PA
6) education fund : RM200 monthly

Following expenses is not necessary but it incur in most of the family with kids:
1) holidays (airfare, additional 3rd bed, entrance fee).. it cost 1 extra pax .. kids not free to travel smile.gif
2) RM100 monthly (me only... to prepare getting his first car.. so he can drive to college when he grow up.. public transport not an option for us)

others:
- some ppl may start to invest in house for their kid, as house increase price dramatically now. But we only to have a single child to maintain lifestyle and comfort.. so no matter what.. the house is his.
- still working hard to secure more education fund and also to ensure our retirement fund won't be exhausted due to having kid.

Retirement age push to 60+ actually helps alot, at least we won't be broke after he graduated.. as we still working. And knowing education fund is too little (from the amount we save now), we already start looking for options that can pave a way for him to study abroad at very little expenses.

This post has been edited by cc980024: Nov 9 2015, 09:13 AM
TSBacktoBasics
post Nov 9 2015, 09:40 AM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(cc980024 @ Nov 9 2015, 09:08 AM)
As long as you are not in bad debt, and manage to have savings monthly. With a change of lifestyle, should be able to fund for a kid. But if you really want the full figure of how much it cost until the day they are independent, only the rich dare to have kids.

I accidentally conceived 9yrs ago. Rough amount:

1) pregnancy (10mth) with Sunway Med : RM150 monthly + a few times additional test RM300 + delivery (Rm8K)
2) confinement (own mom as confinement lady) : Rm2K+ (for food and herbs) exclude wine as we manage to reuse some of the wedding wine to make it into chinese prune wine or so.
3) babysitting (baby care by own mom in hometown): RM1K+ monthly (for baby formula and expenses to travel bk hometown weekly)
4) schooling age (now) : Rm1K (daycare fee, rough est for his food, books, toys) + RM 300 (other activities exclude tuition)
5) insurance (since baby) : RM150 monthly + RM100 PA
6) education fund : RM200 monthly

Following expenses is not necessary but it incur in most of the family with kids:
1) holidays (airfare, additional 3rd bed, entrance fee).. it cost 1 extra pax .. kids not free to travel smile.gif
2) RM100 monthly (me only... to prepare getting his first car.. so he can drive to college when he grow up.. public transport not an option for us)

others:
- some ppl may start to invest in house for their kid, as house increase price dramatically now. But we only to have a single child to maintain lifestyle and comfort.. so no matter what.. the house is his.
- still working hard to secure more education fund and also to ensure our retirement fund won't be exhausted due to having kid.

Retirement age push to 60+ actually helps alot, at least we won't be broke after he graduated.. as we still working. And knowing education fund is too little (from the amount we save now), we already start looking for options that can pave a way for him to study abroad at very little expenses.
*
Life as a parent not easy. Seems like it is fairly expensive just to have one child.

Just my 2 cents, I would fund for my child's education but house and studying abroad is too expensive. I did all my studies locally and I do not see the difference in education standards.

However, I do see that a car is necessary as our country's public transportation is very inefficient.
Fiona Chin
post Nov 9 2015, 10:54 AM

Regular
******
Senior Member
1,172 posts

Joined: Apr 2013
From: Singapore / Sabah


Anytime would be the time that we are ready financially. Just make the kids, everything will work out fine after that. If my parents wait until they have house, good income, car, bla bla bla, I would never be born.

Standard ticket, childcare, education, healthcare. Just adjust your expectation to your financial capability.
TSBacktoBasics
post Nov 9 2015, 11:11 AM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(Fiona Chin @ Nov 9 2015, 10:54 AM)
Anytime would be the time that we are ready financially. Just make the kids, everything will work out fine after that. If my parents wait until they have house, good income, car, bla bla bla, I would never be born.

Standard ticket, childcare, education, healthcare. Just adjust your expectation to your financial capability.
*
It is a different life when you have kids. A lot of your personal time to do things you enjoy after work or on weekends will be all given to your kid. Before you know it, you will be old and bad health kicks in... hard to enjoy after that... cry.gif

cc980024
post Nov 9 2015, 11:32 AM

Casual
***
Junior Member
492 posts

Joined: Aug 2009
QUOTE(BacktoBasics @ Nov 9 2015, 09:40 AM)
Life as a parent not easy. Seems like it is fairly expensive just to have one child.

Just my 2 cents, I would fund for my child's education but house and studying abroad is too expensive. I did all my studies locally and I do not see the difference in education standards.

However, I do see that a car is necessary as our country's public transportation is very inefficient.
*
Yup, the cost is very different depends on what you gonna provide. Both hubby and myself are local grads too (under the govt uni). But due to our very unstable political situation along with our currency performance, we are hoping for a better way out for next generation.

If we have not save enough for study abroad, no choice will have to settle locally (2nd choice). But will get the fund ready as much as possible without putting study debt on us, as well as not touching the retirement fund. Is not as easy as deliver the baby and everything smooth sailing .. sigh...
cc980024
post Nov 9 2015, 11:37 AM

Casual
***
Junior Member
492 posts

Joined: Aug 2009
QUOTE(BacktoBasics @ Nov 9 2015, 11:11 AM)
It is a different life when you have kids. A lot of your personal time to do things you enjoy after work or on weekends will be all given to your kid. Before you know it, you will be old and bad health kicks in... hard to enjoy after that... cry.gif
*
Totally agreed. rclxms.gif
Financial is small matter to be tackle compare mentally ready. You have reminded me that I have lost myself for so long. Even there are time you can do shopping alone but in the end, most of the stuff you bought either for kids or hubby.
Fiona Chin
post Nov 9 2015, 12:36 PM

Regular
******
Senior Member
1,172 posts

Joined: Apr 2013
From: Singapore / Sabah


QUOTE(BacktoBasics @ Nov 9 2015, 11:11 AM)
It is a different life when you have kids. A lot of your personal time to do things you enjoy after work or on weekends will be all given to your kid. Before you know it, you will be old and bad health kicks in... hard to enjoy after that... cry.gif
*
Its your choice what you want to do with your money and time. Use it for yourself or your next generation.
TSBacktoBasics
post Nov 9 2015, 01:03 PM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(cc980024 @ Nov 9 2015, 11:32 AM)
Yup, the cost is very different depends on what you gonna provide. Both hubby and myself are local grads too (under the govt uni). But due to our very unstable political situation along with our currency performance, we are hoping for a better way out for next generation.

If we have not save enough for study abroad, no choice will have to settle locally (2nd choice). But will get the fund ready as much as possible without putting study debt on us, as well as not touching the retirement fund. Is not as easy as deliver the baby and everything smooth sailing .. sigh...
*
As parents you would want to give the best of what you can afford to your kids. I have friends who studied in Aussie but unable to secure a job there even as accountants.

I heard there are too many of them in Australia.

Plus, with our weak currency...studying abroad seems so far away now
TSBacktoBasics
post Nov 9 2015, 01:06 PM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(cc980024 @ Nov 9 2015, 11:37 AM)
Totally agreed.  rclxms.gif
Financial is small matter to be tackle compare mentally ready. You have reminded me that I have lost myself for so long. Even there are time you can do shopping alone but in the end, most of the stuff you bought either for kids or hubby.
*
Sacrifices of the unsung heroes. Hopefully your kids will understand much better when they grow up.
cc980024
post Nov 9 2015, 02:12 PM

Casual
***
Junior Member
492 posts

Joined: Aug 2009
QUOTE(BacktoBasics @ Nov 9 2015, 01:03 PM)
As parents you would want to give the best of what you can afford to your kids. I have friends who studied in Aussie but unable to secure a job there even as accountants.

I heard there are too many of them in Australia.

Plus, with our weak currency...studying abroad seems so far away now
*
Ya, still don't know how it goes. But Aust is not our option as what you said, they are overloaded with Asian. Am looking at Canada as the fees seems lower, but we are open to any countries even if is India, Indonesia, Thai, etc.. Reason being wanted him to understand any part of the world can be home as long as he like it. But if he loves to stay back, that's his choice.

I have only this 1, that's why manage to have some plan and he have the luxurious to choose. If I have few more kids, there will be no option.. everyone will have to workhard and fight for a place in local uni.
TSBacktoBasics
post Nov 10 2015, 06:04 PM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(MiracleForever @ Nov 10 2015, 05:21 PM)
Rm20k cash in hand , wife check up , labor , baby check up etc

Then monthly rm2k for baby and wife.
When wife slowly getting well, the cost is reduced but the baby cost increased.

Unless you want go government hosp and see your baby got rough handling by nurse etc. i chose loh guan lye specialist. The cost is most expensive in the market but you pay for what you get. Its top hosp now btw.
*
20k....I wonder how long need to save up to thar amount
TSBacktoBasics
post Nov 11 2015, 09:07 AM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(MiracleForever @ Nov 11 2015, 12:13 AM)
No choice one, unless u want go to govt hospital for full package then u slightly need around rm1k cash only.

Normal checkup rm150
Some test rm3xx
Some test rm4xx

During 2nd mth to 8mth is rm150 monthly +rm3xx + rm4xx. Only normal 2d pic

9mth is rm150 twice a month + rm of medicine if needed

10mth is rm150 4 times a month + rm of medicine if needed

If 3d scan need add more money.

For labor package room, general 4/5 rooms rm2xxx
Twins room is rm3xxx
Single room is rm4xxx
*all prices exclude equipment,accessories & injections.

After gave birth need follow up wife and baby.

So you count lo you need rm20k cash or not. This not include protein foods and herbs for wife after labor. Baby milk and accessories also simple can cost you a bomb.

My baby avent bottle rm9x X 2sets = rm200
Breast manual pump avent rm299
Breast auto pump rm6xx
Baby soother rm15x X 3 sets
Bottle sterilizer rm3xx
Avent bottle medium size rm10x
Avent container rm8x
Bottle liquid cleaner and brush rm1xx
Baby dry&wet tissues, pampers etc rm3xx
Baby clothes rm3xx
Baby towel, glove, hankerchief rm1xx
Enfalac a+ = small rm5x
Frisomum rm5x
Mattress rm1xx
Baby bed frame rm5xx
Chinese soup&drink Herbs = rm2k+
Salmon fish rm89.90/100g = rm15raw daily
Paying mum rm600 monthly help care baby not include foods
*if you go to confinement then rm4~5k but save herbs money but they give you junk herbs.

Raising a newborn baby is much more harder than paying installment for a new honda accord.

Above is based on my budget, you may get lower price if you dont mind using non branded stuff. Depends on u.
*
I think manageable if both parents are working...but my salary now is peanuts LOL guess need to wait for a bit more. thanks for the detailed breakdown of costs. sure helps
cc980024
post Nov 11 2015, 09:36 AM

Casual
***
Junior Member
492 posts

Joined: Aug 2009
BacktoBasics, don't worry too much. I don't have that much savings either for a start. If everyone starts calculating every piece of expenses for a kid, I think lots more abortion happen. I would be 1 of them, as mine was accidentally conceived .. biggrin.gif.

As long as you have steady income and not in debt, and with some monthly savings to move along. You will get through it. If you don't want to spend too much on delivery, govt hospital is not that bad nowadays. I have quite a fair bit of colleague opt for govt. They are all graduates (I guess their household income should not less than 15K monthly but yet they willing to go for govt). Well, some ppl would prefer not to overspend on this. As for baby items, you may source for pass-down or 2nd hand, or lookout for warehouse sales. If you got lots of relatives or good frens. You may even let them know your wish-list of gift. I actually got all the diapers as gifts which lasted almost near to 10mths. Some frens even asked for the formula brand that my baby having and they bring over as fullmoon gifts. biggrin.gif
Having a baby is not tough, is either a 1-time off payment (delivery) or most of the first few years item can easily get at lower cost or some you even can find alternative and omit it. But a long-term basic expense will be insurance (medical card) and edu fund, but do believe it for years to come with your salary increment and shrink pocket.. everything will be fine.

This post has been edited by cc980024: Nov 11 2015, 09:37 AM
TSBacktoBasics
post Nov 11 2015, 11:38 AM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(cc980024 @ Nov 11 2015, 09:36 AM)
BacktoBasics, don't worry too much. I don't have that much savings either for a start. If everyone starts calculating every piece of expenses for a kid, I think lots more abortion happen. I would be 1 of them, as mine was accidentally conceived .. biggrin.gif.

As long as you have steady income and not in debt, and with some monthly savings to move along. You will get through it. If you don't want to spend too much on delivery, govt hospital is not that bad nowadays. I have quite a fair bit of colleague opt for govt. They are all graduates (I guess their household income should not less than 15K monthly but yet they willing to go for govt). Well, some ppl would prefer not to overspend on this. As for baby items, you may source for pass-down or 2nd hand, or lookout for warehouse sales. If you got lots of relatives or good frens. You may even let them know your wish-list of gift. I actually got all the diapers as gifts which lasted almost near to 10mths. Some frens even asked for the formula brand that my baby having and they bring over as fullmoon gifts. biggrin.gif
Having a baby is not tough, is either a 1-time off payment (delivery) or most of the first few years item can easily get at lower cost or some you even can find alternative and omit it. But a long-term basic expense will be insurance (medical card) and edu fund, but do believe it for years to come with your salary increment and shrink pocket.. everything will be fine.
*
yeah you are right.

15k monthly of household income? that is quite a figure eh?
Drian
post Nov 11 2015, 11:43 AM

Look at all my stars!!
*******
Senior Member
4,968 posts

Joined: Jan 2003


QUOTE(BacktoBasics @ Nov 11 2015, 11:38 AM)
yeah you are right.

15k monthly of household income? that is quite a figure eh?
*
Not really, you just need husband and wife to be around 7.5k income.

TSBacktoBasics
post Nov 11 2015, 12:01 PM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(Drian @ Nov 11 2015, 11:43 AM)
Not really, you just need husband and wife to be around 7.5k income.
*
hahaha from where I am now... I am just 3 LOL my wife to be also 3 LOL we are both 26
cc980024
post Nov 11 2015, 12:57 PM

Casual
***
Junior Member
492 posts

Joined: Aug 2009
QUOTE(BacktoBasics @ Nov 11 2015, 12:01 PM)
hahaha from where I am now... I am just 3 LOL my wife to be also 3 LOL we are both 26
*
Haha.. your financial status are similar to me and my hubby last time. But that was 9yrs ago when I conceived.
And I only have a carloan of RM400 instalment monthly, with houseloan RM1500 (back then) and each of us bring home to own parents around RM800.
But those days, this income kena pay tax already.

But today, having the same amount of household income, you needs to work harder. sad.gif

SUSthe99percent1
post Nov 11 2015, 02:31 PM

Casual
***
Junior Member
381 posts

Joined: Aug 2014
Most young adults can't afford to have kids.. period.

Great sacrifices have to be made
TSBacktoBasics
post Nov 11 2015, 03:06 PM

Regular
******
Senior Member
1,799 posts

Joined: Oct 2015
QUOTE(the99percent1 @ Nov 11 2015, 02:31 PM)
Most young adults can't afford to have kids.. period.

Great sacrifices have to be made
*
yeah...and that makes you one of us? hmm.gif

6 Pages  1 2 3 > » Top
 

Change to:
| Lo-Fi Version
0.0176sec    0.37    5 queries    GZIP Disabled
Time is now: 28th March 2024 - 06:07 PM