Saving for your child’s future education is an important task to start as early as possible!
The longer you save the more years to compound the interest/returns on that money.
And not to mention, more years of savings means more capital.
How much do you need to save up per kid for Singapore university?
I graduated from NTU Accountancy in 2008 and during that time (always the good old days) I paid only $3,800/yr for my university fees.
I did some detective work and the tuition fees have now inflated to $9,400 TODAY!
So let’s assume an inflation rate of 2% after 18years, the possible course fees per year at NTU may be $13,400/y if you have a baby today.
Hence, $50,000 is needed (conservatively…).
But again, that is local singapore university for most courses.
If your kid studies medicine, it will be more expensive =P
And of course, if it’s overseas education, it’s going to be a huge amount!