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The course will help you prepare for the journey ahead when you decide to tie the knot and start a family. From planning the wedding, buying your first home, maternity to raising kids, we will explore the relevant government subsidies offered in Singapore at each milestone to help lighten household expenses, and make marriage and parenthood a joyous and affordable commitment.
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|Section 1: Introduction|
|In this module, we will learn about: Planning your finances as a couple, Budgeting for your first home, Having Children, Reviewing your insurance, Bringing up children, Claiming tax relief/rebates for parents, Planning for tertiary education|
|It is important to discuss and plan your finances as a couple to avoid disagreements over money matters. Learn more about how to plan your finances together as your couple. Learn how to best plan for your wedding.|
|Section 2: Budgeting For Your First Home|
|Learn about various aspects about buying your first home in Singapore. There are five steps: 1. Determine what is left over each month 2. Estimate future housing expenses 3. Obtain estimate of loan quantum 4. Find out about eligibility for CPF housing grants 5. Work out a budget|
|Work out your housing loan repayment amount. Learn about Mortgage Servicing Ratio.|
|Here is a Case Study for you to consider. Remember to always have a sufficient buffer. The concept of Mortgage Insurance is also presented here.|
|The next three steps in the process of budgeting for your first home are presented here. The HDB Priority Schemes are also explained.|
|A couple Sam and Kelly want to buy a new HDB home. Which type of flat can they afford?|
|Section 3: Starting A Family|
|Find out about various maternity and delivery costs in Singapore. Also find out about the MediSave grant for newborns and the various leave eligibility for parents in Singapore.|
|Here are some insurance considerations when you are expecting. Various strategies in choosing the type of insurance are presented.|
|Bringing up children in Singapore can be expensive. Find out about the various subsidies available for parents in Singapore.|
|Find out about the Enhanced Foreign Domestic Worker Levy Concession. There are also various leave schemes available for parents in Singapore.|
|Discover various ways of planning for your children's tertiary education.|
|Section 4: Conclusion|
We conclude this module on Starting A Family with this lecture.
http://marriagecentral.sg – For Couples Tying the Knot
http://www.heybaby.sg - Marriage and Parenthood Package
http://app.msf.gov.sg/Assistance.aspx – Grants Subsidies and Other Assistance
http://www.iras.gov.sg – Parenthood Tax Reliefs
http://www.moe.gov.sg – Education Fees, Tuition Grants and Bursaries
|Lecture 14||7 pages|
In this document, you will find further useful information pertaining to starting a family in Singapore.
The MoneySENSE-Singapore Polytechnic Institute for Financial Literacy is a collaboration between MoneySENSE, the national financial education programme in Singapore and Singapore Polytechnic.
MoneySENSE is spearheaded by the public-sector Financial Education Steering Committee which comprises representatives from the Ministry of Health, Ministry of Social and Family Development, Ministry of Education, Ministry of Manpower, Central Provident Fund Board, Monetary Authority of Singapore, National Library Board and People’s Association.
Our financial education courses cover basic money management, financial planning and investment know-how.