Singapore is a pretty good place to raise kids. It’s safe, clean and there’s world-class education and healthcare right at your doorstep. But good doesn’t mean perfect and parenting here still comes with its fair share of growing pains, especially when it comes to planning your family’s finances. 

On top of figuring out your parenting style, whether you’re more of a “tiger parent” or “gentle parent” (or somewhere in between), there’s the very real task of making the numbers work. So, we went digging around the internet to find the five money struggles Singaporean parents talk about the most.

1. High cost of child rearing

A Medium article recently put the monthly cost of running a household with a child at around S$5,807.18. Over on Reddit, parents in Singapore were quick to share their own experiences on how those numbers can climb quickly in the child's first few years. For some, the biggest expense is allergy-friendly formula. For others, it is full-time childcare. Many also pointed out, just like in our own article on raising a child, that expenses for things like food, enrichment classes and transport do not slow down as your child grows. 

TRY THIS MONEY MOVE: Start thinking about these costs early. Having a chat with a trusted financial adviser or using tools like the Singlife Starter Pack can give first-time parents a better idea of what to expect and how to plan for it. If you are a new parent, set up your child's Child Development Account to enjoy dollar-for-dollar matching by the government on your first S$5,000 contributed. Getting medical insurance for your child early helps ensure that if health conditions arise during their growing years, you won’t have to worry about treatment costs. 

2. Housing affordability and mortgage stress

Buying a home is one of the biggest milestones for any family, but it can also be one of the biggest financial pressures. A quick scroll on Reddit shows how many parents talk about the stress of keeping up with mortgage payments, especially with property prices climbing year after year. Some worry about what would happen if a job loss meant relying on a single income. Others share how living paycheck to paycheck just to keep their home makes it hard to save for anything else.

TRY THIS MONEY MOVE: There’s a lot to think about before you take the leap to move out and find a place of your own. New homeowners often recommend setting a strict budget, being clear about needs versus wants and building a support circle to get you through what some call “reno hell”. Keep the conversations with your partner open, especially when it comes to financing. Take your time making your house feel like a home and try out these hacks to achieve your dream aesthetic without burning a hole in your pocket. And one more thing, don’t forget about home insurance. It’s always better to be safe, especially with recent news about fires breaking out more than once in the same unit. Remember, HDB fire insurance only covers the internal structures and fixtures provided by HDB, not your home renovations or personal belongings — so it’s worth making sure you have the right protection in place.

3. Wages lagging behind the cost of living

It’s no secret that the cost of living in Singapore has been rising faster than most salaries. Online, parents often share how everyday essentials like groceries, utilities and school fees take up more of the family budget each year. Government support, such as CDC vouchers, LifeSG credits and SG60 vouchers announced during Budget 2025, has been helpful in easing some of these cost pressures, but many families still look for ways to stretch their dollar further.

TRY THIS MONEY MOVE: While we can’t control the pace of inflation, we can take steps to stay ahead of it. You can check out our guides on stretching your budget amidst rising food prices and building good financial habits early in your 20s so you can reap the rewards later. Some quick ideas include finding an alternative source of income, whether it’s starting a weekend side hustle like a home cafe or investing your savings to generate passive income.

4. Education and enrichment costs

Parents want the best for their children, but paying for tuition, enrichment classes and eventually university fees can be a heavy load. According to a CNA report, families in Singapore spent a staggering S$1.8 billion on private tuition in 2023 alone. Online, parents often share how these costs can cause tension at home, especially when there’s concern about whether their children might later need to help support them in return.

TRY THIS MONEY MOVE: Take the time to figure out what’s truly affordable and necessary, rather than spending just because it seems like everyone else is. Looking into scholarships, bursaries or awards your child can apply for is always a good move. When it comes to saving for important life goals like your child’s education, you don’t want to take chances. That’s where Singlife Smart Saver comes in – it’s capital guaranteed, giving you a safety net and peace of mind. Plus, the plan's Life Stage Add-on feature lets you save confidently for multiple milestones over time, including your retirement. Setting clear expectations early not only takes pressure off your finances but it also teaches your child that education is valuable and worth planning for together.

5. Healthcare and elderly support

Medical costs are one of the biggest worries for many families, especially when you’re caring for both young children and ageing parents. Singlife’s white paper on long-term care found that while one in two Singaporeans will need some form of long-term care by age 65, many admit they haven’t planned enough to meet those costs. Add in rising healthcare expenses from routine check-ups to unexpected hospital stays and it’s easy to see why these bills weigh heavily on parents in the sandwich generation.

TRY THIS MONEY MOVE: One of the best things you can do for your family is to take care of your own health. Whether you’re male or female, make time for regular health check-ups and find ways to stay active, even if it’s just at your desk. For comprehensive severe disability protection that supports you and your family, consider a long-term care private supplementary cover which provides monthly payouts on top of your CareShield Life or ElderShield payouts.

Online rants, offline solutions

It’s easy to feel discouraged when you scroll through page after page of online complaints. The truth is every parent faces their own set of challenges and you’re far from alone. Sometimes the best lessons come from unexpected places, like the African penguins who show us the value of teamwork, commitment and communication when it comes to parenting (psst, also try out our new quiz to find your parenting style). 

If you’re ever in doubt, start close to home. Lean on your own parents for advice, share experiences with other mums and dads in your circle and reach out to a trusted financial adviser representative for guidance. Building a community of support means you’ll never face these challenges on your own. Whether it’s the cost of daily life or the bigger financial picture, you’ll be ready for it.