College education in Singapore can be pretty expensive, especially for a foreigner. However, that doesn’t mean you can no longer afford it. In fact, you can start saving up some money before your child reaches to college.
In Singapore there are a lot of ways on how you can do that.
Begin by opening a children’s account.
One of the most conventional ways of building up funds for college is to create a children’s savings account. A lot of banks are currently offering that. The good news is you don’t have to go through lengthy requirements before you can open one.
There are so far two kinds of children’s accounts in Singapore. One is the savings account. It is very similar to the savings account of adults, though the minimum balance may be low or even completely non-existent. The interest, on the other hand, may be a little higher so you can easily increase the funds. If you will just compare banks properly, you will find some of them do offer a little more than 3 percent on the savings.
If your child has savings account, he or she will have his or her own passbook to keep track of his or her savings or perhaps an ATM.
Another kind of account is the trust fund account. It’s like a time deposit account, where you continuously put in money into the account but it cannot be withdrawn until the child reaches a specific age. Usually, the kid needs to be 21 years old before he or she can enjoy the money. By then, the trust fund has enjoyed interest and a huge chunk of cash from your continuous deposits.
To open a children’s account, you may need to have an existing account in the bank, may it be a savings account, a current account, a foreign currency savings account, or a fixed deposit account. Since you’re a foreigner, you need to present your visa, passport, and employment passes. You also need to bring the child’s identification and birth certificate as proof you are his guardian or parent.
Set up an online banking system.
An online banking service gives you no excuse to forget about building college funds for your kids. With it, you can instantly transfer money from your account to theirs. You can do so anytime and anywhere. Setting up an online account is never difficult, as long as you already have an existing account in the bank. If you’re having a hard time, you can count on the 24-hour customer support to walk you through.
Pay your bills at the right time.
You may never imagine how much you can save just by paying all your bills when they’re due. Take, for example, your credit cards. If you pay at least the minimum on time, you can get away with paying the late fees, which can be as much as 50 SGD.
Learn to manage your credit cards well.
Paying on time, though, isn’t enough. When it comes to your credit cards, you should aspire to pay the full amount when it’s due. This way, it doesn’t keep earning interest, which you need to pay. Moreover, use your credit cards only when they are truly needed. For regular purchases, you can buy items in cash or even through debit cards.
Settle for free entertainment.
Though Singapore is small, there are a lot of good places you can visit without spending anything. You can go to Esplanade to watch performances or head to the library, admire the architecture of Raffles Hotel, take a stroll near Merlion Park, get to know more information in the national library, admire the beauty of the botanical garden, or enjoy window-shopping in Little India. You can take the kids to the national museums, which often have free tours, or to the nearby beaches. There’s also East Coast Park and Marina Bay.
Save on food.
Food doesn’t have to be too costly when you’re in Singapore. You can gather coupons that are often included in newspapers and use them during the weekend to buy goods at discounted prices. When going out with your family, choose among the savory dishes offered by small stalls in hawker centers. Another option is to just purchase the ingredients straight from the farmers’ market.
Keep your family healthy.
Though you can always count on the health insurance policies and the world-renowned health care facilities in Singapore, you can definitely save a lot more money if you can just keep your entire family healthy. There are so many good biking and walking paths all over the country. Compared to other nations, Singapore is clean and well-maintained. There are several organic produce you can choose.
Do these things consistently, and you’ll just discover one day you have a good amount of fund to send your child off to college. t