How Much Should I set aside for my kids?

As a parent, my key responsibility to my kids is to provide them till they are big enough to fend for themselves. This would include a roof over their head, necessities and a typical education (i.e. primary/ secondary school and local tertiary education), medical when needed. Whether I will leave them a legacy when they are big enough is not my responsibility. If I've taught them well enough and done my part, they should have the skills to survive and adapt to however the circumstance is when they are adults.

Hence, when we plan for our kids, we look at looking after them till an age of 25. Why 25? Most of my kids are boys. And there's national service, which adds 2 years before they could complete their tertiary education. Hence, assuming the JC route, plus 4 years of University, that would be up till age 25. With my youngest being 2 this year, I'll need to ensure they are cared for till 2044.

What if I'm not there? 

Then at least, I must make sure there's enough finances to help them through their childhood till age 25.

These are the things I look at: 

- home

- expenses (to live and to be educated)

-  medical needs

Home is taken care of with Home Protection scheme (HPS). 

We buy medical insurance to take care of the big ticket medical stuff. 

Then there are expenses to live and be educated. To do such an exercise, we made a very rough estimate that in 2021, each child needs $2000, or $6000 in total per month.  We'll support them all till 2044, and assuming inflation/ increase in expense per year is 3%. With that, we sum up all the total amount of money needed to reach this amount.

Year	monthly expense	annual expense	Amount needed
2021	$6,000.00	$72,000.00	$2,478,705.86
2022	$6,180.00	$74,160.00	$2,406,705.86
2023	$6,365.40	$76,384.80	$2,332,545.86
2024	$6,556.36	$78,676.34	$2,256,161.06
2025	$6,753.05	$81,036.63	$2,177,484.71
2026	$6,955.64	$83,467.73	$2,096,448.08
2027	$7,164.31	$85,971.77	$2,012,980.34
2028	$7,379.24	$88,550.92	$1,927,008.58
2029	$7,600.62	$91,207.45	$1,838,457.66
2030	$7,828.64	$93,943.67	$1,747,250.21
2031	$8,063.50	$96,761.98	$1,653,306.55
2032	$8,305.40	$99,664.84	$1,556,544.57
2033	$8,554.57	$102,654.78	$1,456,879.73
2034	$8,811.20	$105,734.43	$1,354,224.94
2035	$9,075.54	$108,906.46	$1,248,490.52
2036	$9,347.80	$112,173.65	$1,139,584.06
2037	$9,628.24	$115,538.86	$1,027,410.40
2038	$9,917.09	$119,005.03	$911,871.54
2039	$10,214.60	$122,575.18	$792,866.51
2040	$10,521.04	$126,252.44	$670,291.33
2041	$10,836.67	$130,040.01	$544,038.89
2042	$11,161.77	$133,941.21	$413,998.88
2043	$11,496.62	$137,959.45	$280,057.67
2044	$11,841.52	$142,098.23	$142,098.23

As of 2021, I'll need to set aside close to $2.5 million for the kids. Well, me and my partner don't have this amount with us. To achieve this amount, my partner and I buy life insurance to help cover the shortfall. To get the most coverage for the least cost, we chose term life insurance.

Scoring Quick Wins in Reducing Expenses

I shared  my monthly expense here, and one of the reason for looking at expenses is to see if there are any quick ways to minimize them. 

The best way is minimize recurring cost.

One of the items that my partner and I were looking at is mortgage. And seems like now is a good time to look at mortgages since interest rates are rock bottom, and I've just received an email from the bank about repricing. As a side note, 2 years back when I was doing a refinance, I thought interest rate was rock bottom at about 1.8%. Today, interest rate has fallen even more, and we are getting a new interest rate at a low 1+% interest rate. It's a no- brainer to do a repricing or refinancing. 

We only checked with 1 other bank, and the rates are about the same, so I would really prefer a repricing rather than a refinance. The bank also waived the repricing fees (subjected to some terms of course). You can read more about the differences between refinancing vs repricing of housing loan here.  We needed a clause to waive penalties if we sell within the lock-in period, as we might move one day (not bound by minimum occupation period any more LOL), which the bank include in the agreement. 

Repricing was really hassle-free. No visit to the conveyancing lawyer, unlike the previous time when we did a refinancing. No need someone to come to my place and do a valuation. After agreeing on the terms, and reading the agreement, we only need to login and click to accept the repricing and we are DONE. 

When the new rates kick in, we would start saving a low few hundreds off our mortgage, without cutting back on life. 

Nice.

We Spend Way above the basic standard of living. How Luxurious' our life?

In October 2021, a study was done by National University of Singapore Lee Kuan Yew School of Public Policy (LKYSPP) and Nanyang Technological University (NTU) which found that in a family of family of four, with parents, a pre-teen and a teenager, needs at least $6,426 a month to afford a basic standard of living. You can read more about the article here.

I did a short study on my own household to see whether my family is spending above or below this $6426. My family is quite different from this case study. We have one more person, and the kids' demographics (currently all preschoolers) are different. Also, there are a few differing categories that we have. But I still feel it is a way to see how we fare against this "basic standard of living".

We are definitely not living any luxurious life, but the expenditure is way, way, way above  this basic standard of living. 

Our Monthly Expenses in detail

Here's a breakdown of our expenses:

Annual Fixed Expenses ($5090 per year or $1922.50 per month)

Insurance (per annum) - $ 5000 (or $417 per month for 5)

Property tax (per annum) - $90 (or $7.50 per month)

Income tax (per annum) - about $18000 for the 2 adults  

Monthly Fixed ($7555.90)

Mortgage - $2400

Broadband - $39.90

Mobile plan - $16 (me and my partner. Use RedOne Amazing 8. It's amazingly just $8 per month per line.)

Parents allowances (4 pax) -$2800

School fees - $1500 (childcare for 3)

Enrichment - $800 (for 2 kids. Note: one is still too small)

Monthly Variable ($2690)

Groceries and food - $500

Milk/ Coffee/ Beverages - $100

Diaper and wet wipes - $80, typical Drypers from Qoo10 (affiliate link) and cheap wet wipes at just $12.90 for 10 packets

Utilities - $160

Transport -  $80 ( public), $1300 (car)

Snacks/ discretionary food expenditure - $100

Toiletries/ detergents/ etc. - $40

Entertainment - $30

Allowance for repair/ others - $300 

Total - $12,168.40

This is way, way, way, way above the basic standard of living, 

How Luxurious is my life then?

I have a car, which my partner bought. I guess its a great luxury, considering the cost of public transport a month is about $80 if I go fully public, and kids below 7 (prior to primary 1) ride free. The cost of a car including mortgages, petrol, insurance and maintenance is so many times more expensive!

But, apart from that, my feel my life is plain standard.

I live in a HDB flat. A typical 4 room flat of 93 square metres- not luxurious.

I eat mostly at home, with occasional hawker food. And restaurants are once in a blue moon - during celebration. I've eaten enough restaurant food while travelling for work and don't have great desire for them. 

Every other stuff that I spend on are quite ordinary. 

My partner and I don't fancy any type of entertainment, except for reading books  on Libby and watching Youtube videos, Disney+,  and occasional snacks such as eating potato chips while reading or watching. We do go cycling on and off on our cheap bicycle (about $80 each bought from taobao). 

Comparing against benchmark is a good exercise. At least I know I'm spending way too much. Note to myself to optimize my spending. 

Oh my gosh, why am I spending way above standard amount when I'm living a standard life. 

OCBC 360 vs UOB One account - Are you still optimizing these accounts?

OCBC 360 and UOB One have have changed their interest rates, and the requirement to meet maximum interest for quite a number of time since I've signed up on them. Honestly, I have lost track of what's required of me until recently. 

I got charged an annual fee for OCBC  Plus! Visa credit card recently. Like everyone, I immediately  tried to apply for waiver. I tried online and was  immediately rejected, so I tried via phone and was rejected as well. The automated call also advise me that it will not be reviewed.

So...

I called up the bank to ask why. And I did. And I realize why... I didn't meet the annual minimum spend. Turns out, I need to spend $2500 per year for the annual fee to be waived.  So I requested to cancel the card, and the annual fee will not be charged if I cancel. Of course I cancelled it. And, I have no more credit card with OCBC.

Do I need a new credit card with OCBC? I took a look at OCBC 360 account and realized credit card spend is no longer a requirement for higher interest. YEAH - though I realized the interest had dropped quite a lot since I last saw it. Anyways, since I credit my salary, which also result in an increase in balance of more than $500 each month in that account, I'll get about 0.98% p.a for the first $75000 according to this website.  This yield more interest than the recent Singapore Saving Bonds' interest (if you consider the first 6 years).

Then I went to check my main credit card - UOB One. I consolidated most of my spend on the UOB One credit card as I wanted to get my UOB One interest and the cashback. I recalled (in my memory) that the $500 minimum spend was the first requirement for higher interest, which was why I spent more on that card. This still remains - see here for detail.  I also made 3 giro applications with UOB One, so I got an EIR of 1% for the first $75000 for now. 

Will I go an extra mile for this interest? If the interest is 3%, maybe I will. But at the current interest rate, the bank account is just something for me to park my spare cash. I won't try to meet minimum spend on my credit card as well unless I'm just close to $500. If you get at most $75 per month of interest, you don't need to spend more than that right? 

The interest amount is a good to have. But at my current stage of life, they don't change my life enough to make me spend time and effort on this. 

I wonder when I will check the interest rates of these accounts again. 

It's Friday. 

Have a good weekend.

This is more important than cost, location when buying a BTO

Buying a home is a big purchase. Most people talk about location, mortgages, prices and so on when purchasing a BTO. But after applying for one, getting it, and forgoing it during the wait, I can be certain that locations, prices and so on aren't the key factors.

I applied for a BTO and got to select one many many years back. It was those days when BTO just took about 3 years, but the one that we end up choosing had a 5- 6 year timeline because of its height and also location. In terms of the BTO that we had gotten (and of course forgone years back), it was great. Location - checked. Price - perfect (you can't get a 5- room flat any cheaper in that location than a BTO. LOL), Facing - perfect (no west sun, and so on).  

So what? How perfect it was in price, location, facing and so on, I didn't get it at the end of the day. 

The timeline didn't fit my life and after a few years o waiting, I was seriously not going to waste my time waiting for it. I have a plan, and that home that I bought doesn't fit my plan. 

For those who think that living with parents/ in-laws is okay, consider seriously whether when you have kids in tow, can you all still live peacefully under one roof. If you have kids during this period, is there space to house a helper (or even a confinement nanny) if you bunk in in others' home?

For those that are thinking of renting, why not get a resale flat now? Anyway, if the BTO has a 5-6 year timeline, you would have completed the MOP by then. And if you are still eligible to buy a BTO by then, then sell your resale flat. You could potentially have negative or near zero rent if you manage to sell at (or above) the price you buy at (adding in interest rate and renovation). Maybe still cheaper than renting. (I'm not property expert, so please don't take my word for it. Do your own research. )

I find it funny that many people revolve their plans around the timeline of the BTO flat. (I was one funny person anyway). But seriously, you have your own life, which you should plan based on your goals in life, not the timeline of your BTO that you happen to get. You choose something that follow your timeline.

 

At the end of the day, you can buy a car to make up for the location.   

You can earn more to make up for the cost (of course choose something within your budget).

In short, you can always earn back the money that you spent.

 

But...

You can never earn back TIME.

She Got A Paycut taking childcare leave

It's first April, but this is no April fool joke. My friend recently shared with me the Paycut she was subjected to when she took childcare leave.

For parents of Singapore citizen, you get 6 days ( per parent) if your child is less than 7 years old and you have worked with your employer for at least 3 continuous months. If your youngest child is between 7 to 12  years old, you get 2  days per parent. More information, see the official website from Ministry of Manpower here.

As typical corporate warrior, my friend takes childcare leave before annual leave. Well, childcare leave cannot be brought over to next year and cannot be encashed ( if your company allows encashment of leave). So as usual, she took her childcare leave first before annual leave.

However, last month, she noticed that her pay was cut... 

Well, her pay was cut not because of her company, not because of anything that she did at work. Rather it was because...

Of another clause in childcare leave. If you have 6 days of childcare leave per year, the employer pays for the first  days. For the next three days, your employer will get reimbursed by the government. 

If you were to look at MOM website on childcare leave, you will notice that for each day, payment is capped at $500 per day including CPF contribution. 

She earns more than $500 per day, hence this explains the pay cut when she took her childcare leave. When I asked her why did she take so long to find out about this, and she mentioned that she was not subjected to this cut in her previous company. To be fair, for the first 3 days of her childcare leave, her employer paid the full amount. It was from the fourth to sixth day( when the company claims from MOM) is she them subjected to the pay cut.

This reimbursement from MOM is done by the employer ( usually HR) behind the scene. Apparently most employers just pay the difference. But there are some that pay the exact amount they get from MOM. 

So, if you are a high income earners, and took all your childcare leave without any paycut, thank the government and your employer for the last 3 days of your childcare leave.

Have a great day!

Fourth Child ?

My youngest turned one a few months back. As I see how his elder brother and sister enjoy playing and being his leader ( I simply mean bossing him around), I thought for a moment whether it would be great for him to have another sibling.

This was a a decision that I made for my eldest and second one. And the decision came easily then. 

But for this time round I was hesitant.

True enough the baby bonus, and CDA benefits are great for 4th child. Though there will be no additional tax benefit for me since I hit the limit. But, these benefits to me, are ' side effects' to my decision. They are never part of my decision.

During the pandemic, I got lots of time with the kids. But I also realized it was just tough to give all of them attention at the same time. My kids learnt less than I could teach if there were fewer kids, and I spent less time due to significant distraction by another ( e.g. diaper change, or just another kid making too much noise, etc.). To me, more kids would be sacrificing the current attention that I can give to any one.

I am getting old. When the kids are at home, whole day, I am exhausted by afternoon. Cannot imagine having more kids.

Another big consideration I have is space. Everyone needs space. Currently all my 3 kids share a single room. And there was once my daughter mentioned that she likes to be home when the brothers are away, as at least, she can play her own toys ( without them being snatched away suddenly). The time will come when the 2 boys want their own space too. I am considering a home with 4 bedrooms. Most new 5 room hdb flat just don't have 4 true blue bedrooms. The 4th room in a five room flat is just an extension of the living room. Perhaps it is big enough for a table but not for a bed with table and storage space. I looked at some condos, but the price for 4 bedroom is out of range for me. What's more, the living space is small. To me, moving to a condo is considered a downgrade if I have to forgo space. The swimming pool, the garden at the condo are  places that belong to just me. While there will be less people competing for such space compared to the public park or pool,  it is not my space.

 I looked at landed and cluster houses too. They are big enough. Now it becomes, whether I want to trade my freedom ( to be able to quit my job when I feel like it) for more physical space. 

Next factor is also related to space. But now it is car space. My sedan can only fit 5. Having more kids would mean a change in car ( or not having it). Not something that I would want to I'm the near future...

So, I guess I will stop at 3.

Main factors that made this decision was space and time.

Why topping up my CPF won't reduce my tax

It's going to be the end of the year, and there are many who are topping up their CPF to earn tax relief. For me, topping up my CPF will not reduce my tax in any way. So for me, I'm not going to top up this year. 

And the reason for that is simply because of this statement from IRAS:

A personal income tax relief cap of $80000 applies to the total amount of all tax reliefs claimed for each year of assessment.

So for individuals, note that your maximum amount of tax relief is capped at $80,000. Once you reach that sum, topping up your CPF will not help reduce your tax. 

I get a substantial tax relief from the working mom tax relief. The following is the tax relief for working moms:

• 15% of earned income for 1st child
• 20% of earned income for 2nd child
• 25% of earned income for 3rd child and beyond

As these relief are cumulative (meaning if you have 2 children, your tax relief is 15% + 20% = 35%), they become quite significant. With 3 kids, I qualify for 60% of tax relief of my earned income. This forms the bulk of my tax relief.

Another bulk of relief will be from my compulsory CPF contribution. Without us doing anything, a portion of our salary goes to CPF. This contribution is known as the compulsory employee CPF contribution, and they are included as part of my tax relief. 

After adding in my CPF and working mother tax relief, I've exceeded the personal income tax relief of $80,000. I like that IRAS highlight this (I copied this from IRAS' website):

Please note that a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including relief on compulsory/ voluntary CPF contributions) for each Year of Assessment.

There will be no refund for accepted voluntary CPF contributions. Please evaluate whether you would benefit from tax relief on your voluntary CPF contributions and make an informed decision.

Well, part of my CPF contribution are taxed now OR you can look at it as I don't get the full 60%  working mom tax relief. Any way you look at it, topping up CPF in anyway will not reduce my tax. On a side note, this means based on current situation, I won't benefit from the additional tax relief for working mom if I have another kid. But honestly, whether I want more kids or not has nothing to do with tax, anyway.

Today's Christmas Eve! Have a Merry Christmas and a Happy New Year!

Life as a Consultant

I've been working as a consultant for the past 8 years. There are many consultants in the world, and they do a wide variety of different roles. But my job as an engineering consultant is to advise clients on how to improve their processes, engineering design, and so on.

Pros of Being A Traveling Consultant

In terms of work, I am most blessed to visit so many companies, and people generously share information with me, broadening my horizon. The generous sharing was of course so that I can help them as much as possible. But, when can you go to people's control room as an external person, and get to look at all their standard operating procedures (SOP), their control panels? Few will get that opportunity. Because my consulting company has a wide variety of clients, I've visited so many different factories (producing the weirdest thing to the typical things) in so many countries. Many don't get so much exposure as me. 

Office politics is minimal. For our clients, I'm seen as an outsider, and well, there's no need for politics with me. In my company, I 'm rarely even in the office. There's little politics, apart from nasty emails from people I hardly know. I have little feeling towards nasty emails since I don't see the person writing it. I just interpret it as poor writing on their part. 

As a consultant, pre- COVID, it was a jet- setting life. While many financial bloggers are talking about credit card hacks to gain as many points to take business class (ok, not for first class though. I've never taken first class), I've taken my fair share of business class flights (Emirates, Asiana and SQ only actually) for flights more than 8 hours. Also, from the incredible amount of travel I have done (during peak period, I'm on the plane every alternate week), I have so many Krisflyer miles for upgrades to business class or simply free flights. No need any hack. But, I  started being sick of traveling in recent years. I haven't traveled for holidays for years. I had been clearing leave by staying home. I used krisflyer miles to exchange for ipads (and other stuff from Krisshop) - I know, people say it's get the least value per mile, but it suits me best.

From the many hotel stays that I had, I am able to exchange for free nights staying in suites for free. I've stayed in Le Meridien in Sentosa (good bye), and also W Sentosa's suite (go check out how much it cost) for free. I'm a lifetime silver member of Marriot Bonvoy and am midway to life- time gold. #notproudatall

Meals abroad are paid for. We don't get allowances for travel, just reimbursement for food, transport, hotel, airfares and other travel expenses. So, I have eaten loads of different great food. Hai Di Lao, Ding Tai Feng and so on? I've eaten them, overseas. Hairy crab? I get to eat how much I like, and it's not expensive in China (my clients will direct me to the right place). 

When I'm visiting clients based in Singapore, I take a cab to their factories. Grab points, comfort- delgro points? I have loads of them to exchange for my own free rides (e.g. when I need to go office, or simpy going out).

Of course, all this travel was pre- COVID. Now you must be thinking this is an excellent job, and you want to take it.  I've many friends who envy my job. But, I envy theirs.

Cons of Being A Traveling Consultant

I didn't mention the pros to brag. Instead, I want to show that for all the perks you get, there's a sacrifice to be made. It's just whether you mind the sacrifice. 

Firstly, health. When you are on the plane, do you know that you are subjected to high amounts of UV rays? In fact, while you are indoor, you need more sunblock on the plane (think- you are even nearer to the sun now!). When you are eating out so often, there is less control over the quality (and how healthy the food is). 

If you are not traveling, you get to celebrate birthdays, respond to emergencies, and so on. When you are overseas, it's hard. Even if you only have 8 hours working, the rest of the time you have, you can't go home. Yes, you can go round and see the sights of the country. I have been to Taiwan for business more than 20 times. Taiwan is great, many places to visit, but as a not very adventurous person, it's not so appealing anymore. 

Next, when you have kids, the time away from home is bad. To make up for the time I'm absent (and not able to teach them), I spent a lot of money on enrichment (which I could have taught). To manage the kids while I'm away, my partner give in to TV and screen time. 

So now, with COVID, there's little travel for consultants like me. Travel has been replaced with conference calls. For local clients, I still visit them. It seems I should like my job even more. You would say I should love my job now. 

But something in me wanted a change. Firstly, my company does not pay well. It justifies it with great benefits. But I prefer money.  My boss hasn't promoted me (ever since he had been my boss), and he'll tell me if I do A- Z, maybe the company will consider, but no guarantee. Then, they are thinking of sending us overseas, go for quarantine, then visit our clients. What are your thoughts on these? While it's not confirmed yet, to me, it's simply a matter of when. 

And I have my plans too

When COVID is finally under control worldwide, travel will resume. And I'm sure my company will make me travel every week to make up for the lost time. 

And for now, while the managers think of long trips with quarantine overseas, I want no part in it. Rather than stressing over what happens then, I bit the bullet.

Sometimes, we hang on to a job too tightly when it's no longer aligned with our values, thinking that we can't live without that job. But there's abundance in the world. There are many opportunities out there. It's just takes time and effort to uncover them. You just got  have patience and believe in yourself.

We have to let go of some things, so that we can let other things come. 

Cheers!

Of Travelling Job and Being a Mom

This article is inspired by SimplyJesMe's recent article on how motherhood has changed her perception for travelling. It resonates a lot with me. Like her, I have a travelling job. Unlike her, I'm still in the travelling job. Unlike her, after having my first child, I am weary of my travelling job, but yet stuck my head in it, and had my second and third child while still in the travelling job.  Unlike her, I do not have the courage to quit my 9 - 5 to start a business. Go read her blog or support her business, she's an inspiration! (This is NOT a sponsored post. I don't know Jes, and Jes didn't even know I wrote about her.)

I'm not travelling now. Simply because I am having my 16 weeks of maternity leave, currently. However, my 16 weeks are going to be up soon (in just a few weeks' time), and I will be going back to my (travelling) job. Looking at my work schedule, I have yet any travels due to the coronavirus. Either the clients do not want us there, or we can't go there (e.g. China). The entire office is at low workload currently (not sure whether we will be asked to go for no-pay leave, or what'll happen if this continues). 

With three kids, I am thinking of what should be the best move ahead.

Staying in my current job or changing a job?

I won't be promoted for many years to come. I guess the 48 weeks of maternity leave in 4 years has an impact on my career. Also, there's some change in organization structure, and some power struggle going on top, which in short is not to my advantage. If I go back to work, I can cruise through. Except for the travelling which sucks -- my partner will need to care for 3 demanding kids and I'll miss them dearly. 

I can look for another job. To command a similar salary or even more, I'll likely be in the same industry, which again involves intense travel (except maybe for now). However, pay will be better, and perhaps better prospects. A new job will mean spending more time understanding how the company operates, the new standards they use. Apart from time away due to travelling, it will also take my free time away as I work beyond 9 to 5 to get up to speed. Not my priority now.

Look for a job in another sector? There's not a lot of things that I like. I can do technical talks, I can teach technical stuff, do technical calculations and engineering designs. But, I don't want to go into projects. Even if it's in Singapore, it's a lot of time at field, and on weekends. Not my priority at the moment.

I know, I am damn choosy. 

So for the near term plan where there is a reduced workload, I'll continue staying in my company, as long as they continue to employ me. However, this is only the short term plan. 

In the long term, extensive travelling is not sustainable for a home with growing kids. The best way is to have a new job that requires less travelling (And is easy enough for me to just work my 9 -5 and bring nothing home). But I am so choosy not only in the job but in the culture. I cannot work in an environment where I'm being micromanaged. I need an environment where I have the freedom to choose how to get things done to achieve the required goals while following the rules within the SOPs. I suck at jobs or environment where the boss tells you to do A, followed by B, C, D and so on. I hate unflexible work hours because I have been spoilt for years with flexible work hours (come anytime between 7.30 to 10 a.m.) and go home after 9 hours.

I want to work in parts of Singapore where you can rely on the cheap public transport (i.e. bus, MRT). This means, no deep inside Tuas South, Jurong Island and so on. I have spent my first part of my careers in such areas. These are not where I want to be. 

You know what? After listing all these above, I know what's my next move.

Tell you more next time.

How much I spend on 3 Kids a month.

Many people say that kids are one of the largest expenses you can have. I have 3 kids, and this is how much I spend on them per month.

1. Childcare

I am not ready to engage any domestic helper. Hence, while I am at work, the childcare centre will help me engage my kids. There are many reasons why I didn't opt for a domestic helper, but perhaps that will be in another post. My youngest is in infant care, and my two others are in childcare. After government subsidy, this come to a whooping $1,800 ($800 for infant care, and $500 each for childcare).

There are occasional outings at the childcare centre. I only let my eldest go, as I feel kids before the age of 3 are unable to appreciate or remember where they have been to. These excursions average $20 per month (so are more expensive like watching a play, while some like going to the library are just a few dollars).

Total per month for childcare: $1820

2. Enrichment

Following the same concept as excursion, only my eldest goes for enrichment. For just 2 enrichment per month, I spend $300.

Total per month for enrichment: $300

3. Milk

I have three kids. All of them are on different milk

The infant is drinking breast milk, so I do not buy milk powder for my baby. I pump most of the milk with a modestly priced breast pump, Spectra 9 which cost about S$100. I have used this for years, and it's still working. And I also have a spare. I have used this for all my 3 kids, and this is an excellent pump, worth its price.

If you want to store a lot per bag, consider this. I store about 300ml ++ per bag inside (I know it is above the capacity), and I use about 120 pieces per month. 

If you are going for a lesser quantity per pack, this is cheaper:

I also bought a freezer. It's a one time fee, so it's not included in my monthly calculation.

My 2- year old is on full cream milk powder (not formula milk). It costs about $60 per month.

My 4- year old is on UHT milk, and it costs about $20 per month.

Total amount spend per month on milk: $100

4. Insurance

I bought medishield plus rider for all of them. This cost about $162 per month for all three of them.

5. Diapers and Wet Wipes

My eldest is fully toilet trained, so no more diapers. But my two others are still on diapers which I buy here when it's on discount. They cost me about $70 per month in total for both of them. For wet wipes, I buy from value shop ($1 per pack), and this is at most $10 per month.

Total for diapers and wet wipes: $80

6. Food

I usually grit my teeth when I eat out with my kids, so I have been cooking for the most of the time. This actually cut down a lot of my food cost too. On average, I spend $100 per week on groceries. I can't differentiate theirs from mine, so I shan't. Though I guess most of the grocery cost is for me than them. They just eat one small bowl each per meal? Anyway, I just take the total cost of $400 per month.

Total for food: $400

7. Medical

This is for injections, doctor visits and so on. Most vaccines are government-subsidized, but we took those recommended as well. Together with other doctor visits, this is about $100 for all three of them per month. One tip, go to a polyclinic for doctor visits, you'll save a lot. One of my children had dry skin, and got a moisturizer. The cost of it is less than $2. Nice!

8. Activities at home

Kids need to be entertained continuously. I used to buy toys, but stopped as I feel that they do not need so many toys, and also because my home is going to become a junkyard for toys. Nonetheless, they still need many things to keep them occupied. These include stickers, color pencils, origami paper, books, and so on. I buy them from Value Shop. For about $1, you can get a 12- colored color pencil set. 

On average, I spend $10 per month in this category. 

9. Excursions

I bring my kids out. This range from free activities such as to the playground, park, library and so on, to paid ones such as the swimming pool, Uncle Ringo, Zoo, and so on.

I'll include items I buy for the trip to free places (e.g. kids scooter and tricycles, etc.).

On average, I spend $100 per month.

10. Clothes/ Shoes

I buy them only when needed. I don't see any value in having too many clothes or shoes since they outgrow them quickly. My younger and youngest wear those that my eldest can't wear, so I just spend on one person. This is about $20 per month. Buy online. $20 can last much longer.

Total Amount spent per month on three kids is about $3092