Expatriating has become more common for UK and US citizens in the past decade or so. The rising cost of living in the Western world along with the expanding Asian markets has led many people to move to places like Singapore. The economy in Singapore is booming with the expansion of many different businesses. Since businesses are expanding, other markets are also growing with it. The people who move to Singapore to work in the technology sector need housing, food, and entertainment. That has created a demand for even more markets and employees. The cycle has continued, and the result is a booming Singaporean marketplace that has outpaced the field of available labour. Since there is a slight labour shortage in Singapore, many US and UK citizens are moving to Singapore for the lucrative job opportunities. Singapore has a robust education system that is internationally recognised. There is a major difference, though. In Singapore, education is not wholly covered by tax dollars.
Paying for Education
In Singapore, education is compulsory. Some schools focus on Singaporean children. They teach a mastery of English, the native language, and the typical elements of education. Furthermore, certain schools are designed to appeal to Western children by mimicking US and UK schools in their curriculum as well as their scheduling. You have to budget for them, though. Much like universities in the West, you must pay tuition at Singaporean elementary and secondary schools. You need to plan for that, it is important to have a child education plan in Singapore.
Creating a Budget
Creating an education budget begins with doing your research. You should look up schools that are popular with expatriates. They will have curricula that appeal to UK children and teach them everything they would learn in the UK. Once you have narrowed your search down to a few good schools, you should begin to create a budget. Every school will publish information about its tuition costs. You can then break that down into monthly fees. That will help you determine how much you will need to add to your monthly budget.
At that point, you need to get in touch with a skilled financial planner. Planning for your child’s education is sometimes a little bit complex. You might not know how long you are staying in Singapore or if you will have enough money to afford the education. A financial planner can often find more money than you might think. There is likely more flexibility in your finances than you realise. Financial planners are trained to stretch and bend your financial constraints so that your money is put to the best use possible.
If you are planning to move to Singapore, or if you have already moved to Singapore, you need to create a financial plan for your child’s education. That plan will include paying for education as well as choosing a school that your child will attend. Many different schools accommodate children from America and the United Kingdom.