\n<\/p>\n
Mr Yang, the financial consultant, said a review of government grants and more targeted incentives for parents could help.<\/span><\/p>\n These include additional tax reliefs for higher-income earners having more children, housing priorities for families with kids, more flexible parental leave, and more family-oriented workplaces.<\/span><\/p>\n \u201cIn my personal opinion, the high-income earners are in a better place. They are better equipped to raise children amidst the high-cost environment. So if we can encourage them, I think they are in the best position to have more kids,\u201d he added.<\/span><\/p>\n As for how new parents can deal with looming expenses, Mr Dasson said they should think about it in steps, with the first one being big expenses like childcare, medical bills and premiums.<\/span><\/p>\n \u201cIf you manage that from a monthly affordability viewpoint, you tend to be able to still possibly carve something out at the end of the day, right? The end aim is to get just a positive cash flow,\u201d he noted.<\/span><\/p>\n During the later years, especially when children enter university, parents will need to consider their savings, he added.<\/span><\/p>\n \u201cYou want to manage those two phases slightly differently in the beginning and\u00a0<\/span>show\u00a0that cash flow is managed, and you’ve got something to put aside that can compound over 15, 20, years and help you with that eventual savings that you need,\u201d Mr Dasson said.<\/span><\/p>\n However, for Mr Derrick Koh, board director of\u00a0<\/span>the\u00a0Centre for Fathering, money is not the be-all-end-all.<\/span><\/p>\n He pointed to an analysis conducted by the non-profit organisation of about 65 studies involving 150,000 children, which showed that fathers\u2019 active involvement in their children\u2019s lives leads to better emotional and social wellbeing outcomes.<\/span><\/p>\n Mr Koh himself had left a 25-year corporate career three years ago to be a full-time father.<\/span><\/p>\n \u201cBecause of that, your income has shrunk but the bills have not \u2026 Every spending has to be a bit more deliberate, so between my wife and I, we will be counting the cost,\u201d he added.<\/span><\/p>\n \u201cBut (it) made us realise one thing – it’s not really about spending more on the kid, it’s really about the time that you spend with the kid.\u201d<\/span><\/p>\n Mr Dasson also cautioned against being over-eager to enrol children in enrichment and sports lessons, just because other parents are doing so.<\/span><\/p>\n \u201cIt’s very easy to get caught up in this lifestyle inflation,\u201d he said.<\/span><\/p>\n \u201cI think the key is to really focus on what you and your family need, what’s right for you, and really look at the affordability of things and make those decisions.\u201d<\/span><\/p>\n Mr Yang added that having a mindset shift is also crucial.\u00a0<\/span><\/p>\nSPENDING QUALITY TIME<\/span><\/h2>\n