Before becoming a parent, I rarely thought about the inflation rate or rising costs. A small increase in my daily kopi peng was insignificant as part
Before becoming a parent, I rarely thought about the inflation rate or rising costs. A small increase in my daily kopi peng was insignificant as part of a dual-income, no-kids (DINK) household. But now, with diapers, childcare, and formula on the list, every dollar counts. Fortunately, Singapore’s 2024 Budget offers several new support measures to help families like mine.
Assistance with Living Expenses
Using the Support For You Calculator, I found my family will receive over $2,000 in cash and benefits for our daily expenses. This includes $600 in CDC vouchers distributed across June 2024 and January 2025, which we plan to use for groceries and hawker center meals. Living in an HDB flat also qualifies us for U-Save and Service and Conservancy Charges (S&CC) rebates to offset utilities and monthly S&CC.
On a personal note, my husband and I look forward to the Cost-of-Living Special Payment (between $200 and $400 each) and an additional $200 in NS LifeSG credits for my husband, redeemable with over 100,000 merchants accepting PayNow and NETS QR. We’ll also receive a one-time MediSave Bonus of up to $300 each, which will go towards medical expenses and insurance.
Reduced Preschool Fees
With plans to enroll our child in a government-supported preschool, the announced 2025 fee cap of $640 for full-day childcare (excluding GST) comes at the perfect time. Additionally, as a working mother, I’ll receive a $300 basic subsidy, helping to keep our childcare costs manageable.
Tax Rebates and Reliefs
In 2024, we’ll also benefit from a 50% Personal Income Tax Rebate (capped at $200), along with a raised annual income threshold for dependant-related tax reliefs from $4,000 to $8,000 in 2025, offering added support for caregivers.
Additional Support for Families
While some measures don’t apply to us, they’re worth mentioning for families in need of extra support. Families awaiting their BTO flats, for example, can benefit from the Parenthood Provisional Housing Scheme Voucher to help offset rental costs in the open market. Lower-income families also have access to Comlink+ Progress Packages and other support to aid in housing and financial stability.
Moving Forward with Confidence
Rising costs can be concerning, especially as a new parent, but the 2024 Budget’s support measures provide some welcome relief. With careful planning and the available benefits, I feel more confident about managing our family’s future. And perhaps, to save a bit more, I’ll start making my own kopi peng at home.
To estimate your own benefits, visit go.gov.sg/supportforyoucalculator.
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