Are you and your special someone thinking of starting family in Kuala Lumpur? There are plenty of considerations to make when assessing your financial capabilities in connection to this. Are you financially ready to take on parenting, as well as the other responsibilities that come with it.
The financial implications of parenthood start even before your child enters the world. You are required to undergo tests, attend regular checkups, and buy nutritional supplements. What follows is the cost of delivering the kid, and postnatal care for you and your baby. The overall price would depend whether you wills settle for a private hospital or government hospital.
Do you want to hire a nanny? If yes, then your yearly bill may amount to around RM 12,000 every year. If you want to hire a live-in domestic helper, that can cost around RM 22,400 for the entire first year, not including food and accommodation.
As your child grows, so will the requirement for a wide range of items, both one-off purchases and essentials. One-off buys can be a car seat, stroller, high chair and diaper changing table. Recurring items, on the other hand, can be diapers, formula and clothes. All of this can push the monthly budget to around RM 3,000 each month.
Secondary and Primary School Education
Education expenses in Malaysia will take over your largest expense, once your child starts to go to primary school. This will increase as the kid progresses into secondary school. Aside from the school fees, you also need to consider annual school books, school uniform expenses, school trips and after-school enrichment sessions.