So many commitments, so little money? STEPHANIE YEO shows YOU how to tackle the common financial problems that many parents face.

Q: I'm thinking of starting a family. but doesn't it cost a lot to raise a child today?

Circumstances differ among families, says Wayne daley, vice-president and an appointed representative with Ipac Financial Planning Singapore.

But recent studies estimate that it costs about $350,000 in Singapore.

"While this seems a lot of money, remember it is over a period of some 22 years and takes into account the medical expenses of having the baby right up to graduation. That's around $16,000 per year. But, of course, some of those costs will be greater at certain times," he explains.

You don't have to do it alone, though.

Chng Bee Leng, head of Mass Segment at OCBC Bank, breaks down the projected costs - and help schemes - at each stage:

• Pre-delivery and delivery

Medical fees at private hospitals cost an estimated $3,000 to $5,000. Set aside $1,500 to $5,000 more for essentials - everything from maternity clothes to breast pumps.

Tap on the CPF Medisave Maternity Package to help with expenses before and after delivery. You can withdraw up to $4,200 from your Medisave account under this package. If you're having your third or fourth child, you get $6,000.

"If you don't wish to claim for pre-delivery expenses, you can still use Medisave for the delivery procedure and daily hospital charges," she says.