How Your Child’s Money Habits Affect Old Age

As parents, we play a vital role in shaping our children’s behavior and values, including their money habits. While we often focus on the immediate impact of teaching our kids about financial responsibility, it’s crucial to recognize that these habits can have far-reaching consequences that extend well into old age.

We’ll explore the profound influence of childhood money habits on one’s financial well-being during the golden years.

EARLY FINANCIAL EDUCATION
Instilling a strong foundation of financial literacy in children sets them on a path towards a secure future. Teaching them basic concepts like saving, budgeting, and distinguishing between needs and wants establishes healthy money habits from an early age. These early lessons can profoundly impact how they handle their finances in adulthood, leading to better financial decision-making during retirement.

POWER OF SAVING
Encouraging children to save money fosters a sense of delayed gratification and financial discipline. By teaching them the importance of setting aside money for the future, we equip them with the tools needed to build a retirement nest egg. Children who develop a habit of saving are more likely to continue this practice throughout their lives, ensuring a more comfortable retirement.

UNDERSTANDING DEBT & CREDIT
Educating children about the responsible use of credit and the potential dangers of debt is crucial. When children learn to differentiate between good and bad debt, they are more likely to make informed decisions about borrowing in adulthood. By cultivating a sense of caution and encouraging responsible credit usage, we help them avoid financial hardships in their later years.

ATTITUDES TOWARDS WORK
The work ethic and attitudes towards earning money that children develop during their formative years can significantly impact their financial stability in old age. Teaching children the value of hard work, ambition, and perseverance can instill a sense of responsibility and a drive to succeed. These qualities are often correlated with higher earnings and a greater ability to build wealth for retirement.

FINANCIAL INDEPENDENCE
Empowering children to become financially independent and self-sufficient individuals has lasting implications for their financial well-being in old age. Encouraging them to find part-time jobs, start small businesses, or pursue entrepreneurial ventures teaches them the importance of generating income and managing it responsibly. This independence reduces the risk of financial dependence on others during retirement.

FINANCIAL ROLE MODELS

Children learn by observing the behavior of their parents and other influential figures in their lives. Modeling positive financial habits and demonstrating responsible money management lays the groundwork for their own financial future. Parents who exemplify prudent spending, saving, and investing practices are more likely to raise children who adopt these behaviors in their later years.

IN A NUTSHELL

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Our children’s money habits have a profound impact on their financial well-being in old age. By providing them with a solid foundation in financial literacy, teaching the value of saving, cultivating responsible credit usage, and fostering a strong work ethic, we empower them to make wise financial decisions throughout their lives. As parents, we have a unique opportunity to shape their future financial security and set them on the path to a comfortable and fulfilling retirement. Let’s make the most of it and ensure our children are well-prepared for their golden years.

Sources: 1, 2, & 3

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4 Things to Consider Before Living Near Your Child’s School

Singaporean parents want to provide their children the leverage in life through providing quality education. Some parents are willing to spend their savings to move to a property within proximity of their chosen primary school.

The question remains, is it really worth it to move near your child’s school to increase his or her chances of getting in?

#1: AMENITIES IN SCHOOL ZONES ARE PRICIER

Living near your chosen primary school is convenient for commuting. However, being near the school zone comes with other inconveniences such as noise and traffic in the morning.

Elite primary schools tend to be situated in prime districts. Properties in the prime districts are expensive. For instance, ACS Junior in Newton is surrounded by private properties amounting to S$3-7 million. Apart from shelling out millions, it is not uncommon for supermarkets or MRT stations to be further away from residential areas. In contrast, neighborhood schools are often surrounded by HDB Developments.

#2: PRIORITY ADMISSION IS NOT GUARANTEED

Staying near your chosen school does not immediately guarantee that you will be given the slot, which is why many parents are hoping to improve their chances by participating in volunteer work. If you cannot get into your preferred school and have no alternative options nearby, that means that you could be facing a lock-in period of at least three to five years as part of the home loan agreement.

On the other hand, if you can successfully secure a place for your child due to proximity, you will need to stay at the address for at least thirty months from the start of the registration exercise as required by the Ministry of Education.

#3: SOCIAL SUPPORT CAN BE A FACTOR

Apart from prioritizing quality education, childcare should also be a factor in planting your roots. Do you opt to live near the homes of your parents and in-laws? If so, you will be able to ask for their support after school hours. For instance, your child can go over to his or her grandparents’ home after school.

#4: ASSESSING PROPERTY MARKET PRICE CAN MAXIMIZE PROFIT

If you found a home within a kilometer away from your chosen primary school, you will reap its rentability and value benefits. Many parents would want to rent a flat near their children’s school.

A study done by NUS found that 1.4% and 6.9% price declines of private and HDB homes, respectively, within 1km of a school that relocates. Apart from your proximity to the school, it is essential to assess a property’s size, age, and nearby amenities to ensure a tidy profit once you decide to rent it out or to sell it in the future.

For owners of private properties, you can seek the help of licensed appraisers who are members of the Singapore Institute of Surveyors and Valuers to determine your property’s valuation. While HDB homeowners should not worry about researching the valuation cost as they can get a valuation report on their unit from the HDB office.

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BOTTOMLINE

Choosing where to live is a personal decision. Consider all the factors that will affect your move. Some people are content with being near any primary school, while others feel that getting a good start in life is tied to an elite primary school. The choice is up to you.

Sources: 1 & 2

 

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Practical Tips To Manage Home-Based Learning

Amid the COVID-19 pandemic, home-based learning was rolled out nationwide after schools have closed in April 2020. The safety guidelines encouraged schools and tuition centers to transition to HBL or online learning to educate their students. Simply put, HBL is having lessons and classroom interactions at home.

Eventually, students went allowed back to school.

Time passed and the rise in community cases led to the Ministry of Education’s decision to have a full home-based learning for students in primary schools, secondary schools, and junior colleges (i.e., until May 28, 2021). Furthermore, center-based tuition and enrichment classes will continue with its online learning until June 13.

Students in Singapore had to adapt to these changes and to manage a home-based learning lifestyle. On that note, here are some practical tips to help your child to study at home.

CREATE A CONDUCIVE LEARNING ENVIRONMENT

Whether you have a corner or a room for studying, your child will benefit from having a designated space for learning. Working or studying from home can be a challenge due to the myriad of distractions around us. Thus, it is important to create a space where your child is motivated to learn.

Much like a classroom, having a special learning space can help create the mental and physical divide between personal time and study time. The common elements of a conducive learning environment include good lighting, well-ventilation, accessible learning materials, and distraction-free space.

HAVE A STUDY SCHEDULE

Planning ahead enables you to develop a daily structure for your child to adhere to. This daily structure will allow your child to see what they need to achieve during the day.

Most primary schools in Singapore have their own home-based schedules. Incorporate the school’s schedule to your child’s study schedule. Then, find a time to get to know your child better. Take this opportunity to spend quality time with your beloved one. Ask your child about his interests, dislikes, dreams, and goals.

STAY HEALTHY

With less physical activity indoors, it is important to eat healthy food and to exercise regularly. Although it can be tempting to offer your child sweets and junk food to boost his or her attention, these types of food can give your child energy crashes. Your child is likely to feel a drop in his or her energy level after a sugar high. You do not want to see your child sleeping in front of the computer screen!

Instead, offer periodic breaks and nutritious meals. Letting off steam by exercising can help improve your child’s focus and minimize the stress levels.

ENCOURAGE SOCIAL DEVELOPMENT

Home-based learning entails continuous adjustments from both the parents and the students. This includes the way students interact with their peers. Just because your child is isolated from his or her classmates does not mean that you need to neglect one’s social development.

Create opportunities for interaction by allowing your child to have Zoom/Skype hangouts with his friends. They can stream a movie or play games online. Having “social breaks” after your child accomplishes his school tasks can motivate him more.

OPENLY COMMUNICATE WITH YOUR CHILD’S TEACHER

The key to HBL’s success is to follow the teachers’ instructions. Engagement with the teachers will allow you to maximize the productivity of your child. They will be able to give you helpful suggestions if you are transparent with your child’s current progress. Moreover, talking to people who can understand you can help minimize the stress, especially for teaching younger children.

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You are not alone! These changes are not easy for anyone. Parents can take time off work to supervise their children’s learning habits. Children may find it harder to study at home due to multiple distractions. Teachers must prepare more materials given that they have less control over their classes. Hence, it is important for everyone to work together.

At the end of the day, your common goal is to make learning more effective.

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Are International Schools Expensive: What You Need To Know

Most parents think all the international schools are expensive and the reason is because of the facilities it has to offer. Well, you can say that due to the facilities like swimming pool, music rooms, playgrounds are expensive to maintain, but this is not the only reason.

So, why do international schools are expensive? The answer is simple.

More than 80% of the student’s fees are given to the teachers in salary. Face it, you cannot recruit a good teacher with low salaries. And as we know, international schools are all about having trained and qualified teachers.

In addition to these salaries, students are covered with medical insurance benefits, housing allowances, books’ costs, and study materials.

Why Is the International Education System Expensive?

This is a question that almost every parent would like to know the answer to. However, before you ask this same question, you must understand why these international schools are so expensive.

When we talk about international schools, there is an old saying, “You get what you pay for”. This saying perfectly complements the doubts over the international school being too expensive. Despite that you want to look for a budgeted school, this might be one of the affordable international school in Singapore.

There are many aspects of an international school that is reflected in the high term fees. The following might be able to make your understanding better.

1. Best Teacher

International schools are all about having the best teachers to guide the students. No matter which international you take, you will find that most teachers have experience teaching from all around the world. This makes them carry a lot of teaching experience that can help the students.

If teachers like those are being invited to teach in school, it is obvious that they will look for a salary that satisfies their needs. This is one of the main reasons why international schools are expensive.

2. Top Class Amenities

An international school means your child will have top-class amenities at their disposal. Whether we are talking about a swimming pool, playgrounds, canteen, medical facilities, science lab, and library, there is no way you will not have to pay for all of these.

The international school ensures that students have adequate space to perform several activities to help them learn and grow. In addition to that, these are considerable investments that need contact maintenance.

3. Supporting Staff

What do you think, an international school is where your children will cook and clean on their own? No! For that, every international school has supportive staff members responsible for taking care of the children and school.

With roles like:

  • Campus security.
  • Office staff.
  • Medical staff.
  • Maintenance staff.

The school will more likely employ local people to take off the schools and its areas. This certainly needs investment to some extent.

4. School Dinner

Of course, the international school needs to have a fully functional kitchen to ensure every student is well fed. When you are not around your child, you would expect that your child would get the right food at the right time. International schools invest a lot in food to ensure all the students eat healthily and remain healthy.

5. Teacher-Student Ratio

With the local public schools, you might find one teacher teaching more than 100 students. But that is not the case of international schools. With the international school, the student-teacher ratio is maintained to ensure good communication between student and teacher.

Hence, keeping classes small means the cost of one class must be shared with fewer parents. This also adds to the value of international school fees.

Benefits Of An International School

The best thing about the international school is that it offers high-quality educational facilities that prepare the students to face the world from the get-go. In addition to that, if your child passes an international school with 3 A level passes, he/she will literally get the chance of choosing the university to continue with their higher studies.

International schools are not the investment you make; it’s an investment that you make on your children for their bright future.

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Keep Yourself Busy With These Brilliant Stay-At-Home Ideas

Not all establishments are opening during Phase 1. This means that many Singaporeans are still working from home. Staying mostly indoors for long periods of time can take a toll on anyone. One way to get rid of the unpleasant feelings you have been having is to keep yourself busy. Here are five stay-at-home ideas that you can explore to spice up your days!

#1: BOOST YOUR CHILD’S ACADEMIC PERFORMANCE

Increase your child’s grades by using technology to your advantage. Distance learning is no longer limited to schools as more enrichment and tuition centers have been opening their doors to modern possibilities. Companies such as 88tuition and ThinkersBox can help your child excel in various subjects.

The former provides video-based learning materials suitable for students from Primary 1 to Secondary 4 for subjects such as Mathematics, Mandarin, and English. The child will be able to take his or her own pace through reviewing and re-watching these videos. The latter provides enrichment classes for kids geared towards enhancing their brain development. ThinkersBox enables your child to concentrate well with its Brain Booster sessions focusing on developing concentration, stronger attention span, and other cognitive abilities. See these websites for yourself!

#2: SPARK JOY IN YOUR WARDROBE

Your routine may consist a cycle of: eat, sleep, and repeat. However, this does not mean that you have to forgo dressing up. You still need do occasional grocery and office runs. Do this in style by de-cluttering and mixing up your wardrobe. Start by cleaning up your closet and searching for items that you can donate or dispose. Get rid of these items. Lastly, you can purchase online to avoid coming in contact with the mall crowds.

Buying your new outfit online is so convenient these days. Virtual Boutiques such as Zalora and Love, Bonito have a wide array of selection. Take advantage of their seasonal promotions such as the previous Chinese New Year sale.

#3: EXPERIMENT IN THE KITCHEN

While following the CB period, my sister unleashed her talents in baking. She recently cooked the most delicious and chewy chocolate chip cookies. She had everyone involved and so can you! Make cooking a family affair or a friendly competition among parents. The two opposing dishes can be judged based on the taste, affordability, and presentation. Who says dining at home has to be boring?

Your family’s routine may have changed due to the pandemic, but you do not have to lead a bland life. Take this time to spend quality moments with your family such as when you cook together in the kitchen.

#4: RE-VISIT YOUR FINANCIAL GOALS

With time in your hands, take this opportunity to re-visit your financial goals. What were you aiming to achieve in the new decade? What were the financial steps that you put on hold, before the pandemic? Browse educational articles online to help you brush up on your financial knowledge or gain new money insights through in-depth research.

You can consider opening a trading account as you begin your investment journey. Or, you may educated your children about the basic concepts of money. It pays to integrate a sense of curiosity in them at an early age.

#5: DO MENTAL CHECK-INS

Mental health is as important as your physical health. Ask yourself, your friends, and family members a simple question. “How are you feeling today?” This question can unlock many underlying issues or problems faced due to the COVID-19 situation. Some people have a hard time sleeping at night. While, others cry due to their anxiety of not going back to work.

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Checking the emotional state of people close to you can show how much you care for them. Allow yourself to experience these complex emotions and know that you will not be in the same state forever.

Sources: 1 & 2

 

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