Marriage & Family Archives | Page 15 of 80

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

Image Credits: unsplash.com

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

Good news financially for parents with Singaporean children born on or after 14 February 2023

Here’s a breath of fresh fiscal air for local parents with little ones born on or after the day of love–14 February 2023.

The enhanced Baby Bonus, a delightful financial surprise unveiled in Budget 2023, is set to roll out next month, to be exact, from 1 August 2023, months ahead of its initially planned debut in early 2024.

These revamped benefits cater to eligible Singaporean tots, promising a more generous Baby Bonus Cash Gift, extended payouts, and augmented government top-ups in their Child Development Accounts (CDA).

In an announcement on Friday, 28 July 2023, the Ministry of Social and Family Development (MSF) and the National Population and Talent Division (NPTD) revealed that the wheels of legislation and system updates have turned faster than expected, enabling an earlier launch on 1 August 2023.

Rewinding to the Budget speech on 14 February 2023, Deputy Prime Minister and Finance Minister Lawrence Wong unveiled a S$3,000 boost to the Baby Bonus Cash Gift for eligible Singaporean newborns from that day onwards.

In addition, he announced the rejigged payout schedule, designed to provide a steady stream of financial support every six months until the child reaches six and a half years old.

Further sweetening the deal, the initial CDA First Step Grant will grow from S$3,000 to S$5,000.

For the first and second child, the government will also raise the co-matching maximum by S$1,000, matching parents’ CDA contributions dollar for dollar, up to a set level.

So, what does this mean for parents?

With these adjustments, families welcoming babies from 14 February this year will receive S$11,000 each for their first and second children, and S$13,000 each for their third and subsequent children as part of the Baby Bonus Cash Gifts.

The eligibility criteria for the Baby Bonus Cash Gift require the child to be a Singapore citizen and their parents to be in a lawful marriage.

Want to check if your child is eligible?

You can do so via this link: babybonus-eservices.msf.gov.sg/parent-helper

As for the payout timeline, a child enrolled in the Baby Bonus Scheme from 1 August 2023 will receive their First Step Grant in their CDA within two weeks of opening their accounts.

Government co-matching contributions will also be received within two weeks of depositing money into CDAs, excluding public holidays.

A phased approach will be followed for disbursement to children enrolled in the scheme from 14 February to 31 July 2023.

For more in-depth information and updates to the Baby Bonus Scheme, you can visit the official website: babybonus.msf.gov.sg.

5 best multi-cookers under $150 you can get in Singapore

Ladies and gentlemen, listen up.

If you’re going jalan-jalan looking for the best multi-cookers that won’t burn a hole in your wallet, then I got you covered in this post.

Whether you’re a MasterChef wannabe or just want to cook up some sedap dishes, these multi-cookers will make your life a tad easier.

SIMPLUS Electric Cooker + Steamer

Price: $31.90

This cooker comes with a ceramic glaze liner (non-stick material) that makes cooking and cleaning a breeze. It has a 20 cm large diameter, so you can cook up a storm for a small family of three. Coupled with a 1.5 liters capacity, it’s perfect for satisfying even the hungriest stomachs. Plus, it also has got not one, but two temperature options. You can choose to boil your ingredients or fry them up really crispy. Plus, it’s so easy to use, even your ah ma can do it.

POWERPAC Multi-Cooker 2-in-1 Steamboat/BBQ Grill

Price: $35

This power-packed tabletop electric appliance can do it all, saving space in your modern kitchen. It can boil, braise, fry, roast, sauté, steam, stew, and even bake. But wait, there’s more! It’s light, easy to handle, and adds a splash of red to spice up your kitchen aesthetics. Plus, it uses less electricity thanks to its high energy efficiency. Yay to saving money! It’s also built to last, so you can enjoy scrumptious meals for many years to come.

MAYER 1.6L Electric Pressure Cooker

Price: $119

Pressure cooking is the real MVP. When it comes to food and cooking, it’s all about exploring and discovering new things. And guess what? Mayer’s electric pressure cooker is a game-changer for healthier living. It levels up your cooking game with 8 cooking programs and gives you healthier and more yummy food. Plus, it’s so efficient, you can save plenty of time in the kitchen—it cooks food 70% faster than other cooking methods, can you imagine? Fast, energy-efficient, and good for your body too. Why say no?

TOYOMI Multi-Function Cooker with High Heat Ceramic Pot

Price: $139

This multi-function cooker by TOYOMI has a whopping 10 preset functions! Plus, it’s got a fuzzy logic micro-computer control. With just one touch, you can cook white rice, brown rice, clay pot rice, soups, stews, porridge, braised meats, and even ginseng soup! Wah, so many options, you will never run out of delicious meals to enjoy. And the ceramic pot is non-stick and durable so you can use it on stove tops first, then transfer to the cooker for use. Your (cooking) way is the highway with this product.

JML Gourmet Chef 8-in-1 Multi-Cooker

Price: $139.90

Too many appliances taking up space in your kitchen? Clutter everywhere, no space to breathe? No need to waste money, time, and energy anymore. Get yourself JML’s 8-in-1 multi-cooker today. It can steam, boil, roast, sauté, deep fry, slow cook, bake, and even prep fondue. Also, it has a generous 5-liter cooking volume, perfect for gatherings and parties. You can also adjust the temperature and timing, so you can cook your favorite dishes just the way you like them. With a non-stick surface, cleaning is easy too. Say goodbye to scrubbing stubborn food stains, just wash and dry.

And that’s a wrap, folks. The best multi-cookers under $150, are all available right here waiting for you to cart out. These products will revolutionize your cooking game without breaking the bank. Whether you’re a self-proclaimed seasoned chef or a makan enthusiast, these multi-cookers will bring joy to your tummies. So go grab one and unleash your culinary skills like a true pro. Let the cooking adventures begin!

Why it’s okay not to have a full-month/100-day celebration for your newborn

You may have seen people on social media spending on full-month or 100-day celebrations for their newborns.

Cakes & decos, fancy photoshoots, and more, you name it, they have it.

But you know what, it’s okay not to have all that. There’s no need to stress yourself out and spend so much money just to “fit in” or impress.

Honestly, your baby probably just cares about milk and love, not fancy parties.

Just don’t get me wrong, I’m not asking you to not celebrate at all. You can still have a small gathering with friends and immediate family members that fits your budget.

But at the end of the day, what matters most is the love and care you give to your baby, not how “wow” the celebration is.

Save money for more important things

I’m sure you want to give your baby the best life possible, right?

But if you spend too much on unnecessary things, then where’s the money left for the more important things?

You would be better off using that money for milk powder, diapers, or even saving up for their (private) education in the future.

Avoid unnecessary stress

Having to take care of yourself and a newborn is stressful enough, why add to your distress?

With things to buy and prepare for the celebration, plus all the friends and relatives to come and kachiau you?

I would very much say, “No, thank you” and take the time to heal and spend time with my baby.

Image Credits: unsplash.com

Create your own meaningful event

Maybe you and your partner can take a weekend vacation to mark the occasion or do a simple photoshoot for a keepsake.

Then, when your kid grows up, at least there’s something left to look back.

At the end of the day, celebrate and cherish your newborn in a way that feels financially right for your family.

Don’t be pressured to follow what others do, just do what makes sense.

And if I’ve got that bit of extra money to spare, I would rather spend it on a ready-made baby food subscription plan to save myself some time daily.

Check out these options:

Yes, I know it’s hard to be “left out” seeing people spending effort and money on full-month or 100-day celebrations for their newborns. But you know what, it’s okay not to do all these things. Traditions are made by humans and you can tweak the trend. Most significantly, you would be far better off saving that sum of money for your baby’s future or spending them on baby essentials and more. Dare to take the road less traveled!

Navigating the ‘we don’t want kids’ talk with parents & in-laws

So you just got married and your parents and in-laws are asking you, “When are you going to give us grandchildren ah?”

You and your spouse quietly exchange a look and think, “Err… never ever.”

Yes, this kind of conversation is awkward.

You may be tempted to say “Aiya, we don’t want kids lah, don’t ask us anymore.”

But the older generations might think that you’re being selfish. So how can you be tactful and respectful, and at the same time explain your reasons?

Keep reading.

Preparing & initiating the conversation

If you and your spouse don’t want to have kids, it’s not a long-term solution to just keep quiet/avoid the topic altogether.

First, you need to reflect on why you don’t want children. Maybe you want to focus on your career, or you have health concerns, or you just don’t feel ready. Whatever it is, make sure you and your spouse are on the same page and can explain your reasons clearly.

Next, anticipate what kind of questions or objections your parents and in-laws might have. They might say things like “But who will take care of you when you’re old?” or “Don’t you want to continue the family line?” Prepare your answers so you don’t get caught off guard.

Lastly, choose a good time and place to have the conversation. Don’t just blurt it out during a family dinner or when they’re in a bad mood. Maybe suggest going to a quiet cafe or having a private chat at home. Remember to be respectful but firm in your decision.

Stay focused on your reasons

Share with them your own beliefs and motivations.

Don’t let anyone make you feel guilty or ashamed for not wanting kids.

Also, some people think that if you don’t have kids, then you must be selfish and will end up lonely when you age.

But that’s not true at all. You can still have a fulfilling life without kids, and focus on your mental, relationship, and financial stability.

Image Credits: unsplash.com

So, don’t be afraid to stand up for your decision. Just be respectful and understanding, and help them see that being child-free can be a positive choice.

Addressing concerns and objections

Talking to parents and in-laws about not wanting to have kids is like walking on eggshells but it’s good to address concerns and objections.

Don’t say “Aiyah, you old school lah”, but instead say “I know that having grandchildren is important to you, but…”

Then, share that this decision is the best for you and your partner and that you’ve had a serious talk about it before coming to a decision.

Talking about “we don’t want kids” with parents and in-laws can be taboo but sometimes, we need to be honest with our feelings and circumstances. Maybe they will ask why or try to convince you otherwise, but just stand firm and explain your reasons. There’s no need to argue or fight, just listen and respect each other’s preferences. At the end of the day, it’s your life and your decision. Don’t let other people pressure you into something you don’t want and then regret it later.

Save money for more important things

Avoid unnecessary stress

Create your own meaningful event

Preparing & initiating the conversation

Stay focused on your reasons

Addressing concerns and objections

Search the site