Marriage & Family Archives | Page 66 of 80

Is It Alright For Parents To Financially Support One Child?

Parents who support their children are less apparent in the Western setting where independence is practiced. In Singapore, it is more acceptable as we live within a predominately Asian culture.

Financial favoritism is an issue that strikes a chord in my heart as I have witnessed it happen numerous times in my family. Some of my distant relatives have relied immensely on their parents’ support throughout their lifetime. In most of these cases, there was one sibling (i.e., “the financial favorite”) who needed the money more than the others. It is pretty much an unspoken rule to lend a hand to a son or daughter in need.

Basing on ownership, your parents’ wealth is theirs to spend. They are free to give it away during appropriate circumstances. However, relationships can be significantly affected if the immediate family discovers that the parents were favoring one child financially. Parents must uncover the following questions to ensure that they are thinking all the possible issues thru.

WHEN SHOULD YOU LET THE SECRET OUT?

There are two types of financial support: minor and major. Minor support is generally an isolated case, which is temporary and sensitive. The sensitive nature of the situation is the main reason why you should keep the issue to yourselves. Now, let us focus on the latter. Major support can impact the entire family’s future. Disclosing the issue is necessary if you anticipate that the other siblings will have to chip in once you are no longer able to support the financial favorite.

WHY ARE YOU DOING THIS?

I can only imagine how much pain you are in once you see your child suffering from a financial crisis. Wanting to fix things for him or her is natural. It may be tempting to favor one over the other at times.

Explaining the situation to your family is an opportunity to clear the air. But, explaining your side may not guarantee that your other children would agree to your rationale. You must prepare for their diverse reactions after learning about the financial support for a specific sibling. If they consider the financial favorite as an irresponsible sibling, they may not be willing to help.

HOW WILL YOU ENSURE THAT MATTERS WILL BE FAIR?

Say the parents of Wendy thought that she needs extra help in the future because she is currently unmarried with a low-earning profession. They left more money in her inheritance than with the other siblings. After several years, Wendy became a successful lawyer and out-earned the rest.

Circumstances change. No one knows exactly what the future holds. So, consider being equitable when you plan your Last Will.

Image Credits: pixabay.com

Whatever your reason may be, strategically contemplate on how your actions will affect your relationship with your children as well as the relationship between them. Supporting one child financially is acceptable – to a certain extent.

Sources: 1 & 2

How To Decorate Your Home On A Tight Budget

Minor decorating projects can freshen up your nest without breaking the bank. Try one or two of these Do-It-Yourself ideas for an instant upgrade!

AN EYE-CATCHING NAPKIN

Are you tired of your dull satin napkins? Well, you can liven up your dining table by adding ombre linens. Ombre is a display of similar tones. Start by gathering your plain white linens and by soaking them in water. Brush the fabric paint from the bottom. Put water as you move up the linen. Do you notice how the tones gradually transition from light to dark?

Complete the faded look by drying and ironing each one. These napkins can double as place-mats too!

A PLUSHY PILLOW FIGHT

If you are down for a plushy pillow party, please read along. Instead of rounding up your store-bought throw pillows, you can customize on your own. Prepare sewing pins, scissors, fabrics, ironing cloth, buttons, and hem tape. You can purchase hem tape at your nearest Spotlight store. The instant hem tape will cost you about S$8.

Follow this Mr. Kate YouTube tutorial to create a cozy pillow without the ability to sew.

A ONE OF A KIND “LAMP”

Add sophistication to your romantic dinner with a quick lighting trick. Simply pop a LED tealight inside a wine glass and cover it with a paper shade. Battery-operated light is a safer alternative, which does not have the risk of stimulating a fire. The 8-piece STÖPEN tealight from IKEA costs S$12.90.

Print and cut along this template on a piece of 8.5″ by 11″ paper. I recommend that you use a scrapbook paper as it is vibrant and sturdy.

AN ARTISTIC CHEST

Locate your old wooden cabinet such as the RAST from IKEA (S$59). The RAST acts as a blank canvas due to its untouched pine wood exterior. You can spruce things up in two ways – going bold or going classy. Achieve the first route by painting everything with high-gloss orange hues.

Image Credits: pixabay.com

Lastly, you can tone things down by painting the chest white. Add gold pulls for a fancy touch. This design goes well with any bedroom.

Source: GH

Top Children’s Financial Books Under S$30

These four books feature the topic of money without making your child feel overwhelmed. The important lessons come subtly as they are sprinkled with sensible humor, lovable characters, and colorful adventures.

A CHAIR FOR MY MOTHER

Buy it at Kinokuniya for S$14.37.

Recipient of Caldecott Honor, “A Chair For My Mother” is an inspiring tale written by Vera Williams. The story revolves around a family who lost everything due to a horrible fire incident. Rosa and her family worked hard to purchase a comfortable chair that will serve as the only furniture in their home. The book highlights the challenges of people who have minimum wage jobs. It is suited for kids ages 4 to 8.

THE LEMONADE WAR

Buy it at Kinokuniya for S$13.31.

Are you nurturing young saleswoman and salesman in your backyard? Consider grabbing the “The Lemonade War” by Jacqueline Davies. Siblings Evan and Jesse compete in a lemonade war to earn the first one hundred dollars. Prepare yourself as their competition will reach amusing heights!

The book conveys the basics of money management and business planning in the context of an entertaining story. It aims to hit the hearts of children ages 8 to 12.

FANCY NANCY AND THE FABULOUS FASHION BOUTIQUE

Buy it at Kinokuniya for S$29.98.

For your beloved princess who loves to dress up, the “Fancy Nancy and the Fabulous Fashion Boutique” is the perfect read. Nancy is a delightful girl who enjoys transforming the most ordinary events into glamorous occasions. She sets up a fashion boutique to make money to sustain her wants. At her boutique, you will find accessories, rhinestones, clothes, and so much more. The items she was selling came in handy when her sister’s party went amiss. This book echoes best to kids as young as 4.

WHERE THE MOUNTAIN MEETS THE MOON

Grace Lin’s “Where the Mountain Meets the Moon” mashes Chinese folklore with the classic elements of The Wizard of Oz. She has written a wonderful story of friendship and fantasy. It starts with a girl named Minli who lived in a ramshackle hut with her parents. Minli seeks to change her family’s fortune.

Image Credits: pixabay.com

Inspired by her mother’s old folktales, Minli spends her copper pennies on a magical goldfish. The goldfish is believed to bring good luck. As you may have imagined…the bargain paid off!

Sources: 1 & 2

Useful Tips On Raising Financially Savvy Kids

According to Investopedia, financial literacy is the “ability to use knowledge and skills to make effective and informed money management decisions”. It is an area that is often skipped in the formative educational system. As parents, it is your job to fill in the gaps.

Educating your kids to make wise money decisions earlier on will affect their finances in the long run. Consider taking these financial steps:

CONVEY THE VALUE OF MONEY

Encourage your children to absorb the value of money by using tangible examples. For instance, you may employ counting games for toddlers. Grab a pack of M&M’S and have your kids sort each one by color. Let them count how many pieces are available per color.

Once they can discriminate, introduce them to the different denominations of Singaporean money. The difficulty level of your lessons shall increase with their ages. Older children learn best with realistic examples such as an educational trip to the nearby grocery.

Take a conscious effort in providing them information about money. And, be ready to answer their countless questions. Children are innately curious after all!

SET THE RULES ON ALLOWANCE

The idea of giving an allowance is something that many Asian parents embrace wholeheartedly. While it can be a controversial subject, some experts believe that children can learn how to handle their own money by having allowance. Begin by making weekly allotments and cutting it short to bi-weekly allotments for preteens. Limiting the allotments will help your child to continually be challenged. They must think of ways to make their allowance last longer.

The next step is creating a budget with your preteens and teens. Sit down with your older children and enumerate their streams of incomes and expenses. Highlight the importance of distinguishing between the needs and the wants.

OPEN A CHILDREN’S SAVINGS ACCOUNT

What better way to teach your kid about the value of savings than by opening his or her very first account? Children nowadays were blessed with technology. This means that they can simply review their account balances and transactions online. Watching their account decline over time can instill wiser spending choices. While, watching the account grow can motivate them to save more.

Dwell on are the essence of withdrawals and deposits as well as the safety procedures of online banking. There are several local children’s savings account such as ePOSBkids Account and OCBC Mighty Savers Programme. Both do not require a minimum deposit.

Image Credits: pixabay.com

Sources: 1 & 2

Setting Financial Boundaries With Dependent Relatives

It is alright to help your relative out of a one-time financial jam. However, if this person relies on you on a regular basis, his or her actions are indicative of financial abuse. Stand your ground by setting clear boundaries.

ACCEPT YOUR EMOTIONS

Honesty plays a crucial part in establishing financial boundaries. Begin by identifying the family members who frequently ask you for money. Examine how you really feel about their requests. There are several emotions that you can experience such as frustration and guilt. These emotions can overshadow your judgment of the situation.

Image Credits: pixabay.com

Regardless of what happened in the past, it is time to make a stand for the future of your finances. Do so by addressing your own negative and positive emotions first.

CONVEY YOUR FINANCIAL PHILOSOPHY

When understanding your financial philosophy, include your personality and lifestyle. Communicate this said philosophy when the dependent relative borrows money. Are you a person who values helping others in ways that do not involve money? As long as you bring your relatives back on their feet, I respect your decision.

Discussing your monetary views is uncomfortable. But, it is something that you must work on. You may take the subtle route by saying: “I wish I could help, but my finances are not allowing me to do that at the moment.” To take the direct route, say: “No! I do not believe in wasting my hard-earned money on that.”

LEARN TO BE A FAIR NEGOTIATOR

Let me send a wake-up call to you! Avoid feeling pressured to signing a contract or loaning cash just because the other party is your relative. Whether there are two or more people involved in the decision, negotiating is important if all the parties are to succeed.

Highlight what you are willing and not willing to do with your finances. While these people may have good intentions, you need to be fair to yourself and your finances.

PUT EVERYTHING IN WRITING

Cultivate a habit of having your financial agreements in writing. Protect yourself against legal issues by getting your deals, offers, and other financial agreements in writing. People who respect you and your financial boundaries will not have a problem with this.

Image Credits: pixabay.com

When family members are involved, money is usually tangled with issues. It is up to you to deal with these issues by setting clear boundaries. Feel free to share the positive and negative ways that money has been used in your family.

Sources: 1 & 2

Search the site