Increasing educational levels is a mark of progress for humankind. In the past, education was considered a luxury enjoyed by a privileged few. Today, higher living standards have empowered the masses to invest in the future of the next generation, leading to the betterment of mankind of epic proportions.
However, this does not necessarily mean that tuition is the only way to gain extra knowledge outside of school. Education can come in different forms, ranging from self-directed learning to facilitated learning. Shown below is an elementary guide for parents who are considering various educational options to improve the competency of their children.
As with purchasing any goods or services, quality should often be emphasized over quantity. Finding a well-suited tutor that caters to the precise needs of your child is of utmost importance.
*For convenience, this article uses “his” and “he” to refer to the child.
Whether you like it or not, along with your marital vows comes the union of your finances. Your partner’s financial habits can either boost or ruin your financial future especially if he or she has a pile of debt. One’s credit history can affect several facets of your life such as loan eligibility, loan rates, and job applications. This is why it is important to openly discuss about your credit history and to plan your future finances together.
Here are some steps you may take…
1. HAVE A TRANSPARENT DISCUSSION
To prevent unforeseen monetary issues, understand each other’s view by explicitly discussing your differences on financial issues. For example, if your partner is a saver then, he or she may view money as an important currency that shall not be wasted.
Then, for honesty’s sake, show a copy of each other’s credit report. Know what your debt and income are actually worth so that you can realistically plan on how to pay for the remaining debt. Your partner’s lack of credit history will reflect on your credit score if you combine accounts.
2. PRACTICE THE ART OF MINDFULNESS
Gone are the days when Mindfulness is practiced solely for meditation. You heard that right! Actively paying attention to the present situation can affect your finances. As you are aware of what is happening in the present, you can make better decisions about money no matter how important it is. For instance, you will keep your credit score healthy because you are aware of the billing schedules. Also, having a present mind will allow you to be vigilant in checking whether the statement breakdown (e.g., phone bill’s data usage) is accurate.
3. LIMIT THE USE OF CREDIT CARD/S
It takes no genius to conclude that overusing your credit card will jumpstart your credit. So, if you cannot say farewell to the plastic card, you might as well limit your usage. As much as possible, keep your usage to a minimum, 25% below your credit limit is a good start. Then, pay off the balance monthly. Examine your progress together as you end the month.
As the modern world has become more complex, children nowadays have been inseparable with school allowance or pocket-money. From a variety of books, to a selection of gadgets, accessories, or snacks…there is always something else they needed to buy! Furthermore, they are more knowledgeable about money as they have access not only to the lives of their friends but also to the kids around the world – through the Internet.
Having these in mind, giving money to your children must be used in the most positive manner in order to mold their values while young. Let us first start with the amount to give.
Most mothers in Singapore agree that an allowance of about S$5 is enough for the needs of children in Primary 1-6. This is done so to meet the costs of food and other miscellaneous. But, if the day falls on a co-curricular activity, they give extra cash.
Aside from this, the best way to decide the pocket-money amount is to discuss it with your child. Know his or her needs and plan it together. Start giving this amount on a regular or consistent basis so that your child can manage his money accordingly.
After the suitable amount is settled, let us evaluate the Do’s in allowance giving…
1. TEACH THE VALUE OF SAVING
Teach your kid to make their own monetary choices by giving the allowance in smaller denominations (e.g., three pieces of S$1 coins and four pieces of S$0.50 coins) so he or she can save a part of it (e.g., 10% or S$0.50). Promote saving by providing a piggy bank or a money jar with their name on it.
2. TEACH THE VALUE OF EARNING
Instead of just handing cash over, make them earn it. Instill the importance of sharing the household chores around the house then, reward him or her for chipping in. You do not have to be all competitive about it by assigning a dollar for each chore, just explain what your child can do to help out.
3. TEACH THE VALUE OF MONEY
Money is a currency that puts relative price on almost everything. Letting your child make a few unnecessary purchases, such as spending their entire savings on sticker tattoos, as a part of the learning process is OKAY. But, it is also acceptable to put limits on what your child can spend on. This shall teach both the value of money and responsibility of a smart consumer.
Spending quality time with your children need not be costly! What is important is to shower them with your unconditional love and undivided attention. Here is a list of “Budget-Friendly Ways To Amuse Your Children” especially this upcoming school break…
1. FAMILY GAME DAY
Entertain your kids with a solid hour of board games, cards, and puzzles. If you need to purchase a board game, you may check out Toys “R” Us. Toys “R” Us provides huge selection of toys and infant products that, are priced to give you value for you money.
Round up your kids and play the Disney Assorted Inlay Wood Puzzles (S$9.95), UNO® Disney Frozen Cards (S$11.90), or the Pavilion Wooden Snakes and Ladders (S$19.95).
2. EXPLORE THE PARKS OR PLAYGROUNDS
Going to the nearby playground and watching your child get active would not cost you a cent! Alternatively, you may take your child to the nearby parks (e.g., East Coast Park, Bishan Park, and Lower Seletar Reservoir Park) to have a simple picnic or to play outdoor games and sports such as Frisbee, Hula Hooping, and Cycling.
For a complete list of parks in Singapore, visit: nparks.gov.sg.
3. GO TO BEACH
Nothing screams fun with kids more than a sunny day at the Palawan Beach at Sentosa. Enjoy building sand castles, splashing water, and running around on the shore with your children. It is not only fun for them but it will definitely send them to a peaceful sleep afterwards. And if your child is still fueled with energy, experience the beauty of nature and the variety of its species as you go to Imbiah Lookout, Sentosa’s Butterfly Park & Insect Kingdom. An admission rate for children aged 3-12 is S$10 while it is S$16 for adults.
4. BRING YOUR CRAFTS ON
Gather the available Arts and Crafts you have at your house to make a crafts box. If you fall short with items such as scissors, glue, crayons, stickers, and assorted colored papers, you can always go to Daiso as everything is priced at S$2 only. Each kid has a unique artistic expression so it is best to introduce your child to the different outlets such as drawing, singing, music, or dancing. The cost of these outlets is less than S$10!
5. EDUCATE AND AMAZE THEM
Activate your child’s imagination by going to the libraries or museums. At the libraries, you can save more money by borrowing books and graphic novels rather than buying them. At the museum, you can ask your children to imagine that they are traveling in a different place as an archeologist, a historical writer, or an adventurer.
In Singapore, more and more couples are interested to enquire about what Prenuptial Agreement entails.
Prenuptial Agreement(Prenup) is a contract between a couple that is about to get married. It is used to set the terms of assets, the control over properties acquired before marriage, the potential wealth division if the relationship later ends, and more. Sounds like a major romance buzzkill, doesn’t it?
Despite its reputation, prenups include significant benefits namely:
a. Protection from one’s debts incurred by the other party,
b. Offer supplementary certainty in financial arrangements, and
c. Protection of family inheritance or businesses in an event of divorce.
IMPORTANT CONSIDERATIONS
Before you sign a prenup, you must consider these 3 things:
1. IT MAY BE DIFFICULT TO DISCUSS
Even if we live in the most expensive city in the world where finances shall be carefully planned, do not assume that your future spouse is comfortable with pushing through a prenup. A prenup may suggest lack of trust in one party as you are planning for unforeseen divorce. Aside from this, talking about monetary and property division can make the marriage sound more like a business matter. Truly, this is a sensitive subject matter that should be handled with care, love, and honesty.
2. IT MAY NOT BE APPLICABLE FOR YOU
Just because your favorite celebrity did it does not mean that you should too! Prenup is not a necessity for everyone. But, I cannot deny that a prenup is especially helpful for couples that either earns about S$20,000 a month or already have children from previous marriages. Couples with previous marriages need to ensure that their children are protected and supported no matter what.
3. PRENUPS ARE IDEALLY BASED ON FAIRNESS
The idea of this written agreement is to highlight fairness and full disclosure of the couple’s assets. Terms have to be fair and reasonable to ensure that there will be no bias (e.g., elitism) and no coercion (e.g., use of threats).
