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6 Rules for Raising Money-Wise Kids
In today's fast paced and hectic society, a parent's role in educating their kids on the value of money can become extremely challenging. Yet without a solid grounding in the importance of being "penny-wise" and responsible in their financial undertakings, kids can end up being dependent on their parents well into their adulthood.

Indeed, many graduates these days take their time looking for the "right job" while enjoying rent-free living at home and receiving entertainment allowances from their parents. Even when young, kids are demanding more and more expensive gifts from their mums and dads without fully appreciating the hard work that their parents put in to make the money. Perhaps parents themselves find it easier to give in to the child's demands rather than put up with the incessant whining, the tears or the tantrums (especially in a public place!)

When kids are not equipped with financial skills or are taught lessons on being money savvy when young, they are robbed of their future ability to cope and succeed in life. When you give a child cler and practical guidelines - by word and by example - you are much more likely to raise a young adult ready to face this tough economic world. It requires practice to understand how to use money wisely and what it takes to earn it. By reinstating "old-fashioned" values about money and work, you can give your child a precious gift - the key to self-sufficiency.

Here are some tips on raising money-wise kids:

1. Teach Saving

The good old piggy bank is fast being replaced with savings accounts at banks catering specially for children. By the age of six, kids will have understood that banks keep their money safe and even add extra (yay!). Open an account in your child's name and let them keep their own pass book. The added responsibility will help them think maturely and do things the "adult way" from a young age. This experience can make the concept of saving money a lifetime habit.

2. Allow them an Allowance

It takes many years (and usually many mistakes) before we learn to become smart and responsible consumers who can balance our cheque books and avoid debt. By providing kids a regular allowance that accounts for food, snacks, books, toys and entertainment, we can teach kids to budget their money from a young age - a practice that they will hopefully sustain into adulthood.

3. Involve Kids In Household Chores

Kids have boundless amounts of energy that can be put to good use by getting them involved in work around the house - voluntarily or otherwise. When they realise the large amount of effort that goes into keeping a house in order, it develops their natural sense of industry. Children's work will be imperfect, however, so it is important not to criticise or they may lose interest.

4. Avoid Using Cash To Bribe

Motivate kids with hugs, kissess, praises or even a congratulations card. When they have worked hard, then take them out for a movie or to their favourite restaurant. Avoid using cash to bribe kids into working or studying harder, as they may get used to it and expect consistent rewards.

5. Be Open About Family Finances

Children need to know about the family budget. It will be easier for them to understand their limitations when they know where the limit is coming from. Once your kids are in their teens, you may want to involve them in the family weekly or monthly budgeting meeting. By teaching them the myriad of monthly claims on their parent's income, you may motivate them into becoming part of the solution to money problems.

6. Tell Your Children About Your Work

Children need to know how their parents earn the monthly income to strengthen the connection between work and money in their minds. It's good to take your kids to work sometimes when the load is lighter to give them an idea of adult working life. My daughter Emma loves going to work with me every Saturday!

Raising self-reliant children requires parents to lead with their heads, and try their best not to give in too much to their kid's demand - as adorable as they are! That's the challenge I face, but the effort will pay off as you see your kids develop sound financial sense and a respect for work ethics. I learned mine from my late father.

by Shahema Baiza-Yip
Financial Planner & mother of four


 
Best Parenting Advice from Experienced Parents

Being a new parent is both thrilling and a little scary. New parents are often times worried that they may make a mistake when breast feeding or putting their child to bed at night.  Luckily, there are experienced parents out there willing to help.  Here, we have compiled the best parenting advice from experienced parents.

Breastfeeding--Parents say that breastfeeding helps them save money, time, and lose weight faster.  Moms who breast feed are more likely to return to their pre pregnancy weight than those who do not breast feed.  By breast feeding, moms spare the expense of having to buy bottles and mix formula. Also, research shows that by breast feeding, moms are reducing their risk of certain cancers. Babies that are breast fed tend to not have as many child hood illnesses such as asthma, diarrhea, and ear infections.

Sleep- It has long been a belief that children should be left alone to cry themselves to sleep. Now, doctors and scientists have discovered through research that this is not healthy for the child.  Babies that are left alone to ‘cry it out’ grow up to be depressed, moody, and not do well in school.  Mothers are advising new moms to help their child to fall asleep. Moms report that rocking and singing to new babies seems to work best.

Teething - It used to be that babies were given silver rattles to suck on during teething because the metal soothed the pain.  Silver and other metals are no longer used because they can become toxic in babies systems. Instead, use the liquid filled plastic kind which are available in retail stores. Simply pop them into the fridge or freezer until you need them.  Other teething remedies include cold carrots (be cautious that your child does not choke on these) and frozen fruit juice.  If the pain is too intense, parents should consider taking their child to a doctor to get a pain relieving ointment to put on the babies gums.

Time Out for Misbehavior - Childhood is a time when children are exploring their world. Part of this exploration is testing the parent to see where the limits of misbehavior lie.  Your child is not only seeing how far they can go and what they can get away with; they are also learning what is appropriate and inappropriate behavior. Parents say the best way to help a child with this is by using the time out method. When your child misbehaves, simple sit them in the corner, or on a step etc. The child must sit one minute for every year of age (for example: a four year old would sit for four minutes).  The important thing here is to remember to ignore your child if he or she throws a temper tantrum (screaming and crying). You should make sure your child is safe and then leave them alone. By giving in to a temper tantrum, parents are teaching their child that they can get away with bad behavior by simply throwing a tantrum.

 
What to Look for in Choosing a Home Child Care Center

A home child care center is a much different form of child care.  In this situation, your child is left in someone else’s home while you are at work.  There may be other children in the home child care; or your child may be the only one.  There are pros and con’s to home child care centers.  The pros will out weigh the cons if you know what to look for when choosing your provider.

Unlike other child care providers, the home child care center is in a private home.  This can be a positive thing because your child will not feel like they are in an institution.  Your child will be around home furnishings and will eat home cooked meals.  There may be pets in the home for your child to play with and help care for.

The biggest con in a home day care center is that usually there is only one teacher.  This makes it hard for the parent to know if the teacher is mistreating the children. When choosing a home day care provider you should first check with your local government agency which deals with licensing and/or monitoring home day care centers.  Ask if  the providers license is up to date and whether or not there have been any complaints against the provider.  Parents should avoid providers whose licenses have expired, or whom have never been licensed.  Parents should find out if the provider has ever been arrested for any criminal activities.

Ask your home child care center provider for references.   References are other parents whose children attend the provider’s home care center.  Do not be shy about contacting the references.  You should ask what they like about the home child care center, what they dislike about it, and whether or not their child has ever been hit or yelled at by the provider.

Make an appointment with the provider at a time when they will be free to answer questions. You should ask the following: how do they punish the children?  What moral values does the provider live by?  What types of food will they prepare for your child’s meals?  What are the operating hours? How much is the cost? What happens if the provider becomes ill? (Is there someone who will be substituting for the provider on sick days?)

Parents should choose a home child care center that actively engages the children in learning activities such as: craft projects,  learning basic words, learning colors, learning to count to ten, etc.

Home child care centers can be excellent choices for many reasons. Home child care centers are usually less expensive than public providers.   These types of providers are usually more nurturing and have smaller groups of children (and thus able to provide more attention to each individual child). 

 
Day Care Center - Main Criteria to Look For

Day care centers are a necessity for families where both parents work.  New parents have a difficult time choosing whether or not the mother can afford to stay home with her child. The mother who chooses to work may feel guilty over leaving her child during work hours. Fortunately, there are quality day care centers where parents can be sure that their child is being cared for.

Choose a day care center that is licensed by the local government or under the advisement of a government agency.  A day care center that is under government advisement is being monitored by the government and the government approves of the conditions of the center.   This is the best way to know that your child is in a safe environment.

Visit the day care center during the day.  During your visit watch how the staff interacts with the children.  Notice whether or not the children seem happy or fearful of the staff. Notice if the staff treat the children cruelly by hitting them or yelling at them.  It is not okay  for anyone to hit a child left in their care.  You should choose a day care center that interacts with the children in a kind manner.  Choose a day care center where children are encouraged and praised for their efforts.

Bring your child for a visit at the day care center.  During this visit, you should notice whether or not the care providers and teachers interact with your child.  You should want the teachers to encourage your child to interact with the other children. A good teacher will show your child around the room while giving a positive attitude towards’ the other children and the center’s daily activities.

Good day care centers will have educational activities throughout the day.  Look to see if there are educational toys for toddlers; including look books, balls, and play equipment which  encourage imagination and teach fine motor skills. Older children should be provided with learning activities that teach reading, writing, math, and the basics necessary for a successful entrance into school.

Before entering their child into a day care center; parents should make sure that their child is healthy.  Take your child to his/her doctor for a check-up. During this doctor’s visit; it is advisable that parents make sure all of their child’s immunizations are up to date.  It is important to get written verification of all immunizations and a written health report.  This information may be needed by the day care center.

Talk to the day care center’s administrator before your child’s first day there.  During your talk ask the administrator any questions you may have.  Make sure that you understand how much it will cost for your child to attend—and when the money is due.  You should also make sure that you understand the center’s holiday schedule, the sick child policy, and the hours of operation.

Parents need not feel guilty about working when they know that their child is in a safe and nurturing environment.  Take time in picking the day care center your child will go to.  Schedule a visit with and without your child. Use these visits to make sure that your child likes his/her new teachers and the other children.  Meet with the administrator to discuss finances and rules and regulations. In the right day care center, your child will get an early start on their learning education while building self esteem.

 
How To Prepare Your Child For Kindergarten
Kindergarten is the first step in your child’s formal education. This is a time of adventure for your child. In kindergarten your child will learn to have positive relationships with peers. Your child will also begin the skills of math, writing, and even reading. Your child can be a success with a little help from you (the parent). Here, we have listed what is most necessary for your child’s preparation for a successful kindergarten year.

Prepare yourself for your child’s school year. It is normal for the parent to be nervous during the first few days of their child’s kindergarten year. For the first time ever, your child is in the hands of complete strangers. Parents will also worry about their child’s success or possible failure. It is very important that, during this time, the parent does not show anxiety or worry in front of the kindergarten child. Children pick up on their parent’s anxieties more easily that they are given credit for. Parents need to take the time necessary to remain calm.. Schedule a meeting with your child’s teacher before the beginning of the school year. Bring your child with you and ask the teacher where your child will be seated and what can be expected throughout the day. This will familiarize your child with their teacher and the surroundings, thus building up excitement for the big event.

Prior to entering kindergarten, your child should be able to perform basic self care. Your child should be well potty trained (no longer dependent upon diapers at all). Parents should practice necessary life skills with their child on a daily basis to ensure that their kindergartener knows the following: be able to button clothes, zip up coats, tie shoes, eat with proper utensils (fork and spoon), and comb their own hair.

It is never too early to begin teaching your child the basics of what they will be learning in kindergarten. Set aside time each day to practice with your child on such skills as: knowing the alphabet, how to count to ten, writing their name, and being able to recognize shapes and colors. If your child enters school with these basic skills; they will be more confident and a bit ahead of the other students.

Develop your child’s social skills before the start of the school year. Make outings to public libraries and parks where there are other children to play with. Observe your child but also give them space to find their own solutions to peer pressure. Arrange for your child to participate in groups and activities without your presence. This allows your child to get used to the idea that their parent will not always be with them. By doing this, you are teaching your child that they can be without you and still be safe.

Preparing your child for kindergarten is essential for your child’s success in education. By teaching your child basic skills; you are instilling in them both knowledge and confidence. Use games, cards and books to teach your child the alphabet, how to read, and write their own name. Encourage your child to play independently so that they will not be so attached to your. Finally, prepare yourself so that you can send your child off to school being confident that they will be well, happy, and successful.
 
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