Many of us worry about what the future will bring for our children. Will they be happy? Will they be healthy? What kind of world will they grow up in?
Trying to answer these questions is especially difficult if you’re a parent who’s just starting to think about the future. Having children can be expensive, and raising them takes a lot of work and energy. It’s hard to know how your decisions today might affect your child’s life later.
So what can we do about it?
Well, you can start doing things that will make all the difference for your child in the long run without costing a lot of money or requiring your constant attention. Here are five ways to ensure that your child lives a happy and successful life:
Teach your child about managing money now, so she'll be able to handle her finances on her own later.
Singaporeans are expected to be self-sufficient and responsible for their financial well-being. Taking charge of your finances is very important.
Teaching your child the basics of saving, investing, and budgeting is essential.
You can start by teaching your child about the value of money by asking them if they think something is worth its price tag before purchasing it. Make them realize that saving up for something takes discipline and could mean preceding other things they might want now.
Make sure your child grows up learning the difference between needs and wants.
The best way to teach your child about needs and wants is by being an example yourself. You should show your child that you’re willing to wait for what you want or need rather than purchasing an item immediately if you don’t have enough money.
Toys and games can be expensive, so this is an area where it’s essential to teach children about needs and wants. You can help your children learn not to give in to every desire. You can teach them that toys don’t have to be expensive—they can have fun with their toys. Doing so can help them see that needs often outweigh wants when it comes to having fun.
Teaching them, even in simple ways like repairing broken items rather than making a new purchase, being mindful of prices, and not overspending can significantly impact their lives. The habits you develop now can help set a strong foundation for your child’s future and have a lasting effect on their adult life.
Help your children be aware of the challenges others face, so they can learn and appreciate what they have.
It is essential to consider the challenges of others. This will allow a person to value what they have and be more resilient when facing obstacles. Many kids have never been exposed to other people with different paths in life, and they might not know the issues other families deal with.
That is why it is essential to expose your children to current events. Current events can spark insightful, meaningful conversations about reality.
You can help them understand the broader world so that they can appreciate their privilege and be empathetic toward others. Providing them with a broader sense of the world—including its challenges and its rewards—can help kids feel that they can make a difference. This will help them make smart decisions now and enhance their quality of life in the future.
Invest for their future.
What if you could reduce the odds that a chronic illness will plague your child? Live with pain or struggle to pay medical bills or tuition fees? What if you could help them achieve a healthier life and a better quality of life? Easier said than done.
The cost of a college education is skyrocketing. Hospitalization fees are expensive. Investing in your children’s future can be a rewarding way to ensure they have the means to meet their goals.
While there are other ways to save for college and other expenses, investing is the best because of the potential returns. The earlier you start, the higher amount you’ll get in return. Adding the right mix of saving money and investing can make your children’s future a little brighter and more secure.
Give your children a headstart in life by planning for your retirement.
Like most Singaporean parents, you may be part of the sandwich generation—those who support their aging parents and help raise their children.
While you have made great efforts to look after the people around you, there are ways to handle financial responsibilities that do not involve passing the burden to the children. To avoid putting the disadvantage on your children, it’s necessary to plan for your retirement.
By planning for your financial freedom and security, you save your children from worrying about additional financial obligations. This leaves them free to enjoy their lives to the fullest, achieve their goals, and have their kids.
Start Now!
You can’t change the world for your kids, but you can at least do your part to help them make the most of it. To do that, you should start planning now to be better prepared for your kid’s future.
Starting early is essential if you want your child to live a long and healthy life. And while it’s not always possible to do everything all at once, you can start now and achieve your goals little by little— to ensure your child lives a happy and successful life.