Set Your Kids Up For Life Emotionally & Financially

There is not one parent out there, single or not, that doesn’t want to provide a successful and secure future for their children. No one goes into parenthood knowing exactly what to do for their child’s future, but as with anything, it’s a learning curve and these things come in time. As children grow up, the things that they need grow with them and so does the need to finance them. From the womb, children are not cheap, but you need to consider that you should be saving for them from the moment that they are born. College funds, investments, life insurances; you do all of these things so that your kids can have the best possible future. A secure future is the best possible gift that you could give your children, and while they would prefer monster trucks and unicorn glitter stickers, you should think about the financial gifts that you could give them, too.

 

Children from wealthy families are often the lucky ones, being born into advantage and privilege and they never have to worry about their future because it’s already in a trust fund for them. Unfortunately, not every family has this privilege and so it’s up to you as a parent to do everything that you can to make their future sound. You may not get the chance to raise your children in the most privileged neighbourhood; perhaps your home comes from a HDB resale. It’s not a bad thing; children need bills paid and a warm roof over their heads, and whether that’s from social housing or a mansion in the suburbs, as long as you have this bit sorted out, the rest will come. Building a stable future is the important thing to remember, and these are some of the ways you can help to do that:

 

 

 

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Cash Gifts. Cash gifts to older children when they are moving into their first property are always welcomed, and if you have saved up their whole lives, you could give them a gift to get them started on the property ladder. Even if it doesn’t cover the entire house deposit, it could go toward it or cover their stamp duty or fees. Either way, you’ve done something to lighten the load and add to their future. They may not want to use a cash gift on a house, but it doesn’t matter as long as you’re assisting them in their finances.

Savings. When your children are born, you set up their savings accounts. The best thing that you can do for them is to give family and friends details and have them add money to it over time. Child savings accounts work much like the regular high street bank accounts, and as they get older you can show them how they can add their cash to it. You can also set limits on it for withdrawal and once they’re older they can learn to use the account themselves. It’s a valuable way to teach them how to manage their money from a young age so that they don’t become impulsive with money when they get older.

Insurance. You may well have life insurance and house insurance, but did you know that you could give your child insurance, too? This can provide them with a lump sum of cash should something happen to you. These plans don’t insure the life of your child, but it does insure yours and ensure that the cash goes to them. You should also make sure that you have a will written and ready when you have your children, as anything could happen, and this is your insurance to know that your children are going to be cared for should something happen to you.

College Fund. Education may well be a right, but it’s a right of the privileged who can afford to get an education in the subject and institution that they want. These options can help you to save the money that you need to pay for their college tuition and living costs when they turn 18. You can set your child up for the rest of their life by having a college fund waiting for them to take advantage of. The ability to go to college and get an education is a valuable tool that can set up their entire life and you can have a big part of that.

Investments. Children won’t know much about investing money until they’re old enough to learn for themselves, but when you buy into property, precious metals and stocks, you are setting it up so that one day they will inherit the money that you’ve invested. Be smart when it comes to putting your money into investments; you want a good return so that you can provide a solid financial future for the children, but you also want to make sure you put in enough.

 

All of these ways can help you to set your children up financially, but what about emotionally? As a single parent, you could be working really hard to make sure that your kids have the most financially stable future, but if they’re not secure and happy emotionally, what’s it all for? There are some things that you should absolutely be doing for your children to make sure that you raise happy and secure adults, and here are seven of those things:

 

 

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Chores. Children, from a young age, should be doing chores in the home. It’s not just about making your life easy as a parent and person who looks after the house, but it’s about building the confidence of your kids so that when they leave home one day, they can take care of themselves and they can do it well. It helps to raise your child in a world where they can respect authority but not feel squashed by it. Chores help them to learn that they have to do work in their lives to be a part of a functional society.

Social Skills. As a parent, the lessons that you teach your children don’t just stop at walking and talking. For your kids to be successful, you need to teach them how to interact with others appropriately. Financial security is one thing, but if your kids are together socially, they are more likely to function well in a good job after college, and that can be everything that they need to set them up for success.

Education. We talked earlier about setting up a college fund so that your children have access to the best education that you afford. To be able to send your kids to college, you need to model high expectations for education yourself. Finish your own education at night school and let your kids know that they can have everything that they can achieve if they work hard. You can achieve for yourself and show your children that anything is possible.

Relationships. Whether you are a single parent or not, you should be modelling good relationships for your children. Co-parenting is a big deal and when you do it right, you can ensure that your children grow up with a mature, confident view of the relationships in their lives. Children that receive a lot of love and attention in the first few years during that crucial development phase and if they can see you having stable relationships with the people in your life, they will be able to emulate this behaviour, setting them up for a life of understanding what makes a healthy relationship work.

Excitement For Learning. Children need to learn to write, read and count, and concentrating on making math fun when they’re young means that they can enjoy it as they get older. Early math skills being learned can translate into achievement in math and finance in later life.

Failure. Children who learn when they’re young that it’s okay to fail are children that can cope when things go wrong the older that they get. You want to teach your kids to view failure as a way to grow and learn. Failure is not an ending and the more that you teach your children this, the more secure they will be as adults.

Work Ethic. You should be the example that you want your children to achieve. It’s always a good idea to model good behaviour and not bad behaviour, but children will still make mistakes. As long as you work hard to lay the groundwork of a strong work ethic, you’ll be setting your children up for life.

 

As a parent, there is only so much that you can do to show your children how they can grow into well-rounded, secure adults, but the harder you try, the better you will do as a successful parent with successful children. Being a support for your kids both financially and emotionally can help them to grow into people that you can be proud of. Take every opportunity that you can to make it happen for them and for you.

 

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About Pepper

I am a single working mom, trying to raise my kid the best way I know how. Join me as I navigate my way through the jungle that is Single Mom-hood, armed with rose-colored glasses and strength of spirit. As pepper adds spice to food, so does my daughter add spice to my life. She makes life no less than…PEPPERRIFIC!

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