ParentWonder

Helping Parents Succeed

Family Finances

Everything about money: from budgeting to controlling expenses of the household. From teaching your children about money and more.

How to turn boring money lessons into a lively one

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When you tell this magnificent advice “Save for a rainy day” to Gen Y and they will look at you like you are a three-headed alien from space.

They don’t understand why you want to save while money is meant to be spent after all. And to them, making purchases by taking up credit is a norm to them.

I don’t know about you but I feel that Gen Y and I have different values in money and finances.

They want to spend everything they have without thinking about the future.

That brings back to my point of this post. [Read more…]

Unhealthy trend among wealthy parents

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luxury clothing
Photo Credit: Andrew Vargas

Here’s a report I read recently:

There’s a 20% increase in the spending on luxury items for children among Chinese parents this year compared to the last. They spend more than 3,000 yuan (USD $471) a month to pamper their children with elite brand items (i.e. Gucci Kids, Burberry Children, Baby Dior, Armani Junior).

It gets even more interesting: It’s estimated that the amount is going to hit 8,000 yuan (USD $1,255) per year by end of 2013 regardless of the income of the family. Given the current average income of China is at 21,800 yuan a year, the spending on luxury items is going to touch 36.7% of the income.

Oh boy, more than a third goes to luxury clothes and toys. [Read more…]

Stay away from Gluepon

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Yes you heard me right, stay away from discount sites such as Groupon.

I have received many invitations to join *Gluepon* but I don’t bother.

From now on I will use the name Gluepon (because it makes you glue to it) to represent all “deals of the day” sites to simplify things. [Read more…]

Why frugality is meaningless

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Money - Frugal
Photo Credit: Andrew Magill

It seems like it’s a highly popular topic.

A quick check reveals that there are many websites on frugality.

Not only that, almost all financial gurus ask you to be frugal.

I am not against the idea of being frugal but here’s my own concept of frugality… but with a twist. [Read more…]

Want to have a baby? Make financial plans for the big day

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baby feet
Photo Credit: Pawel Loj

This is a guest post from Laura Cecil.

My dad used to quip that “Babies are like used cars – easy to get but expensive to maintain.” Having three children myself now, I can see the truth to his observation. If you are making plans to have a baby, you’ll be able to plan early for the financial needs that will be incurred. If, on the other hand, the blessed event is somewhat of a surprise, the financial planning will be necessary with a bit more urgency. Some helpful tips are given below to help you develop your financial plan. [Read more…]