A bit of quality time



Every parent knows the pleasure of that magic moment at the end of day when the offspring have subsided at last into sleep. That's when mum and dad have the chance to relax, talk about the day and tomorrow, do the chores, clean up the mess - and of course put in a little quality time playing with Junior's toys.

At least, that's what a surprising proportion of parents do, according to a survey conducted for an Australian department-store chain. The findings included the fact that over two-thirds of respondents admit that they play with their children's toys after kiddie bedtime.

Part of this appears to be nostalgia for their own youth: 20 per cent of mothers admitted that they influence their children's toy wish-lists in favour of the playthings the mothers used when they were little.

On the other hand, toys are more interesting than they used to be: gaming consoles, for example, tempt children of all ages. But the parents surveyed also expressed a preference for Lego and for that multi-generation perennial, the train set.

A common complaint of young parents is that they're often too worn out with childcare to follow other pursuits. Yet for many, there is still time for Lego or a choo-choo. There's a little kid in all of us.

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Teaching your child to save

Pre-school (three - five years)

You can’t yet talk about investing or borrowing, but introduce a “classic” money bank and start putting gifts and allowances away. When the child wants a specific toy, have them save for it and help them track their progress.

Early childhood (six - eight years)

Replace the money bank with three jars labelled ‘saving’, ‘spending’ and ‘sharing’. Have the child divide their allowance into the three jars each week and explain their choices in splitting their pocket money. A guide could be 25 per cent saving, 50 per cent spending, 25 per cent for charity and gift-giving.

Middle childhood (nine - 11 years)

Open a bank savings account and help your child establish a budget and set a savings goal. Introduce the notion of ‘paying yourself first’ by putting away savings as soon as your allowance is paid.

Young teens (12 - 14 years)

Change your child’s allowance from weekly to monthly and help them pinpoint long-range goals such as a trip, so they can start longer-term saving and find new ways to increase their saving.

Teenage (15 - 18 years)

Discuss mutual expectations about university costs and identify what they can help fund and set goals. Don’t pay for everything, so they can experience the pride of contributing.

Young adulthood (19 - 22 years)

Discuss post-graduation plans and future life goals, quantify expenses such as first apartment, work wardrobe, holidays and help them continue to save towards these goals.

* JP Morgan Private Bank