The Value of a Dad

Last Sunday was Father’s Day in some parts of the world. The guys at MoneySupermarket.com were chatting about this in the office the other day, when a bit an argument broke out over just how much our dads do at home, and just what they’re worth (in purely monetary terms).

They asked their life insurance guys to look into this, and they used some data sourced by their partners at Legal and General to produce an infographic containing this data – and it turns out that  dads do about £24k ($37,150 AUD) worth of household work a year, as well as their day jobs!

 

What Do You Need To Know More About? Ask AussieGeekDad!

As parents we hardly have the time to raise our kids and keep the house clean. So spending time looking into which online movie rental service is the best, is it worth getting a subscription music service or just buy what you like on iTunes or what laptop/tablet you should buy is just not at the top of your list.

That’s where I come in. I have a good understanding of the technology that is out there today, from what’s hot on the net, to what all the specs actually mean on laptops, phones, tablets, cameras etc…

So I want you to send in any/all the tech questions you have, and I’ll answer them! It could be as simple as what’s the best way to backup my photos, or how can I setup iTunes for all the different iPods/iPhones in the house. If you’ve got a question that you want the answer to, send it to me via the comments on this page, write on our Facebook wall, Tweet @aussiegeekdad or email chris@aussiegeekdad.com

So, What does the average parent get out of Budget 2012?

student_ipad_school - 196Parents of Primary School aged kids will get $410 per child. If your kids are in High School, you will get $820 per child.

Aparently this is because not enough people we taking advantage of the previous education rebates which were based on receipts you had to account for in your tax return.

While I understand that a lot of people were probably missing out on entitlements under the old system, I’m not as confident as Treasurer Wayne Swan that the new money will be spent on the right things (remember the Plasma Baby Bonus).

Also in the budget up to an extra $600 for families receiving Family Tax Benefit A.

There is also an $225 Million to help cover the cost of Childcare for working parents, those looking for a job or getting extra training.

What’s missing as usual is any support for parents who wish to stay at home with their kids instead of putting them in daycare. It seems this government thinks that only those rich enough to afford it want to spend the majority of the early years of their child’s life at home with them.

The Business of Kidults and Money

Last night on the Angela’s Business Mix show on Eagle Waves Radio, Peter Black (of Peter Black Coaching) gave some great advice about dealing with your adult children and older teens.

Some topics covered were preparing your kids for financial independence and the realities of the “Small Business of Life”. As usual Peter is full of fantastic advice, most of which I hope to implement in the years to come as our son (and any future kids) get older.

Follow the link in the tweet below to listen in. 

When To Buy My Child A Mobile Phone?

It’s a problem that our parents never had. When I was growing up only “Yuppies” and Real Estate Agents had mobile phones, and they were “Car Phones”.

When I first started dating my wife (at the tender age of 18) and I wanted to talk to her on the phone, I had to call the house. Every time her mother would answer the phone, a daunting prospect the first couple of times. Then almost every call there would be the wind-up from the parents saying that we were tying up the line and that someone else might be wanting to call (usually other sister’s boyfriends).

iPhone 2g, iPhone 3GS, iPhone 4

These days it seems that most teenagers in the western world have a mobile phone of their own. And most, if not all, parents face the pressure from their child (often from a very early stage) to by one for them. So when is the appropriate time to buy a mobile phone for your child? Is there an appropriate time? Or should you wait until they get a job and can afford it themselves?

These are questions that every parent needs to think about before rushing out to buy the first pre-paid phone they see on a supermarket checkout.

It’s Not An Age Thing

In my opinion there is no right age, more a right mindset for owning a phone. Your child needs to understand the responsibilities, social etiquette and privileges that come with owning a phone. Often, as with many things, kids think they “deserve” a phone, simply because “everyone else has one”.

Set Rules

Most schools require kids to have mobile phones turned off and in their bags whilst in class. I have great sympathy for the teachers trying to enforce this. But you should also set some rules surrounding phone use at home too.

At home your rules might look something like this:

  1. No phones at the dinner table (this goes for parents too!)
  2. No phones after 9pm
  3. No phones in bedrooms
  4. When possible use WiFi and online messaging instead of SMS

The first three are similar to how you might want to handle home computer use. Have common courtesy during familty time, make it visible so that you know what your kids are doing and limit the use so they aren’t up until all hours chatting with their friends.

Back in the day it would have been made very clear that it was not appropriate to be calling the house after 9pm. Just because the technology has changed, doesn’t mean that respect of other’s peace should.

The last one has to do with avoiding bill shock. It is astounding the number of SMS messages that kids are sending these days, and depending on the plan, they can rack up a pretty big bill very quickly. Sending data (text) via SMS is one of the most expensive options.

Ready To Buy

If your child can demonstrate that they understand how their billing works, know what can contribute to “bill-shock”, and agree to your own household rules regarding phone use, then they may be ready for a phone.

Once you have decided that your child is ready for a phone, you only have to tackle the issue of what type of phone to get and what type of plan to put them on. But these are topics for another post.

I’d love to hear your experiences with kids and mobile phones, so leave a comment below.

Good Luck!

Aussie High Interest Bank Accounts for Kids

At some point you will want to open a bank account for your kids. Whether it’s a place to put their pocket money because you don’t use much cash yourself, or they have a paper route that they are using to save for something special.

All of the big banks have special kids accounts that have reduced or no fees and high interest savings accounts especially designed for kids. Most of these accounts require a parent/guardian to operate the account on behalf of the child.

Here are the current high interest offerings from the major Australian banks (Figures correct as of 10th April 2012)

ANZ

Progress Saver

Rate: 5.75%

Conditions:

  • Deposit at least $10 and make no withdrawals each month to receive the bonus interest.

Bankwest

Kids Bonus Saver

Rate: 10%

Conditions:

  • Deposit between $25 and $250 and make no withdrawals each month to receive the bonus interest
  • Must be linked to a Children’s Savings Account
  • Available to children under 15 years of age
  • At the end of each anniversary date of the account opening they will transfer the balance of the 
    account above $1.00 to the Children’s Saver Account.

Bendigo Bank

Piggy Bank Passbook

Rate: 1.5%

Conditions:

  • Available to children under 13 years of age

Commonwealth Bank

Youthsaver

Rate: 4.75%

Conditions:

  • Make a deposit and no withdrawals in a month to receive the bonus interest
  • Available to children under 18 years of age

NAB

Smart Junior Saver

Rate: 

  • Base: 1%
  • Bonus: 3.6%

Conditions:

  • Make a deposit and no withdrawals in a month to receive the bonus interest
  • Available to children under 18 years of age

St George

Incentive Saver

Rate: 4.95%

Conditions: 

  • Make a deposit and no withdrawals in a month to receive the bonus interest

Westpac

Kids Reward Saver

Rate:

  • Base: 1%
  • Bonus: 4.65%

Conditions:

  • Make a deposit and no withdrawals in a month to receive the bonus interest
  • Available to children under 12 years of age (Rolls into Youth Reward Saver for under 21s)

Disclaimer

This information has been collated from publicly available information on each of the individual bank’s websites. The information is correct as at 10th April 2012. This site does not make any recommendations as to which account is best for you. You should seek independent financial advice before making and decisions.