How much time do you spend on helping your child in study?

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My son is a Standard-I student. Here he has to study 2 languages eg,English and Hindi, mathematics, science, social science, drawing and some physical and mental exercises. He is too slow to finish his home works if he is left alone in study time.I have found that he wastes time in lookin around himself. The class teacher tells he does that at the class room too. If anybody in his class room is doing something other than the class work( eg, talking, sharpening the pencil, drinking water, asking something to the teacher etc. etc.) his notice goes there and sticks there. Thus he lags behind. While trying to make up the wasted time he makes mistakes- ommits some words or letter or number or dots or dashes etc. Another problem area is spelling. Horrible! I also feel that there are certain words(English) where the rules either contradict each other or breaks to the ground. So, he has to memorise most of the words which is a stupendous task for a 6+ child, isn't it? However, he is good at numbers thanks to abacus. Thus his progress at study table is often very poor. But, if my wife or myself stay by him at his study time and show him the correct ways and things he feels comfortable and speed improves.So, we have be with him all along his study time. I have found some parents who do their wards' home works too. Some others keep private tutors for their children. We have never done these and will not in future. Still being with him all along is also a edious daily experience. Having read my experiences what do you think about it? What do you do if you also have got a child of this age and standard?