<![CDATA[Acessible money for kids]]>

ammonite:
Not sure if my kids will end up being dinosaurs in the coming age of cash free payment!

I don't think you need worry about them not adapting to cash-free payment! Kids need concrete things to learn with, and I think it's a big mistake on the part of schools to encourage cash-free options, smart gadgets for payments etc for school children. Certainly not for Pr school, and maybe also in Sec school. Kids will learn the convenient ways very easily, and it's more important for the to learn good money sense first.

]]>https://forum.kiasuparents.com/topic/90274/acessible-money-for-kidsRSS for NodeFri, 15 May 2026 16:51:05 GMTSun, 31 Dec 2017 08:06:48 GMT60<![CDATA[Reply to Acessible money for kids on Sun, 31 Dec 2017 06:54:34 GMT]]>Thanks ST, and yes, hopefully not the hard way.


I had a hard time understanding how some people can keep branded cars and maids with only five figure in their account. Whether to keep up appearances or because they are used to a certain lifestyle, I do not know. I guess I will just have to keep exposing the kids to a variety of options.

]]>https://forum.kiasuparents.com/post/1825819https://forum.kiasuparents.com/post/1825819Sun, 31 Dec 2017 06:54:34 GMT<![CDATA[Reply to Acessible money for kids on Sun, 31 Dec 2017 06:33:42 GMT]]>Ammonite

Guide them when they are still under your charge
They will eventually learn, hopefully not through the hard way

]]>https://forum.kiasuparents.com/post/1825814https://forum.kiasuparents.com/post/1825814Sun, 31 Dec 2017 06:33:42 GMT<![CDATA[Reply to Acessible money for kids on Sun, 31 Dec 2017 06:30:33 GMT]]>Thanks MP.

After some thinking, maybe accessibility is not as key as lifestyle expectations. But as financial safeguards, it is still a good idea to compartmentalise the money. Not sure if my kids will end up being dinosaurs in the coming age of cash free payment!

]]>https://forum.kiasuparents.com/post/1825812https://forum.kiasuparents.com/post/1825812Sun, 31 Dec 2017 06:30:33 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 13:24:49 GMT]]>I didn’t put aside any savings for my kids. If they can study at local Uni, they can use our cpf. If they wish to study overseas, they will need to secure a scholarship.


I feel that by planning for our own retirement, we are already helping them.

As for wedding expenses or down payment for their houses, they will need to save up on their own.

]]>https://forum.kiasuparents.com/post/1825739https://forum.kiasuparents.com/post/1825739Sat, 30 Dec 2017 13:24:49 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 13:17:23 GMT]]>

ammonite:
Starlight, true true.


It seems that most parents still limit accessible funds to 2k.

I have seen the harm that too much easy/ready money can do. It is not easy to tell how each individual will respond to having access to large sums of money, or even knowing that money is there in their name. Sometimes i think it is best that my kids think there is no money saved up for them.
I agree. We didn't let our kids know how much money they actually have until a couple of years ago when they were already in their late teens. And that is because we know they are very thrifty and sensible. We might have decided not to disclose this if they were the easy-spender type. Anyway, the sum is not very large - enough for to pay for local university fees.

]]>https://forum.kiasuparents.com/post/1825736https://forum.kiasuparents.com/post/1825736Sat, 30 Dec 2017 13:17:23 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 12:16:32 GMT]]>

ammonite:
What if she marries / works overseas, but retaining her citizenship?


I am not familiar with this aspect of cpf.
cannot withdraw cpf $ , unless renounced of citizenship in sing .
That’s how G keep our $ in the name of protecting its citizens 😛

]]>https://forum.kiasuparents.com/post/1825728https://forum.kiasuparents.com/post/1825728Sat, 30 Dec 2017 12:16:32 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 10:48:03 GMT]]>

ammonite:
What if she marries / works overseas, but retaining her citizenship?


I am not familiar with this aspect of cpf.
Rules may change years later, decide and confirm when the time comes

]]>https://forum.kiasuparents.com/post/1825717https://forum.kiasuparents.com/post/1825717Sat, 30 Dec 2017 10:48:03 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 10:21:12 GMT]]>Starlight, true true.


It seems that most parents still limit accessible funds to 2k.

I have seen the harm that too much easy/ready money can do. It is not easy to tell how each individual will respond to having access to large sums of money, or even knowing that money is there in their name. Sometimes i think it is best that my kids think there is no money saved up for them.

]]>https://forum.kiasuparents.com/post/1825708https://forum.kiasuparents.com/post/1825708Sat, 30 Dec 2017 10:21:12 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 08:05:32 GMT]]>As parents, we have to worry if kids will 坐吃山空

The intent to “teach to fish than give a fish” remains

]]>https://forum.kiasuparents.com/post/1825684https://forum.kiasuparents.com/post/1825684Sat, 30 Dec 2017 08:05:32 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 08:05:28 GMT]]>What if she marries / works overseas, but retaining her citizenship?


I am not familiar with this aspect of cpf.

]]>https://forum.kiasuparents.com/post/1825683https://forum.kiasuparents.com/post/1825683Sat, 30 Dec 2017 08:05:28 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 07:53:49 GMT]]>

ammonite:
Starlight,

I like your method. But for cpf money, what happens if they should settle overseas in future?

Mp, if i am not wrong, it is 18 for cdp.
Ammonite
I hv not thought about this issue.
For us, here are our roots and unlikely to settle overseas. The cpf is to give her a head start in many things
Even if she settles overseas, I think can withdraw by giving up her cotizenship ???

]]>https://forum.kiasuparents.com/post/1825677https://forum.kiasuparents.com/post/1825677Sat, 30 Dec 2017 07:53:49 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 07:50:42 GMT]]>

MyPillow:
At what age can open cdp n cpf acct ?

For cdp, needs 18.
Dd opened her cpf at 13. There was no issue.

]]>https://forum.kiasuparents.com/post/1825675https://forum.kiasuparents.com/post/1825675Sat, 30 Dec 2017 07:50:42 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 07:22:03 GMT]]>Starlight,

I like your method. But for cpf money, what happens if they should settle overseas in future?

Mp, if i am not wrong, it is 18 for cdp.

]]>https://forum.kiasuparents.com/post/1825667https://forum.kiasuparents.com/post/1825667Sat, 30 Dec 2017 07:22:03 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 06:43:14 GMT]]>At what age can open cdp n cpf acct ?

]]>https://forum.kiasuparents.com/post/1825653https://forum.kiasuparents.com/post/1825653Sat, 30 Dec 2017 06:43:14 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 05:23:30 GMT]]>Dd has only 3k in our joint name account.

Before my mil passed on, she left about 50k for dd’s tertiary education. This money is with me and I did tell dd that local U fees will be taken care of by this money.
Dd has an ATM card and a CC (Supp). She is thrifty and in fact stingy, so we just monitor as and when.
Next year, am planning to use a small portion of the 50k to buy long term SGS bonds so that the principal is intact.
She has a CDP Account and bought a share during IPO. It is a few hundreds and we bought some too. This is to expose her to investment .
I think I shared dd has a CPF Account in which I deposit 1k per year. We started this when she was sec 1. The interest earned is nice though money is locked up

]]>https://forum.kiasuparents.com/post/1825625https://forum.kiasuparents.com/post/1825625Sat, 30 Dec 2017 05:23:30 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 04:24:42 GMT]]>DS has enough money for his down payment of his first HDB. The bulk is held in his trust account with me. He has another account that linked to a debit card. I can see he started buying things online with his debit card. It is still within reasonable amount but I am monitoring it. I can also see that he now putting money in his debit card account instead of the trust account. I guess he feels good to see his money growing in an account that he can touch? Anyway, I think we (DS and us) will discuss together to set a limit to that account. Anything above the limit should be transferred to the trust account.

]]>https://forum.kiasuparents.com/post/1825617https://forum.kiasuparents.com/post/1825617Sat, 30 Dec 2017 04:24:42 GMT<![CDATA[Reply to Acessible money for kids on Sat, 30 Dec 2017 04:14:51 GMT]]>I think it really depends on how old the kids are, and how accessible the funds are.


My kids are already young adults - 18 and 20, so they have their own bank accounts with ATM cards now. But most of their savings are invested on their behalf (in their own names) by my husband, leaving them with about $2K in the account. He explains what he does to them, so they will hopefully pick up some knowledge along the way. They are thrifty, do not spend much, and are still continually adding their savings from ang pow & excess pocket money etc, so we don’t feel the need to impose any stricter rules. If they behaved differently, we might have limits on what they can spend without consultation or permission, but that issue has never arisen so far. Soon, I plan to get debit cards for them from their own accounts but we don’t think we want them to have credit cards yet. Step by step…

Up to the ages of 16 & 18, their money was in a trust account with me as trustee. The money was "theirs" but they had no access! We allowed them to keep the excess from their pocket money in cash for independent spending.

]]>https://forum.kiasuparents.com/post/1825614https://forum.kiasuparents.com/post/1825614Sat, 30 Dec 2017 04:14:51 GMT