Niu Year Niu learnings!
CNY is around the corner! What better time of the year is there to teach your children about money? Here are some tips we have for you to do so! 😉
1. Let your child take ownership of their angbao money!
Let your child be responsible for their angbao money. Ask them how much they want to set aside as savings in the bank to earn some interest, and how much they want to keep in their own “piggy bank” to save up for something they want!
2. Teach them the money jar system
The money jar system is an effective budgeting tip that is easy to learn. Teach them how to portion the angbao money they get in separate money jars - for example one for saving up for the new gadget, one for entertainment with friends, and another for giving to a charity.
Try Taby's Tiles feature - which allows you to allocate your money for different purposes
3. Teach them a little about investing
Investing is never too early to learn! Starting with angbao money is probably the best time to start investing because your child’s time horizon is long. For young children, you might want to create a joint account with them to invest, while for children above 18, they can start setting up their own investment account. Never underestimate the power of compounding - and teach this to your children!