The next few days will be an exciting time for many Singaporeans who celebrate Chinese New Year! After this weekend of festive celebrations, everyone will leave with full stomachs and happy hearts after spending time with their loved ones. In addition to that, children and young adults will receive Ang Bao from their elders, given as tokens of good wishes during auspicious occasions. As fortune has it, this wonderful thing can be transformed into something even better!
It’s high time to amplify your children’s Ang Bao money, both in quantity and quality!
Transforming Ang Bao into a life lesson
Money is a part of our everyday lives; therefore, teaching children about the value and meaning of money is vital. Growing up without understanding that your parents’ wallet is not an infinitely deep well can have dire consequences. Contrastingly, growing up without understanding that there is more to life than money can also have drastic ramifications.
Ang Baos give parents the opportunity to teach their children about the balance between these two. Counting the bills together with your children, explaining how much each bill is worth, and then deciding together with your kids what to do with all of the bills is an enriching experience. Young children may not understand the difference between buying a bicycle and an ice cream cone, for example. Therefore, by amplifying Ang Bao into something of quality, you can teach your children this difference.
Ang Bao can also be amplified to teach empathy. For older children, parents can discuss the importance of giving back to the less fortunate. Of course, this could include donating to a charitable cause, which helps to save animals or the environment. The lesson of empathy towards others is a valuable life lesson to instilled in your child as they grow up.
Transform Ang Baos into one big Ang Bao
Although we cannot literally transform Ang Bao into more Ang Baos, we can start saving up each year and build a savings account for their future. Together with your child, you can watch the savings account grow. After a while, the amount will be large enough for a larger purchase to be made. It is also important to teach children that when we save, there is a reward at the end of the road.
If your child wishes to purchase a more expensive item, maybe the new iPhone or a video game – motivate them to save their Ang Bao money, birthday money, and any other contributions they receive so that they can purchase the item on their own. In this way, they learn that saving money is not boring, but rather a means of having fun in the long run.
Transform Ang Bao into a University Degree
Ang Bao can help to contribute to the fund which later will contribute to your child’s tuition, which in turn will help your child to fund their further studies. To achieve this, you could choose to invest in an Endowment Life Insurance plan. Although the premium for most endowment policies is above the average amount received during Chinese New Year, a fraction of the premium can still be covered with the amount of Ang Bao money received.
There are various types of Endowment Life Insurance plans in the market, from long-term, to short-term plans and even education specific ones, so you can select the one that best suits your child’s needs.
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This advertisement has not been reviewed by the Monetary Authority of Singapore.