It’s common for kids to be flush with red packet money during festive seasons and on birthdays. And it’s never too early to start thinking about how to help them grow those funds. You can start by saving or investing that money, and topping up along the way to get the benefits of long-term saving and investing.
Here’s a handy guide on how to grow your children’s red packet or birthday money, coupled with important financial lessons that they can grasp with ease.
STEP 1: OPEN A SAVINGS ACCOUNT
Gregory Choy, OCBC Bank’s head of wealth advisory, suggests taking the children to the bank to set up the account. He says: “This act of giving your child the responsibility and personal ownership of the account will go a long way in instilling discipline and…