Do You?
others, Parenting, Special Moments February 2nd, 2009I had one of the most amazing time at my cousin’s house yesterday. Being with people who took care of me when I was a tiny little baby is an indescribable joy. The extend of joy is a direct connection to the amount of food I eat. Hence to maintain my figure, its wiser to feel miserable more often. *laugh*
Yesterday marked the end of my Chinese New Year visitings. Tonight we will allow the boys to open their Hong Baos. For the first time, we decided not to put ALL their Hong Baos’ money into their Bank account.
Feeling generous, we would like the kids to enjoy their rewards; nope, not all of it; BUT HALF OF IT. The other half will still go to their bank account.
They can use the 50% to get ANYTHING they want, provided its within the amount they have in their pockets. Neither Allan nor I will top up any amount, if they chose to buy something beyond what they could afford.
Cool?!
I love the idea!
Nope! I don’t think they are too young….
When I was my boys’ age, all my Hong Baos’ money were ‘re-cycled’ by my mother; since she had to give Hong Baos to other children too. It was till I was in Secondary School before I could keep ALL my Hong Baos. I do not blame my mother for doing so, cos’ its quite a hefty amount just by giving Hong Baos on CNY.
What your style? Do you allow your kids to keep the money? Spend the money? Or do you ‘re-cycle’ them too?
February 2nd, 2009 at 10:52 am
such coincidence!! I let my 2 girls keep 50% of their ang pao $ this year and the rest into the bank accounts!! hahaha..great minds thinks alike :P
hee..I used to bank in my boy’s ang pao till this year. The interest rate in bank is too low so I “recycle” it instead..
feel a little bad as his 2 jiejies had more $ in the bank account than him when he grows up…
February 2nd, 2009 at 11:27 am
Gong Xi FA Chai…i like children to keep money as well
February 2nd, 2009 at 11:39 am
We ever have this evil thoughts of using their angbao money to deposit in the CDA account (as we are running short of money to meet the target!).
Hehe. But in the end, we decide not to and we bank in all for them.
I recycle by exchanging their new notes with old notes when I run out of them.
February 2nd, 2009 at 12:20 pm
that’s a cool idea! tell us what your kids bought! coz if my mom had given me 50% of my angbao $, I dont think i will buy anythg.. not because i hv nth to buy but i would think that is an opportunity cost which i couldnt handle, and i would prefer to save up the $ for rainy days.
February 2nd, 2009 at 2:59 pm
This year I have decided to put in back into the pot to recycle, since K does not understand the concept of money. I think its a great idea to give your kids a little treat and also encourage them to save at the same time.
February 2nd, 2009 at 5:44 pm
normally itz the same custom followed in India for diwali.. so far Yuvan was getting gifts ..or if itz money, itz additional from my mom or my FIL,which i have using to buy stuffs for him… but this year i decided i wd either let him put in his piggy bank,which he got as a return gift for a birthday party/i wd deposit in his bank account..as he has started understanding what money is all about…Unfortunately ,after i decided, we hadn’t been to India for diwali last ovt’08..but will follow this year,if we he wd get any..letz c:)
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February 3rd, 2009 at 3:43 am
I don’t think i will allow Jason have too much money. He can spend the money with GOOD things and educatief.
February 3rd, 2009 at 6:06 am
I think what you are doing is a great way to teach the child about money. I will let him decide what he wants to do with the money as well.
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February 3rd, 2009 at 10:06 am
For us, we save up the money. Last year, L donated some of her hong bao to the school needy funds. This yr I forgot all about it :p
LZmommys last blog post..2nd Day Of CNY
February 3rd, 2009 at 10:18 am
L donated?!!!
Wow!
That’s super parenting, LZmommy!
February 3rd, 2009 at 1:25 pm
This year Ryan has 100% control on how he wants to invest/save his ang pao money. He has decided to add it onto his holiday saving so that he can purchase his airticket to hongkong earlier.
We will be keeping Roy’s red packet money for him till he is older and is able to manage his own finances.
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February 3rd, 2009 at 1:47 pm
Dominique,
that’s super wise of Ryan!
you taught him well, girl!
February 3rd, 2009 at 5:45 pm
When I was young, I think my parents asked us to keep everything in our piggy! But it was also our wish to do so coz we were in want for nothing.
Saving habits were instilled in us young!
February 3rd, 2009 at 9:56 pm
I’ll b putting all of my boy’s angpow into his bank account since he’s only 1 yr ++ now. Maybe 2-3 years later, I’ll let him plan how he spend half of his angpow money by then..
February 4th, 2009 at 4:09 am
i don’t ever plan on recycling the money. All of my kids’ angpows will be banked into their savings account…but your idea of banking half and giving them half is quite interesting.
February 4th, 2009 at 11:10 pm
saving account. Cos that’s the tradition in my family. Ours were banked in and when we went to England for further studies, all of us took them out to subsidize whatever we could.
February 5th, 2009 at 4:39 am
I keep some money for them (savings), spend some on them for the relatives (wrapping the gifts and putting their relative’s names on them) but just recently I let them spend their $15 from some U.S. relatives. They had a ball and learned the value of a dollar while they were at it!
February 6th, 2009 at 10:02 am
I think it is excellent to let them spend some of it. Plus it will help teach them that things they want to come at a price.
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