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‘It's their money': SG dad invests all Baby Bonus & ang bao money for kids' future; aims to give children S$50K each at 25

SINGAPORE: While it's pretty common for parents to dip into their children's Baby Bonus funds or ang bao money to cover daily expenses, one dad has taken a completely different approach. He's saving every cent and planning to give each of his kids a lump sum when they turn 25. Sharing his thoughts on the r/singaporefi subreddit on Wednesday (July 2), the father of two young children (both under three years old) explained that he's been diligently setting aside money from government cash gifts and festive red packets received every Chinese New Year and birthdays. So far, his older son has about S$21,000 stashed away, while his younger one has around S$6,000. 'I consider this their money, so I haven't used it for household expenses. Instead, I've invested it in low-risk financial products such as Treasury Bills (T-Bills) since I'm prioritising safety over high returns,' he wrote. Based on his estimates, by the time each child hits 25, they'll each have about S$50,000. 'While that amount might not be a huge sum in the future, it's still much better than starting from zero,' he added. See also 'It is bittersweet' — Kit Chan says as The LKY Musical ended He ended his post by asking fellow parents if they're doing something similar and whether they have suggestions for other low-risk ways to grow their kids' savings. 'Put them into the kid's CPF account and let it compound.' In the comments, one Redditor shared that her father did this for her as well. She said, 'He took all the money that had been collected over the years, along with his own savings that he added to the fund for me, and invested it in options trading. 'After I got married, he gave me a choice: either liquidate the fund and I manage it myself or let him keep managing the investments. I chose to let him continue investing. He did this for both my siblings as well.' Another commented, 'This was what my parents did for me and my lil bro. Though they were more traditional in the sense of just pure savings and occasional fixed deposits. See also Kendall Jenner's secret twin brother has his own TV show 'They used the funds to pay off my poly fees, first three years of my uni fees, then surrendering about $15k of what's left in cash when I reached my final year in uni.' A third suggested, 'Put them into the kid's CPF account and let it compound. Perhaps there will be sufficient in there for them to finance their education later on. If they managed to get a scholarship, then the $ untouched and therefore an easier start for their BTO?' In other news, a son took to Reddit to share that his father is in the final stages of stage 4 pancreatic cancer, and to make matters worse, there are several unpaid bills piling up. Posting on the r/askSingapore forum on Tuesday (Jul 1), the son explained that his father has been warded and bedridden in the hospital since early June. He is heavily sedated with painkillers like fentanyl and morphine, and has become increasingly delirious, with little awareness of what is happening around him. See also What Are Singapore Treasury Bills and Are They a Good Investment? Read more: 'I'm really at a loss': Son worried as father with stage 4 cancer leaves behind unpaid loans and bills Featured image by freepik (for illustration purposes only)