Article Review-Is It Possible to Pay For Your Child's University Education With Their Ang Bao Money?
2/07/2014 12:05:00 pm
Bismillah.
Assalammualaikum to all my readers.
May my readers are in the pink of health. I would like to wish my readers who celebrate Chinese New Year, a Happy New Year. May this year be filled with increase in wealth and also good health. Insyaallah. Aamiin.
Speaking about Chinese New Year and Ang Bao (Gifts in the form of monetary value given by the elderly to the young generations), I have recently read an online news article from Yahoo Finance, about "Is It Possible to Pay For Child's University Education With Their Ang Bao Money?" (See image below for screenshot of the article.).
Here is the full online article: Is It Possible to Pay For Your Child’s University With Their Angbao Money?
So, what is up with Ang Bao money and paying for Child's University education with the money? I remember two years ago while I was still in school and it was the Hari Raya Aidilfitri month, I received Ang Bao from my parents and relatives. The money that I got, I saved it up in my Islamic Bank account, and only spent on it for my license exam.
As for those of you who are still young and receiving Ang Bao money or you have your own children receiving it, you can actually have an in-trust savings account with your child, or if you already have a bank account [I suggest you save in an Islamic Bank Account, in order to avoid receiving interest (riba')], this is a good time for you to start inculcating savings habit from young. Train yourself or your children the importance of savings. It is ok to start NOW, during this festive season, followed by weekly or monthly savings vice versa. Tell yourself or your children that this money is meant for emergency use or for their education in future.
Therefore, it is important to plan ahead on what will the money you are saving, is for. Keep track on your savings, set goals on by when should a certain amount should be in your savings account. Discipline is key to saving successfully according to plan. We as humans can plan, but Allah s.w.t. is the best of planners.
I will cover in my next article on how to track your savings, set financial and personal goals and when to review your goals. Insyaallah. Aamiin.
So, what is up with Ang Bao money and paying for Child's University education with the money? I remember two years ago while I was still in school and it was the Hari Raya Aidilfitri month, I received Ang Bao from my parents and relatives. The money that I got, I saved it up in my Islamic Bank account, and only spent on it for my license exam.
As for those of you who are still young and receiving Ang Bao money or you have your own children receiving it, you can actually have an in-trust savings account with your child, or if you already have a bank account [I suggest you save in an Islamic Bank Account, in order to avoid receiving interest (riba')], this is a good time for you to start inculcating savings habit from young. Train yourself or your children the importance of savings. It is ok to start NOW, during this festive season, followed by weekly or monthly savings vice versa. Tell yourself or your children that this money is meant for emergency use or for their education in future.
Therefore, it is important to plan ahead on what will the money you are saving, is for. Keep track on your savings, set goals on by when should a certain amount should be in your savings account. Discipline is key to saving successfully according to plan. We as humans can plan, but Allah s.w.t. is the best of planners.
I will cover in my next article on how to track your savings, set financial and personal goals and when to review your goals. Insyaallah. Aamiin.
Wassalam.
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