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Re: Mummy Jennifer's Hatch

Postby Jennifer » Sat Jan 30, 2016 3:58 pm

Should I open a joint bank account with elder boy?

Jennifer
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Re: Mummy Jennifer's Hatch

Postby starlight1968sg » Sat Jan 30, 2016 4:01 pm

Jennifer wrote:Should I open a joint bank account with elder boy?

why not?
what are your concerns? letting the kids learn to manage their finance at a young age is better than later.

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Sat Jan 30, 2016 4:03 pm

The other day I posted the 2+yo little nephew has contracted HFMD.

Today hubby informed me that the little niece and 2nd SIL have kena it too, despite the little niece was moved to MIL's place upon the brother's diagnosis. So now the niece and the helper are moved back home.

Now I am worried about ah boy who had spent some time at the grandparents' place with the little cousins last weekends. Told ah boy to check his hands and foot regularly.

:xedfingers:

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Sat Jan 30, 2016 4:06 pm

starlight1968sg wrote:
Jennifer wrote:Should I open a joint bank account with elder boy?

why not?
what are your concerns? letting the kids learn to manage their finance at a young age is better than later.



No particularly concerns now that he has no girlfriend :rotflmao:

In fact my hubby still keeps his joint bank account with his mother though all the money in that joint account belongs to MIL.

ST, if your dd has a boy friend who maintains a joint bank account with his mother, do you feel "something"? Just curious about how the girlfriend and family would think.

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Re: Mummy Jennifer's Hatch

Postby starlight1968sg » Sat Jan 30, 2016 4:13 pm

Jennifer
I have no boys.
I see nothing wrong with a boy having a joint a/c with his mum.
I have a joint a/c with my mum and this a/c is a salary crediting a/c.
My dh is brought up in a family in which each has its own a/c.

I think the most impt is trust for joint a/cs and be clear whose money is inside and the other holder is merely to put his/her name.

dd and I used to have joint savings a/c with OCBC and POSB. Bec of the $2 fee charged monthly, we closed the OCBC and now left with POSB.

I did ask if dd wants another a/c with another bank. She likes POSB bec of the extensive network of ATMs although she hardly goes to withdraw $$.

When dd reaches 18, I will get her a supplementary cc.

When dd starts working, I would encourage her to open another joint a/c with me one for saving and another for expenses which is what am doing now.

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Sat Jan 30, 2016 4:23 pm

starlight1968sg wrote:Jennifer
I have no boys.
I see nothing wrong with a boy having a joint a/c with his mum.
I have a joint a/c with my mum and this a/c is a salary crediting a/c.
My dh is brought up in a family in which each has its own a/c.

I think the most impt is trust for joint a/cs and be clear whose money is inside and the other holder is merely to put his/her name.

dd and I used to have joint savings a/c with OCBC and POSB. Bec of the $2 fee charged monthly, we closed the OCBC and now left with POSB.

I did ask if dd wants another a/c with another bank. She likes POSB bec of the extensive network of ATMs although she hardly goes to withdraw $$.

When dd reaches 18, I will get her a supplementary cc.

When dd starts working, I would encourage her to open another joint a/c with me one for saving and another for expenses which is what am doing now.



ST,

Thank you for the sharing.

Jennifer
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Re: Mummy Jennifer's Hatch

Postby slmkhoo » Sat Jan 30, 2016 5:38 pm

starlight1968sg wrote:I think the most impt is trust for joint a/cs and be clear whose money is inside and the other holder is merely to put his/her name.

I agree with this. Usually, when the main a/c holder is young, the older relative is the "safeguard". When the main a/c holder is elderly, it's the other way round. But if you feel your son is mature and responsible enough, then just let him have his own a/c (or 2 - one with ATM card with smaller amount, one for savings).

My parents opened an a/c for me when I was very young, but kept the passbook so I effectively had no access. When I went overseas to study, my father gave me 1 year's expenses with instructions to open a chequing a/c with ATM card, a cheque book and also a savings a/c. The bank also gave me a credit card. I did all that and managed the money with no prior experience of handling any banking at all! So it really depends on the person's maturity and willingness to learn.

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Sat Jan 30, 2016 5:40 pm

I was making pork meat balls, thought I should slap the lump of minced meat into the bowl. So I had the bowl in my left hand, the meat in my right hand. Slapped slapped.

Guess what happened next.

The bowl slipped off my left hand, the meat landed in the sink.

Now calling hubby to taobao half a steamed chicken back home.

:rotflmao:

Jennifer
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Re: Mummy Jennifer's Hatch

Postby starlight1968sg » Sat Jan 30, 2016 5:43 pm

Haha. I cant help but laugh. So bowl on the flr, meat in the sink, a meal with meat ball is gone?

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Re: Mummy Jennifer's Hatch

Postby Jennifer » Sat Jan 30, 2016 5:44 pm

slmkhoo wrote:
starlight1968sg wrote:I think the most impt is trust for joint a/cs and be clear whose money is inside and the other holder is merely to put his/her name.

I agree with this. Usually, when the main a/c holder is young, the older relative is the "safeguard". When the main a/c holder is elderly, it's the other way round. But if you feel your son is mature and responsible enough, then just let him have his own a/c (or 2 - one with ATM card with smaller amount, one for savings).

My parents opened an a/c for me when I was very young, but kept the passbook so I effectively had no access. When I went overseas to study, my father gave me 1 year's expenses with instructions to open a chequing a/c with ATM card, a cheque book and also a savings a/c. The bank also gave me a credit card. I did all that and managed the money with no prior experience of handling any banking at all! So it really depends on the person's maturity and willingness to learn.



Slmkhoo,

Thank you for sharing.

At the moment, he has a POSBANK and a UOB account, all in his own name.

Since he is giving me an allowance, I thought of opening a joint account with him so that we could arrange a standing order to have the allowance credited monthly.

Actually I have no intention of taking money from him for my own use. It is more like a savings account which I will subsequently hand back to him when he starts his own family.

Jennifer
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