How to talk to your kids about money

Ms Esther Tan, her children Nathan and Phoebe Foong, and Mr Elvin Foong at their home on Jan 21, 2019.
Ms Esther Tan, her children Nathan and Phoebe Foong, and Mr Elvin Foong at their home on Jan 21, 2019. ST PHOTO: ARIFFIN JAMAR

SINGAPORE - For Chinese New Year last year, Ms Esther Tan and her husband allowed their children to spend three $2 notes from the hongbao (red packet) money they collected.

Nathan, aged seven, and Phoebe, five, were each allowed to buy three $2 items of toys and stationery from the Daiso store, while their parents saved the rest of the money for them.

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