Money management for parents
Before we explore the world of investments, it's crucial to start with proper money management skills. Good financial habits not only help you meet your family's immediate needs but can also set a good example for your children.
One of the most basic yet important banking tools is your current/savings accounts. Think of them as the oil that keeps your financial engine running smoothly. We regularly move money in and out of these accounts for various reasons such as grocery shopping, paying bills and more, so keeping track of this cash flow is vital for effective long-term financial planning. The key challenge is learning how to allocate your money wisely. This means setting aside funds for emergencies and investments while still maintaining your current lifestyle.
As a rule of thumb for setting up an emergency fund, aim to set aside enough cash to cover 6 to 9 months' worth of living expenses. This fund acts as a financial safety net, allowing you to handle unexpected situations like medical emergencies or job loss without additional stress.
Thereafter, it’s essential to track your spending behaviour. Use budgeting apps or the built-in tracking feature in your banking app, such as the OCBC Financial OneView, to monitor your expenses regularly. This practice not only helps you stay within your budget but also encourages discipline in saving and spending.
Another aspect of money management is to protect yourself, your family and assets from risks of the unexpected. Unforeseen events like illnesses and accidents may deplete the money you have painstakingly earned and saved, which may become a setback to reaching your intended financial goals, like your children’s education fund or the downpayment for a new house.
As we think about the future, we often find ourselves troubled by the mental “what ifs.” What if something happens to me? What if I can’t provide for my family? Fortunately, there are tools available to help mitigate these uncertainties, and one of the most effective tools is buying insurance for yourself and your family.
Where do you begin with insurance? How do you know if you’re adequately covered? There’s no one-size-fits-all answer to these questions. However, a helpful way to think about insurance is to visualise it as a pyramid. Begin with the essentials (the base of the pyramid) and progressively add to your coverage till you reach the top. This framework is also useful when you engage a professional financial advisor for help.


With proper money management being put into place, you will then be in a good position to kickstart your investment journey.
Important information
Kickstart your child’s saving journey with the OCBC MyOwn Account
For customers with eligible accounts
Apply via the OCBC app to open the account instantly.
See the list of eligible accounts
- 360 Account
- Bonus+ Savings Account
- Monthly Savings Account
- Passbook Savings Account
- Statement Savings Account
- Current Account
- Global Savings Account
- FRANK Account
- OCBC Premier EasiSave Account
- OCBC Premier Dividend+ Savings Account
- OCBC Premier Global Savings Account
- OCBC Premier Statement Savings Account
You will be directed to open a 360 Account before applying for an OCBC MyOwn Account for your child. The fall below fee will be waived for the first year and initial deposit is waived for accounts opened via OCBC app.
Open an OCBC MyOwn Account

Open an OCBC 360 Account
