What do you do with your baby's hong baos? Spend, deposit into an account for baby, deposit into your account and keep a record, or another method?

I will deposit into their own personal savings account. It's good for them to know and cultivate the habit of savings from you. As they get older, they will learn that these savings from young will be beneficial for them when they get older (education,buying things which they truly want) You can also apply a kids account for them! There are many banks to open with. But here the link with POSB. The most common bank in Singapore. They have account opening goodies for kids accounts! https://www.posb.com.sg/personal/deposits/savings-accounts/posbkids

I will deposit them into their savings account. My elder son will count the hong bao money together with me and we will go to the bank to deposit the money together. I feel that it is important to teach them about savings even at a young age. So that they knows it is important to save up instead of spending away all the money. I always tell him that if he saves up and along the years, he will have enough money to study, to buy car and to even buy a big house!

I just deposit into their bank saving account. Now as my daugther is older, I teach her how to do money management. Since chinese new year is over I counted all the ang bao money that she has received and set aside a portion (10%) for her to buy food/cake/toys that she likes and the rest I bring her go to bank together to deposit in and show her money is growing in bank book.

thanks