Dad and mom, when you have children youthful 12 years previous, then examine your LifeSG app the place it’s best to have obtained your S$500 per youngster by now.
In the event you’ve already obtained yours, word the expiry date of 6 July 2026.
However for those who don’t need to threat having your S$500(+) credit expire nugatory simply since you forgot to make use of them on time, then a better approach could possibly be to withdraw your LifeSG credit as money to your checking account.
A step-by-step information to withdrawing your LifeSG credit as money
There are 2 methods you may convert your LifeSG credit into money – both by utilizing Sheng Siong’s Easy Teller Machines ($0.20 service charge applies) or through YouTrip to your checking account.
I favor utilizing YouTrip since you’ll have the ability to get the cash straight into your checking account, the place you may then withdraw as money at an ATM or switch into your youngster’s financial savings account to let it develop.
In the event you’re an everyday reader of this weblog, you must also have already got a YouTrip account by now as I’ve been protecting it as an abroad spending hack since 2019. Nonetheless, for those who’re new, you may join a free account and get $5 utilizing my referral hyperlink right here!
Log into your LifeSG app
First, log in to your LifeSG app and examine how a lot you may have obtained. This could present up on your property display screen and it’s best to obtain $500 per youngster (youthful than 12). I’ve 2 sons, so I obtained $1,000 from the federal government right here.
In the event you don’t see the credit, ask your partner to examine their LifeSG app as a substitute. It is extremely seemingly they’re the designated trustee of your youngster’s CDA (relatively than you) so the funds will go to their LifeSG account as a substitute.
Generate a QR cost code in your YouTrip app
Subsequent, log into your YouTrip account to generate a QR cost code, which you’ll use to scan in your LifeSG app later.
Click on on “Prime Up” and key within the quantity you’ll wish to withdraw, then click on “Generate QR Code”.
You’ll be prompted to avoid wasting the QR code to your gallery.
Scan your cost QR code together with your LifeSG app
Now head again to your LifeSG app and scan that YouTrip QR code utilizing the “Scan QR code to pay” function.
Make certain the payee reveals up accurately (YOU TECHNOLOGIES, UEN 201628225CFAS) earlier than you click on to verify.
The cash ought to present up in your YouTrip stability inside a minute or two – in my case, it took lower than 10 seconds.
Then, click on on “Switch” and choose “Withdraw to Personal Account”.
You possibly can both PayNow to your self through your cell quantity or NRIC/FIN. As YouTrip is a MAS-regulated monetary entity, make it possible for your YouTrip identify matches your checking account!
Failing to take action might lead to switch points, which you have to to resolve manually with the YouTrip staff by writing in to [email protected].
In case your subject occurs on the LifeSG app, then you may contact them at [email protected] to examine on any lacking credit.
Switch to your youngster’s checking account or withdraw as money
As soon as the S$500(+) of credit have landed in your checking account (our switch was nearly instantaneous), you might be free to spend it utilizing your debit card, switch to your child’s Youngster Improvement Account to earn compounding curiosity over the following few years.
You may as well withdraw it as money at any ATM – watch how I did that on this video beneath!
Whether or not you decide to maintain it as digital money in your checking account or withdraw as bodily money to make use of in your pockets, you’re now formally free from the expiry date of those LifeSG credit!
However for those who’d relatively not withdraw as money and maintain it inside your LifeSG app to spend instantly, then that’s additionally an alternative choice. On this case, my recommendation is to set a calendar reminder for 1 month earlier than your credit expire nugatory, so that you don’t find yourself forgetting about your cash completely.
How and the place to spend your LifeSG credit
LifeSG credit are way more versatile than CDA monies, as you’re not restricted by the Ministry of Social and Household Improvement (MSF)’s checklist of eligible utilization right here.
As an alternative, LifeSG credit can be utilized at any service provider in Singapore (bodily or on-line) that has a PayNow UEN QR or NETS QR cost choice.
Right here’s a couple of concepts, however word that the checklist will be fairly countless:
- Payments: through AXS machines on your utilities, electrical energy, bank card or every other payments
- Groceries: FairPrice, Sheng Siong, Chilly Storage, Large, 7-11
- Bookstores: Widespread, Kinokuniya
- Meals & Eating: Ya Kun, Toast Field, Sushiro, McDonald’s, Burger King, Koi, Chagee, Mr Coconut, and so forth. Notice that for those who’re unable to pay on your hawker meal utilizing LifeSG credit, it’s seemingly as a result of the hawker QR code is tied to their private quantity relatively than a company UEN.
- Buying: Uniqlo, and so forth.
You may as well pay on your youngster’s training charges at any enrichment centres that gives PayNow UEN QR or NETS QR cost. The chances are countless.
In my case, I attempted utilizing it at Widespread to purchase some books and it went by way of with none glitches.
Some retailers may also launch LifeSG-related promotions within the coming weeks to entice you to spend your credit with them, so chances are you’ll need to maintain a lookout for these too.
In the meantime, right here’s one such deal which I noticed.
Personally, I opted to withdraw my LifeSG credit as money into my checking account to spend by ourselves in order that we don’t should suppose an excessive amount of about it. On the identical time, we topped up my children’ funding account with S$500 every so that it’ll develop and compound right into a a lot larger sum for them over time.
P.S. In the event you don’t have already got the LifeSG app put in in your cellphone, obtain the official one out of your Apple App Retailer / Google Play Retailer. You may as well take a look at my earlier article right here on what else you are able to do together with your LifeSG app (spoiler alert: seek for preschools, examine your youngster’s medical appointments or immunisation data, ebook an ActiveSG sports activities facility, and so forth!)
I hope this text helps you with redeeming your LifeSG credit so that you just don’t allow them to expire nugatory. In spite of everything, in the case of free cash from the federal government, simply take!
Share the phrase with any of your folks who’re dad and mom 🙂
With love,
Daybreak
