Mother and father, you probably have youngsters youthful 12 years outdated, then examine your LifeSG app the place you must have obtained your S$500 per little one by now.
Should you’ve already obtained yours, word the expiry date of 6 July 2026.
However should you 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 manner 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 possibly can convert your LifeSG credit into money – both by utilizing Sheng Siong’s Easy Teller Machines ($0.20 service price applies) or by way of YouTrip to your checking account.
I desire utilizing YouTrip since you’ll have the ability to get the cash straight into your checking account, the place you possibly can then withdraw as money at an ATM or switch into your little one’s financial savings account to let it develop.
Should you’re a daily reader of this weblog, you also needs to have already got a YouTrip account by now as I’ve been protecting it as an abroad spending hack since 2019. Nonetheless, should you’re new, you possibly can 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 have got obtained. This could present up on your own home display screen and you must obtain $500 per little one (youthful than 12). I’ve 2 sons, so I obtained $1,000 from the federal government right here.
Should you don’t see the credit, ask your partner to examine their LifeSG app as an alternative. It is rather seemingly they’re the designated trustee of your little one’s CDA (reasonably than you) so the funds will go to their LifeSG account as an alternative.
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 save lots of the QR code to your gallery.
Scan your cost QR code along with your LifeSG app
Now head again to your LifeSG app and scan that YouTrip QR code utilizing the “Scan QR code to pay” characteristic.
Be 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 may both PayNow to your self by way of your cellular quantity or NRIC/FIN. As YouTrip is a MAS-regulated monetary entity, be sure that your YouTrip identify matches your checking account!
Failing to take action might lead to switch points, which you will want to resolve manually with the YouTrip group by writing in to buyer@you.co.
In case your difficulty occurs on the LifeSG app, then you possibly can contact them at helpdesk@life.gov.sg to examine on any lacking credit.
Switch to your little one’s checking account or withdraw as money
As soon as the S$500(+) of credit have landed in your checking account (our switch was virtually instantaneous), you’re free to spend it utilizing your debit card, switch to your child’s Baby Growth Account to earn compounding curiosity over the subsequent few years.
You too can withdraw it as money at any ATM – watch how I did that on this video under!
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 should you’d reasonably not withdraw as money and preserve 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 much more versatile than CDA monies, as you’re not restricted by the Ministry of Social and Household Growth (MSF)’s listing of eligible utilization right here.
As a substitute, 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 possibility.
Right here’s a couple of concepts, however word that the listing may be fairly limitless:
- Payments: by way of AXS machines in your utilities, electrical energy, bank card or some other payments
- Groceries: FairPrice, Sheng Siong, Chilly Storage, Large, 7-11
- Bookstores: Fashionable, Kinokuniya
- Meals & Eating: Ya Kun, Toast Field, Sushiro, McDonald’s, Burger King, Koi, Chagee, Mr Coconut, and so on. Be aware that should you’re unable to pay in your hawker meal utilizing LifeSG credit, it’s seemingly as a result of the hawker QR code is tied to their private quantity reasonably than a company UEN.
- Procuring: Uniqlo, and so on.
You too can pay in your little one’s schooling charges at any enrichment centres that provides PayNow UEN QR or NETS QR cost. The chances are limitless.
In my case, I attempted utilizing it at Fashionable to purchase some books and it went via 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 it’s possible you’ll need to preserve 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 need to suppose an excessive amount of about it. On the similar time, we topped up my youngsters’ 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. Should you don’t have already got the LifeSG app put in in your telephone, obtain the official one out of your Apple App Retailer / Google Play Retailer. You too can take a look at my earlier article right here on what else you are able to do along with your LifeSG app (spoiler alert: seek for preschools, examine your little one’s medical appointments or immunisation information, e-book an ActiveSG sports activities facility, and so on!)
I hope this text helps you with redeeming your LifeSG credit so that you simply don’t allow them to expire nugatory. In any case, in the case of free cash from the federal government, simply take!
Share the phrase with any of your folks who’re mother and father 🙂
With love,
Daybreak
