You already know what it means when Chinese New Year approaches. Dinners with your family and loved ones, sounds of fireworks and firecrackers, lion dances, Chinese New Year decorations, and Ang Pow!
Ang Pow, also known as 紅包, hóngbāo is a red packet given during the celebration of Chinese New Year as a symbol of good luck for the upcoming year. Thanks to the tradition of giving out red envelopes to send blessings and good wishes during the Lunar New Year period, you will be overflowing with stacks of money that you will be getting from the red packet. So, what should you do with your red packet money this Chinese New Year?
It is tempting to start spending money after receiving it. Nonetheless, it would be best if you opted for something wiser instead of making impulsive purchases. Discover the four best ways to spend your red packet cash this Lunar New Year below.
Top 4 ways to use red envelope money
1. Top up your savings
If you have always wanted to make saving money a habit, the Chinese New Year is a great time to start. After all, you will secure a good amount of cash to jumpstart your financial reserves once the celebration rolls around. You can transfer the red envelope money to a savings account or consider creating one if you do not have any.
Apart from that, you can also top up your savings with your Ang Pow money for your next wish lists, travel bucket list and many more. You can begin saving early so that you can make large purchases whenever you want to do so without having to get into debt. By doing this, you will have better financial planning that brings you towards your financial goals.
2. Add it to your emergency funds
If the global pandemic taught us anything, it is that emergencies are unpredictable. When you receive your bunch of red packets this Chinese New Year, you should set aside a certain amount in your savings account. Life is full of uncertainties, it is important to have sufficient savings that can be used as an emergency fund because you never know when you will need access to cash. Therefore, it is necessary to always be financially prepared. Start building the habit immediately until you have enough emergency funds to last at least six months.
3. Treat yourself
Even though it is worth setting aside some money from your Ang Pow for your essentials, it is surely fair to spend some of it on yourself. While investing for your future is important, it is equally important to invest in yourself as well. You can use the money to treat yourself to some good food, new clothes, and books or even sign up for workout sessions. Spending some money for yourself will boost your happiness and mood!
4. Invest your Ang Pow money
Once you have amassed enough money for your emergency reserves, you can consider putting your money into an investment fund to ‘grow’ your Ang Pow money. Even though you would not be able to enjoy your money right away, it has the potential to grow into a larger pot if it is invested. You could start small, investing in small but regular amounts, making yourself less vulnerable to market fluctuations.
There are various investment platforms available in the market today, including Funding Societies. As Southeast Asia’s largest Digital Financing platform for SMEs, Funding Societies enables investors to diversify their investment portfolios, and garner returns through its various products, including Guaranteed Investment Notes (GIN). In conjunction with the prosperous Chinese New Year 2023, you can get double Huat when you refer your friends to invest with Funding Societies Malaysia!
Get Double Huat with your Ang Pow money
In the festivity of Chinese New Year 2023, earn RM60* when both you and your friend invest with Funding Societies Malaysia!
How to participate and earn RM60*?
All you need to do is:
- Click the ‘Referral’ button upon logging into your investment account and copy your personal referral link.
- Share your personal referral link and invite your friend to register as an investor through our apps or website.
- Earn RM60* for both you and your friend when your friend invests at least RM1,000 within sixty (60) days of signing up with Funding Societies.
Don’t miss out on the chance to gain RM60* and boost your Chinese New Year mood, so send out your referral link now and share the Huat! Visit our website for more information; https://bit.ly/Huat2Gether_LI
All in all, there are many ways you can spend your red packet money during the festivities. No matter how much red envelope money you get this year, the most important is how you use your new riches. Although you are free to invest or spend the money, never forget to save for a rainy day, as you can never predict when it’ll happen. It is crucial to have a good financial plan when you are hitting the jackpot, so do not forget to put aside some money for your future. May you enjoy your Ang Pow and have a prosperous Chinese New Year ahead with your loved ones!