Is the red envelope a Chinese New Year tradition in your family? If you're unfamiliar with it, the red envelope is bright with a beautiful design. The envelope is filled with money that symbolizes hope and good fortune in the new year that has just come. The red envelope is then distributed to family, friends, or loved ones.
The red envelope also has a deeper meaning than just a gift. It symbolizes caring and helping others, regardless of the amount of money.
Initially, the red envelope was not in the form of an envelope as we know it today. Historically, the gift was coins wrapped in red paper to bring good luck to the recipient. Apart from Chinese New Year, the red envelope is often given at weddings as a form of congratulations and sharing happiness.
With its rich history and deep meaning, the tradition of the red envelope continues to be preserved and is an integral part of Chinese culture. Although it has evolved in form and value, it remains a symbol of togetherness, love, and good fortune in Chinese society and a valuable cultural heritage for future generations.
Who generally gets the red envelope? Usually, it is given to children and unmarried family members. Family members who are mature and financially ready will prepare the red envelopes according to their financial condition.
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Set aside your gift
As mentioned earlier, the red envelope symbolizes kindness and caring. It would be nice if you still give to those in need. Set aside 5-10% of the money, then invite your children to donate it through a charity box.
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Pay off debts
If you have monthly installments or bills, you can use your gift to pay them off or make installments to get it over with.
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Turn it into an Emergency Fund
This is the perfect time to set up an emergency fund, especially if you don't already have one. Open an account at Bank MAS and set up a separate savings account for your emergency fund. You can read about emergency funds here.
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Use it to Gain Knowledge
Do you have an interest in any soft skills? You can use your gift to enroll in a course class according to your interest. Whether it's sports, cooking, or management, choose wisely and make the most of it.
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Achieve Investment Goals
Your savings are not enough to buy the assets you want? You can also use your gift to increase your savings. These savings can be helpful when you are ready to purchase a computer or motorcycle or apply for a property mortgage.
The tips above will help you consider options for managing your red envelope to make it more useful. So, which tips will you try?
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