Gong xi fa cai! Many of our youth would have received red packets (envelopes) / Hongbao during this season of Chinese New Year, but how many of us actually know the facts that surround this tradition of receiving red packets?
According to Chinese culture, it is a custom to provide monetary gifts to people during special gatherings during the fifteen days of the Lunar New Year. Why then, are these monetary gifts called ‘red’ packets? This is simply because the colour ‘red’ is considered to be a symbol of good fortune, prosperity and most commonly used to ward off evil spirits. Unmarried members of the next generation are usually the recipients of such red packets.
The amount that is packed inside the red packets are also auspiciously determined – According to Chinese beliefs, odd-numbered money gifts are associated with bad happenings.
Now that many of you have visited your relatives and received several red packets, has it ever occurred to you what you will do with them? Yes, many of you might be intending to purchase the long desired iPad that you’ve been eyeing, or that new Samsung Note 5 Plus that has the coolest features.
However, even though it is perfectly fine to spend on what you have been saving towards, remember that red packets also provide you with the opportunity to learn one of the most important lessons in life – “Save first, Spend later!”
Develop the habit of saving money!
That’s right! Zoe, who is in the leaf business wanted to buy more equipment and expand her business but she does not have enough money to buy a lawnmower because she spends all the money that she earns on DVDs and clothes.
Understanding “needs” and “wants”
As children, it is important that you understand the difference between “needs” and “wants”. To put it in simpler words, “needs” refer to the things that you cannot do without and “wants” are things that aren’t essential but make you happy. For example, paying your school fees comes under the category of “need” whereas getting a video game CD can be categorised as “want”. You really don’t need a game CD but then it gives you happiness. You need to figure out the right mix of “wants” and “needs” that best suits you and come up with a suitable budget plan. There are several apps available on mobile phones that help you plan your budget effectively. Do make use of them as well.
The moral of the video is that we should put aside a little money on a consistent basis (monthly) for the things that we may need in future. If we do that, we would be able to buy things that we would need in future. “A penny saved is a penny invested for the future.”
Putting our learning into action!
How can I start to save money? You may be thinking to yourself. Fret not! To start things off, make sure you keep your expenses low and save as much as you can in a comfortable way. Do some research and explore investment options that would best suit you.
With reference to an article “How to save your hongbao money” in the Sunday Times published on 02 February 2020, Ms Evy Wee, the head of financial planning and personal investing – DBS Bank, insists that the key to successful financial plans is to start small and start early. She also adds – “the younger you are when you start investing, the more you will benefit from compounding”.
So, what are you waiting for? Make the most out of the money you received this CNY!
* Cover image taken from 401kcalculator.org
Exam Smart Tips
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