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Save, spend, give, or invest? We poll people on what they do with their angbao money.
So much huat.
The joyous occasion of Chinese New Year brings family, tradition, and of course, the exchange of red packets (angbao).
These packets symbolise blessings, good fortune, and prosperity for the year ahead.
In the leadup to Chinese New Year, we conducted an informal poll on social media to find out how you utilise your angbao money meaningfully.
Here’s what you guys said:
1. Practise filial piety
In Chinese culture, filial piety (孝, xiào) is a deeply rooted virtue that emphasises respect and care for one’s parents and elders.
Giving a portion of your angbao money to your parents is a heartfelt way to show gratitude for their sacrifices and unwavering support.
This simple act reflects your appreciation for the values they’ve instilled in you and acknowledges the importance of family ties.
You don’t have to give a large sum — what matters most is the gesture.
Pair it with a personal note of thanks, or present it during a family dinner to make the moment even more meaningful. In doing so, you’ll bring happiness to your parents while upholding an important cultural tradition.
2. Treat yourself and your loved ones to hotpot
Chinese New Year is all about family and togetherness, and what better way to enjoy quality time than over a hearty hotpot meal?
Use your angbao money to gather loved ones around a bubbling pot of soup, complete with a wide array of ingredients that, aside from making for a tasty meal, hold deep significance in Chinese culture.
Gathering for a hotpot meal is a wonderful way to bond with your family. Image via Canva.
Hotpot is more than just a meal; it’s an experience. Everyone gets to participate in cooking their food while bonding with one another.
Plus, it’s a delicious way to indulge in the festive spirit and create lasting memories.
Whether you go to a favourite hotpot restaurant or host a meal at home, the shared experience will be worth every cent.
3. Donate to charity
Chinese New Year is not only a time to celebrate but also a time to reflect on the blessings in your life.
Sharing a portion of your angbao money with those in need can make a big difference.
You don’t have to look far to share your angbao money. Packing angbao for the cleaners and foreign workers who work in our estate has been a family tradition since I was young.
Aside from brightening their day, it is also a wonderful opportunity to share a core Singaporean Chinese tradition with people from other cultures.
Sharing your angbao money with others can make your Chinese New Year celebrations more meaningful. Image via Canva.
You can also consider donating to a local charity, supporting a community project, or contributing to organisations working on causes you care about, such as education, healthcare, or disaster relief.
This act of kindness not only brings hope and joy to others but also adds a deeper sense of purpose to your celebrations.
'Many charities even provide receipts for tax-deductible donations, making it a win-win for everyone involved. Remember, no amount is too small to make an impact.
4. Save for a rainy day
While it’s tempting to spend your angbao money right away, setting some aside for future use is a prudent choice.
Emergencies, unexpected expenses, or sudden opportunities can arise at any time, and having a financial cushion can save you from unnecessary stress.
Open a high-interest savings account or use a budgeting app to manage your funds effectively.
Saving your angbao money is a prudent choice. Image via Canva.
If you’re younger, this can be an excellent chance to learn the value of saving and build a habit of financial responsibility.
Over time, your saved angbao money can grow into a significant fund for future goals, such as travelling, education, or even starting a business.
5. Invest for your future
For those looking to grow their wealth, investing your angbao money is a forward-thinking option.
Investing allows you to make your money work for you over time, potentially yielding returns that outpace traditional savings.
Consider a platform like PhillipCapital’s POEMS (Phillip’s Online Electronic Mart System) which offers easy access to various investment opportunities, such as stocks, bonds, ETFs, and mutual funds.
POEMS offers you much to kickstart your investing journey, with up to S$3,000.88 worth of gifts & prizes up for grabs.
This festive season, you can get up to US$88 (S$119.81) in fractional shares when you sign up for an account with POEMS online, as well as 5 per cent per annum guaranteed returns for a 30-day period when you fund at least S$20,000 into your account within 14 days of opening it.
That’s not all — stand the chance to win top-tier electronic gadgets such as an iPhone 16, JBL Flip 6, Apple Watch and more by taking part in their lucky draw, Huat Time, which runs until Jan. 31, 2025.
POEMS is hosting a roadshow at Suntec City Tower 5 Linkway 3 (in front of Cotton On) from Jan. 13 to 19. Visit the roadshow to learn more about POEMS and sign up for an account on the POEMS Mobile 3 app.
Don’t say bojio, those who sign up at the roadshow can pick an angbao from the Tree of Prosperity and win Suntec City vouchers worth up to S$30.
For more information on these amazing deals on POEMS, head over here.
Thanks to this sponsored piece by PhilipCapital, this writer is thinking of starting his own investing journey.
Top image from Canva.
