The Chinese New Year falls on February 12, 2021, making it one of the most anticipated days for families. For singles, they’ll receive angpao, a red envelope filled with money from their wedded relatives. However, most people often wonder why they quicyou won’t quickly run out of money and are able to allocate your angpao more optimally.
Put It in the Emergency Fund
The first way to spend your angpao is by putting it in your emergency fund. Especially now during the pandemic where you need to expect the unexpected since the economy has not yet regained its stability. There are plenty of emergency expenses that may occur. So, the best way to spend your angpao is to save it for unexpected expenses. Emergency funds will greatly help you in the future, for example when there’s an accident and you don’t have enough money to handle that situation.
Pay Your Debts
After putting some of your angpao money into your emergency fund, you can also set aside your angpao to pay your debts. That’s why right after you’ve received your angpao, the first thing that you need to think about is not items that you want to buy, it should be about debts that nearly pass the deadlines. By using your angpao to pay your debts, you have successfully decreased your monthly expenses. Therefore, your finances will be more balanced and you can set aside more money for savings.
Buy Items That Can Be Invested
Pay your debts? Done. Set your emergency fund? Completed. If there is still money left inside your angpao, then you can shop to your heart’s content. Make sure that you buy items that are worth the money, not items that only grab your attention. One tip for you is to buy items that can be invested. One prime example of this is purchasing gold. This will be a consumptive activity as well as an investment since gold’s value keeps increasing and can be sold again to fund your expenses when needed.
Buy One Item from Your Wishlist
Apart from buying items that you can invest in, you have the freedom to buy one item from your wishlist with your Chinese New Year angpao. Buy one item that you really need and want to have, but have yet been bought due to its price. As long as the item has great functionality for you, it’s okay to use your angapao to purchase this item. Before buying anything, pick one that has high durability and staying power.
Save It for Bigger Needs
Lastly, one way to spend your angpao more efficiently is by saving it. The habit of saving money can save you from many things, especially from future financial problems. Since you’re still young and single, there are many things that you surely want to achieve in your life. To achieve those milestones, you also need a large sum of money to fund your journey. By saving your money, you are one step closer to reaching your life goals.
Now, sending and receiving angpao is easier than ever with WhatsApp Gift from PermataMobile X. Whenever and wherever we are, angpao can be directly sent via WhatsApp number, for any amount of money. There are a lot of Chinese New Year card designs that you can choose from to accompany your angpao. Don’t forget to write greetings and hopes for the Chinese New Year so the angpao that you send can be more meaningful. Download PermataMobile X now and celebrate the festivity of Chinese New Year with PermataBank!
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