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How Much Should You Give This Year During Lunar New Year?

Peter Lin 0 Comments

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Lunar New Year comes a little earlier than usual in 2017, and I’m just glad that we’ll be enduring festive songs being played nonstop in shopping malls and supermarkets for less than a month.

But that also means that you don’t have as much time to make the necessary preparations as compared to previous years. This is especially true for the less experienced – say you’re just starting out as a married couple, or have bought a new home and are expecting people over for the first time. There are many traditions and customs that you will need to take note of, like giving red packets.

 

Planning your red packet budget

When you’re newly married, expect to be hounded by your nephews, nieces and other children for red packets this year. Oh, and your single friends too! But after having spent so much on your wedding celebrations and renovations for your new home, the last thing you want is to be caught giving beyond your means in red packets.

And don’t think that red packet distribution applies only to married couples. Single people, especially those who have been working for several years, should also take the opportunity this Lunar New Year to give red packets to your parents and grandparents. And, if you’re feeling generous, your siblings and colleagues too.

The first thing you need to do is decide just how much you can afford to give this Lunar New Year. Set a budget and stick to it – don’t worry about being the “cheap” relative. After all, when you give a little more next Lunar New Year, you’ll immediately earn the reputation for being generous.

After determining your budget, you then should decide how much to give each recipient. You’ll want to give your parents and grandparents the most of course, followed by your children. After that, the amounts should be calculated by how many other relatives and guests that you may need to give to. This group includes nieces and nephews, siblings and cousins, or friends and colleagues that will be visiting. Ultimately, you’ll want to ensure you stick to the budget you have set.

Does this all sound complicated? It can be! Fortunately, HSBC and MoneySmart have come up with a handy Red Packet Calculator, all you need to do is key in your budget and how many recipients you plan to give to.

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The calculator then gives you a breakdown of how much you will need and assigns the red packet amounts for each recipient to ensure you don’t bust the budget. It even tells you how many notes you’ll need so you can visit the bank early.

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Not happy with the amount you’re budgeting for red packets? Here’s how you can save more with special Lunar New Year offers with HSBC Credit Cards

Planning to eat out during Lunar New year? Consider one of the restaurants here, where you can get up to 20% off your bill with your HSBC credit card. With possibilities from a casual meal at Swensen’s to the restaurants at popular hotels such as the Swissotel Merchant Court, Shangri-La Singapore to the newly opened J.W. Marriott Singapore, give your family a reunion dinner with a difference. Just remember to check for the date restrictions.

But Lunar New Year isn’t just about the food, it’s about the fashion as well. This year, you can get discounts and rebates from shops both online and in retail stores, including Zalora and Reebonz, by using your HSBC credit card.

What’s more, charge to your HSBC credit card and redeem for abalone gift sets too! For other exclusive HSBC deals and detailed terms and conditions, click here.

Want to find out more about HSBC’s Lunar New Year promotion? Check out the full details on this page.

 

What other Lunar New Year tips do you know to save money? Share them with us.

This post is brought to you in partnership with HSBC Credit Cards

 

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.

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