When you get married, you stop receiving ang pow and instead have to give them out. Learn how to budget for ang pow giving with these tips.
Typically, we put aside budgets for our household expenses, savings, retirement, and investments. But we forget to set aside a budget for ang pow giving!
When you get engaged, you’re so excited because yay! You’re finally getting married! But then you realise that you’re not going to be receiving ang pow anymore as a married couple! Instead, you will have to dish them out to the younger and unmarried people.
So if this is your first year of having to give out ang pow, try to keep these tips in mind when you’re preparing a budget for ang pow.
Here are 5 money-saving tips when creating a budget for ang pow:
1. Set a total amount and do not exceed it
Start by setting a total amount you are willing to fork out for ang pows. From there, work backwards. A mistake some new couples make is deciding how much they want to hand out to each of their friends and family. Instead, what you should be doing is setting a fixed amount, then working around that to decide who gets how much.
2. Break up the ang pow amounts into tiers
It is obvious that immediate family and close friends get the most ang pow. But be reasonable when deciding the amount, too. If you cannot afford to give them $50 per person, then reduce that amount to something within your affordability range.
Acquaintances and second degree family members ought to get less. Just remember to pack them in differently designed red packets so you don’t get confused. Do a headcount just to have an estimate of how many ang pow you need to prepare every year.
3. Work towards saving a little every month in your ang pow fund
Try savings tricks like this one to build up your savings pool for ang pows every year. It can be challenging to fork out, say $2000 as a lump sum within just a month. But if you’re saving every month, $2000 is easily achievable, especially between husband and wife.
4. It doesn’t just apply to Chinese New Year
As you approach your late twenties or early thirties, many of your friends will be getting married. When this happens, you also need a budget for ang pow to give out during weddings. With a monthly ang pow savings plan in place, you can dip into those savings to give your friends ang pow for their weddings and still have leftover for Chinese New Year.
Are you ready to start handing out ang pow packets? What are your savings plan? Tell us in the comments.
Read more CNY related stories below.