Red Envelopes & What To Do With All That Lunar New Year Money
Happy Lunar New Year! For those who received red envelopes from friends and family this year, you may be wondering how to make the best use of your red envelope money. Here are some frequently asked questions about red envelopes and tips to use your Lunar New Year money in 2022.
How should I receive my red envelope?
In some communities celebrating the Lunar New Year, children would traditionally have to kneel respectfully to receive their red envelopes from elders. While this practice is becoming less common, there still exists general etiquette around red envelopes. Similar to receiving a business card, it is respectful to accept physical red envelopes with two hands. You should also thank the giver with an auspicious phrase to return their wishes for a prosperous 2022. If Lunar New Year is a digital affair this year, then you’ll be able to automatically receive your crypto red envelope right at your fingertips. If you’re not a Binance user yet, you can sign up with a few simple steps to redeem crypto from your red envelopes. And if you’ve received a lucky red envelope in the form of a Mystery Box, then you can unbox your NFT once you’re logged into your Binance account.
When is the right time to open my red envelope?
It is considered rude in many communities to open red envelopes in front of elders or the person giving you the red envelope. Instead, it is advisable to open them after you’re out of the giver’s sight. Of course, if you’ve received a digital red envelope, you can discreetly check your Binance account anytime, anywhere. And unless you’ve received a gamified lucky red envelope that your giver wants to see you unbox on the spot, it’s always best to open your red envelopes privately.
Can I use my red envelope money however I want?
Yes, the act of giving and receiving well wishes in the form of red envelopes is the ceremonial significance of this tradition. Once you’ve received it, you can definitely use it however you want to.
How should I use my red envelope money?
Beyond symbolizing good luck and fortune, red envelopes contain funds that everyone would be pleased to receive. While spending the money is the most natural decision, there are other practical ways of using the red envelope funds. Below are six ways to use your red envelope money and get more value out this Lunar New Year.
Save your red envelope money
It’s not uncommon for parents to safe keep their children’s red envelopes for them, especially if they are really young. Parents can browse for savings accounts with higher interest rates to deposit a significant portion of the red envelope money for their child’s future. Imparting some saving wisdom also helps parents teach kids about the value of money and train them to learn how to save from a tender age, giving them more time to grow their savings for the long term.
Of course, you should also consider saving some of your own red envelope money. By stashing some red envelope money aside, you can eventually use the savings to give out your own red envelopes, go on a holiday, chip away at your savings goals and more. Take advantage of the time factor to make money with your small Lunar New Year windfall.
Invest for your future
To hedge against inflation, grow funds faster or prepare for early retirement, you may want to consider investing a portion of your red envelope money. While it may be tough to set aside funds to invest, red envelope money can add up to a substantial amount and help you kick start your investment journey. For a fuss-free approach, consider automating your investments that you can set and forget throughout the year. By the next Lunar New Year, you might be surprised at how much your funds have grown as compared to letting them stay idle!
Pay off your debts
If you’ve racked up debt the past year, now’s the time to start paying it off. Not only is it inauspicious to start the Lunar New Year with debt, it’s also good practice to pay off high-interest debts so that they don’t snowball into an unmanageable amount of debt.
Get yourself something nice
Once you’ve done some financial housekeeping with investments, savings and debts, it’s time to reward yourself! Red envelope money represents hopes for a happy new year, and you should treat yourself with something that will bring you joy. This can be a new game, a collector’s watch or any other indulgent purchase that will keep you motivated throughout the year. And if you’re looking to reap more benefits with your Lunar New Year money, you can consider signing up for gym, dance, or other practical classes to get your 2022 New Year’s Resolution back on track.
Get someone else something nice too
This year, send some joy when you donate to a charity that fights for vulnerable communities. Even a small amount will go a long way, especially for those that need it more. Everyone could use some of that Lunar New Year luck, so if you have some extra crypto left over from your money envelopes, send some over to bring them some joy.
Sell your digital red envelope money for cash
If you run with the cool kids and have red envelope money in the form of crypto this year, you can sell it quickly for some spending cash.
If you have received crypto, the fastest way to sell your bitcoin and other supported assets for your local currency is through the Binance platform. Sign up and learn how you can do so with our step-by-step guide here.
If you have received a Mystery Box NFT, you can sell your NFT on the Binance NFT Marketplace. Learn how to sell your NFTs for cash quickly here.
Happy Lunar New Year From Binance!
It is customary for millions of people to travel back to their hometowns to spend the Lunar New Year with their loved ones, doling out red envelopes to wish everyone a prosperous and healthy year ahead. Unfortunately, recent years have seen a decline in travel and red envelope gifting. To honor this tradition, Binance has come up with limited edition e-red envelopes so that friends and family can send their wishes for the year anywhere they are. Send your Lunar New Year red envelopes now!
Binance wishes everyone a fruitful year of opportunities, growth and success!