Every year during Hari Raya festivities, one common gesture we do is either giving or receiving special green packets filled with money.
Depending on how many houses you visit, you usually would be able to collect a lot of green packets. So rather than spending these extra funds impulsively, it would be wise to consider saving them, after all they are a bonus on top of regular allowances.
If you’re already thinking of spending your extra money, you should wait a couple of weeks before doing so.
When the time comes, reflect on your spending intentions. Is it a need or a want? Can you live without it? If it’s more of a want and you can manage without it, saving the extra money for future needs would be best. For example, purchasing a computer on your own can alleviate the burden on parents.
Planning and saving make the purchase more rewarding, fostering appreciation for the item, instead of asking your parents to get it for you.
Parents also play a crucial role in cultivating saving habits. Encouraging children to save a portion of their allowance, perhaps 20 cents from every dollar, is beneficial. During festive seasons, like Hari Raya, saving a significant portion of received money, such as BND8 out of every BND10, promotes financial responsibility.
Some couples even opt to keep the green packets that they received from their significant other for sentimental reasons, cherishing them as tokens of affection instead as these green packets represent more than just monetary gifts; they symbolise thoughtfulness, care, and love exchanged during the festive season.
For those with bank accounts, depositing Hari Raya money into savings accounts, which often offer interest, is a sensible choice. Children’s savings accounts, often accompanied by coin boxes, are ideal for fostering early saving habits. Involving children in the banking process instils a sense of ownership and responsibility.
So, whether it’s for yourself or your child, consider saving some of your Hari Raya green packet money. The rewards will be worthwhile in the long run.
This article is for general information purposes only and while the information in it is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgement with the contents in this article. – Standard Chartered Bank
