Chinese New Year Dilemma! How Much Hong Bao Should I Give?

Okies everyone, the time of the year to dish out those big fat red packets (Hong Bao) during Chinese New Year is upon us! (If you're a green advocate who prefer to give E-Hong Bao, that's fine too) A chance encounter with a friend who's also newly married inspired this article. Our conversation went something along the line of him lamenting "WAH BRO! This is damn shag. Giving Hong Bao to my in-law side who has like a gazillion little kids made me consider going to JB to avoid the new year gathering!" Nodding away, I replied "Yea bro, I feel you man. Hmmm, I have a few thoughts that inform not just the amount that goes into the Hong Bao, but also how to make you feel better in the act of giving away those monies. Wanna hear me out?" He shrugged and sighed "Sure thing man, go ahead."

Given that we're both in the same boat of giving Hong Bao for the first time in our lives, rather than receiving it, I thought I'll just give my two-cent worth of opinion regarding this. So here are 3 guide posts that I personally adopt when deciding how much money goes into the Hong Bao! 

1. You Should Always Give Within Your Means

Yes guys, I know this sounds like common sense, but many people often feel pressured to give more money than they are willing to, in order to "save face" or to show their families / relatives that they are doing well in life. My honest opinion regarding this is that giving within your means, while adhering to a budget for Chinese New Year, serves as a wiser practice. This is because doing so would likely prevent any emotional distress or dissatisfaction, as one would know that whatever one gives is within an assigned budget. Moreover, this would also allow you to not feel pressured when deciding how much money goes into the Hong Bao. Ultimately, whatever one gives, should be informed by one's financial situation, family circumstances and most importantly from a willing heart.

2. Family Norm

This second guide post would serve to reinforce the previously mentioned one. "Hey bro, how much money does each kid or unmarried person receive at your-law side?" I asked my friend. "Oh, actually its not much, maybe I was being overly-dramatic la. Its about $10 per Hong Bao." Upon which he grinned sheepishly and I replied "Then just chill bro! You can consider sticking to that, while adhering to the first guide post of giving within an assigned budget. You'll be good man" Hence, this shows that knowing the current family norm for dishing out Hong Bao could serve as a good reference point on how much to give. This could prevent one from under-giving or giving excessively huge amount that would "spoil market." Nonetheless, being in the know on one's family and in-laws norm could reinforce the first guide post in informing one how much one could give! 

3. Closeness of One's Family Member / Relative

My last guide-post would wrap up how much one could give and also builds on the first guide-post mostly. There is really no fixed rules, but personally I adhere to giving my immediate family members like parents, brother and close uncles (those who raised me up), a tad bit more of how much I would give to my extended relatives. Personally, I view dishing out of Hong Bao to my ageing parents and close uncles as a way of saying "Thanks for raising this little grunt up." It also aims to hopefully reduce their living expenses, while serving as a form of filial piety (On this note, I'll like to affirm that filial piety is not just demonstrated by the act of giving big fat Hong Bao once a year or giving money. Everyone has different ways of doing this and it includes spending quality time and making new memories etc.). Most importantly again, I'll like to reinforce the notion of giving within one's means, while giving from a willing heart, cause no one likes a grouchy face during the festive celebrations. So just chill, give those Hong Bao and most importantly give your megawatt smile to your loved ones this festive season!

Yours sincerely,

Finance Kaya Toast






Disclosure: This article was written as me talking to myself as an ordinary Singaporean, wishing to achieve financial freedom. It does not represent any financial advise. All opinions are independent and represent just my two-cents on all matters financially-related.

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