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What to Do With Your Ang Pow Money This Chinese New Year

27 January 2022

What are you doing with your ang pow money this year?

Even if you’re receiving just a few hundred ringgit, it’s good practice to plan how you’ll spend your red packet money. Whether you decide to keep it as spare cash, or to save it for a rainy day, what you do with your ang pow money can give your financial goals a nudge in the right direction.

Here are some ways you can put your money to good use. And, make sure you read to the bottom to stand a chance to win free investing for life!

Roll your ang pow money into your debt repayments

If you rack up any poker or mahjong debt over the festive CNY period, you can use your ang pow money to pay back your friends and family. Or if you have any high-interest debt, such as credit card debt, you should use it to fast-track your repayments.

Malaysian banks typically charge an interest rate of approximately 15% per year, so if you have credit card debt it can snowball quickly. Even a modest amount of RM5,000 paid off over 6 months will cost you an extra RM221 in interest. In the long term, you’ll be throwing away money (and a part of your ang pow!).

Top up your emergency fund with your ang pow money

If the global pandemic has taught us anything, it’s that you can’t predict an emergency. On top of that, you might have already tapped into your emergency fund. That’s why it’s important to use your savings and any spare cash to top it up again - at least until you have about 6 months of expenses set aside.

If you don’t have an emergency fund, or your existing fund isn’t set up in the best way (e.g. it doesn’t earn enough interest or requires multiple conditions to do so), consider getting started with StashAway Simple™, our free cash management portfolio.

Save with StashAway Simple™

Invest your ang pow money

Don't have any debt and already have an emergency fund? Then consider putting your money to work by investing it.

Not only will investing expose your money to the growth of the stock market over the long term, but your returns (i.e. dividends or interest generated from your initial investment) will be reinvested and compounded over time. You don't need to invest a lot each time for your money to grow significantly - it’s more about how long you keep it invested for.

At StashAway, you can get started with low-cost investing with no minimum balance - so you can put your ang pow to work.

Don’t forget to treat yourself

Taking care of yourself in the short term is important, too. If you’ve got your debt and emergency fund in check, and have a long-term investment plan set up, then go ahead and enjoy your ang pow money - have a meal with friends, book a trip to the day spa, or buy the next thing on your wishlist. It’s up to you!

Here's your chance to win free investing for life

To stand a chance to win free investing for life, all you have to do is invest with any of the following voucher codes before 28 February 2022.

Invest more than RM1,888 for 2 months of free investingUse voucher code: CNY8

Invest more than RM15,888 for 3 months of free investingUse voucher code: CNY88

Invest more than RM35,888 for 4 months of free investingUse voucher code: CNY888

Invest more than RM60,888 for 6 months of free investingUse voucher code: CNY8888

To apply the voucher on desktop, go to Settings > Enter promotion codeTo apply the voucher on the mobile app, go to More > Promotions > Enter promotion code

Remember, when you invest with any of the above voucher codes, not only do you get free investing for up to 6 months, but you could also be 1 of the 5 lucky investors who win free investing for life.

Terms and Conditions for promotion:

Each voucher can only be applied once anytime before 28 February 2022.
Only one code can be activated at any given time. So, if you use all 4 codes, only the code with the longest duration will apply. In other words, you can’t get 15 months free.
Vouchers only apply to deposits made into your investment portfolios. That is, they aren’t valid on deposits made into StashAway Simple™, which is a cash management portfolio.
We'll activate your voucher 1 day after we receive your funds.
This promotion is not valid for Accredited Investors Only investments

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