Hari Raya Green Package Money Saving Tips

Standard Chartered Bank

Along with Hari Raya festivities, as we walk around open houses to visit families and friends, singles and children often receive special Hari Raya green packets filled with money. From house to house, as we or our children collect more and more green packets, it would seem a good idea to have some sort of savings plan for that extra money rather than spending it lightly. After all, the green packets received during the festive season are extra money on top of the regular pocket money or allowances received and can therefore be considered a bonus.

Everyone who receives green packets is very excited about the extra money and would start planning how to spend the money on a treat or desired item, like buying a new toy or game, upgrading your cell phone to the latest model, spend a day with friends, buy the latest fashion and so on.

If these are your thoughts, keep them for a few weeks. After two weeks, reflect on your goal. Is it a need or a want? Can you live without? Have you missed out on the past two weeks by not having it? If your answer to the questions turns out to be more of a desire and being able to live without the item without missing anything, then consider saving the extra money from your green packets for something more special that you might need at the future. . This way, it would reduce your dependence on your parents to shell out a lump sum of cash for that special something when you need it.

A good example is buying a laptop. Although it is an expensive item to buy, it is often seen as a necessity as it helps you to progress in your studies and work. If you help save money for this purchase, you can help reduce the burden of your parents buying this item for you, partially or in whole.

By simply planning and setting aside the extra money, and giving in to the temptation to buy whatever you want, you will find that purchasing an item with your hard-saved cash can be rewarding and at the same time, one appreciates the article better, knowing how difficult it was to save for it.

Parents should also help cultivate a good saving habit in their children through encouragement and good advice. It is important for all of us to get into the habit of not spending all of our allowance or pocket money. For starters, it’s good to try to save 20 cents on every dollar given to you. A simple tip for everyone is to put 20 cents in a piggy bank every day when you come home from school.

During this festive season, for every BND10 of Hari Raya money received, try to deposit BND8 into your piggy bank.

It would be even better if you could deposit all your Hari Raya money in your piggy bank, if you are able to live on your regular allowance or pocket money.

For those with bank accounts, you can collect the amount of Hari Raya money you intend to save and deposit that amount into your savings accounts, earning interest accordingly as you save in the bank .

Savings accounts for children and students are common products offered by many banks.

Some banks provide children with coin boxes to encourage children to save their coins and eventually deposit their savings into their account. Most banks will pay interest on the savings account monthly, semi-annually or annually. Interest is calculated based on the amount of money you have saved in the account. The higher the balance you have in your account, the higher the amount of interest you will receive.

For the youngest, it’s never too early to introduce your child to banking. This is a good opportunity to engage your child in banking by getting them to open their own account. Being part of the process of opening their account would result in a greater sense of belonging on the part of the child.

So think carefully about how you can help yourself or your child save some of your Hari Raya green money. The results will pay off.