In many families, a child's New Year's money (red envelope) may be used for their education**, living expenses, or other purposes that benefit the child's growth and development.
Whether or not to use the New Year's money to offset living expenses usually depends on the family's financial situation, the age of the children, the family's educational philosophy, and the children's understanding of money management.
If families believe that letting their children manage a portion of their own money will help them learn financial responsibility and independence, they may use some of the money as a living expense for their children. In such cases, parents usually discuss with their children how to allocate and use the money wisely and monitor their financial decisions.
On the other hand, if the family believes that the child is not ready to manage such a large sum of money, or if the family has other educational plans, then the New Year's money may be saved for future educational expenses or other important expenses.
Every family's situation is different, so how to use the New Year's money should be decided according to the actual situation of the family and the needs of the children. It is important that parents use this opportunity to discuss with their children the value of money and how to manage their finances responsibly. Who used to keep your New Year's money for you