Hongbao is a term used for gifts of money in the Chinese New Year. Hongbao literally means red bag.

For Chinese New Year, use red envelopes featuring Chinese characters such as福 fú, meaning good luck and blessing 恭喜发财 gōng xǐ fā cái, meaning happiness and prosperity and 新年快乐 Xīn Nián kuàilè, meaning happy New Year.

For birthday parties, use red envelopes featuring Chinese characters such as 寿 shòu, meaning longevity and 生日快乐 shēngrìkuàilè, meaning happy birthday.

For weddings, use red envelopes featuring Chinese characters such as囍 doublexǐ, meaning double happiness and 百年好合 (bǎi nián hǎo hé meaning may you live together happily for a hundred years.

For funerals, white envelopes are often used and the character is usually 奠 diàn, meaning make offerings to the spirits of the dead).

Lao Tzu might have replied to spend it on helping those who suffer.