Korean New Year () is the first day of the Korean lunar calendar. It is one of the most important traditional Korean holidays. The celebration usually lasts three days: the day before Korean New Year, Korean New Year itself, and the day after Korean New Year. During this time, many Koreans visit family, perform ancestral rites, wear "hanbok"(한복), eat traditional food, and play folk games. Additionally, children often receive money from their elders after performing a formal bow.