"Chatach," (חתך), which means "cut," is the name of the angel in
charge of livelihood.
Consider that the final letters of the Hebrew words, פותח את ידך, "You
open up Your hand" (Psalms 145:16), spell "chatach." Additionally, the
word that follows in the verse, "u'masbe'a" – "and satisfy [the desire
of every living being]" has the numerical value of 428 – the same
value as the word "chatach."
For this reason, purchasing a new, sharp knife is a segulah
(spiritually propitious), for livelihood, which we petition from G‑d
for the upcoming year.