With the upcoming Chinese New Year (CNY) celebration upon us, it can be an added stress for many who may not have the capacity to celebrate the way we intended to due to financial setbacks from COVID or the recent flood crisis.
While we are looking forward to celebrating the festivities with loved ones, marked by CNY shopping, cooking, baking (and eating!), this may not be a luxury for some.
Whatever happens, it’s always a good idea to budget your CNY spending. With many of us having to spend on home/business restorations or even wondering if we will have jobs or earn the same amount of income, it’s more important than ever.
So, here are six money saving tips for CNY festivities:
- Always have a budget
As in everyday life, it’s important to have a budget for CNY and stick to it! Work out a realistic amount you’re going to spend on different categories, such as food and new clothes.
- Use a shopping list
Make sure you always use a shopping list – and like your budget, don’t go off the list. If you see something that was not on your list, ask yourself whether you really need it – otherwise why was it not on your list in the first place? It’s easy to pile your shopping trolley (physically or online) with things you don’t really need which will all add up at the cashier. (See point 3)
- Not everything has to be new
Just because it’s the festive season, not everything has to be new. This applies to furniture, tableware and clothes. There’s nothing wrong with wearing our CNY baju from two years ago; and do you really need that new pair of shoes when you’ll take it off before entering the house anyway?
- Be a smart shopper
Do a price comparison between different shops to ensure you get the best price. It can be easier to do this online and with the Covid-19 virus floating around invisibly, it’s best to stick with online shopping anyway! Online shopping can also be the best place for CNY discounts, so be sure to look out for deals.
- Where possible, only use a cash/debit card
Paying for things with cash on your debit card makes it easier to stick to your budget. It also ensures that you don’t have big credit card bills to pay after CNY. If you do use a credit card, check to see whether the card offers any deals such as cash back on purchases. And don’t forget to pay your credit card bill in full to avoid high interest charges.
- Pay your bills before CNY
Speaking of paying bills, make sure you pay off all your other bills before CNY so that you’re not stuck with too much debt once the festive season is over.
We hope you find these tips useful. Chinese New Year may be a smaller affair this year for some, but it doesn’t mean it has to be any less joyful.
Wishing you all a safe and blessed Chinese New Year!