Financial Planning

Three Easy Ways to Save During Your New Year’s Celebrations

Chinese New Year marks the beginning of the lunar new year and a time to celebrate with family and friends. But more often than not, like most celebrations, comes with a price tag – sometimes with an upwards of S$2,500 (Straits Times 20171)! The good news is, you can still uphold those all-important traditions and celebratory dinners this year of the ox, but you don’t need to break the bank in the process. Here’s how to properly prepare your budget for Chinese New Year 2021.
Repurpose Your Clothes (Women’s Weekly 20202)

There is a “out with the old, in with the new” mentality that traditions encourage, which can sometimes lead to excessive waste. In fact, it’s considered “bad luck” to bring old clothes into the new year, but that is little more than a superstitious tale.

Rather than rushing out to buy an armload of new clothes, reorganise your existing closet and see what you want to keep or get rid of. You may even surprise yourself and find brand new or barely worn outfit options to use for the new year ahead! Once you’ve taken inventory of your clothes, see if there are any types of clothes missing and only purchase staple items that can be used in a variety of ways with your other clothing options at home.

Prepare Meals Together (AsiaOne 20203)

Going out to eat while celebrating can quickly add up, and since most restaurants are closed during the first day of Chinese New Year or require a surcharge to dine in, you may want to reconsider going out altogether. Instead, see if friends or family members would like to exchange meals. For example, you would prepare and host a meal at your home on the first day of the New Year, and your friends and family would decide which other days they will open their home to you for a shared meal.

Save Where You Can (MoneySmart 20204)

One of the things you can do is to see how much your friends and families are planning for the Year of the Ox festivities. From there, you can plan for what you’d like to do versus other traditions that might not fit into your budget this year. Try to decorate with things you already have at home, don’t go too overboard with snacks, and make new and cost-effective traditions to celebrate this new year!

While Chinese New Year rings in the beginnings of new opportunities and fresh starts for the year ahead, it doesn’t need to break the bank in the process. Being frugal in certain areas will allow you to start the Year of the Ox with more wealth in your pocket than years before!

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Content Sources
1 - Ying, Wong Siew (January 2017), Singaporeans plan to spend less this Chinese New Year, retrieved from Straits Times
2 - Poh, Joanne (January 2020), How To Save A Little More Money During Chinese New Year, retrieved from Women’s Weekly
3 - Goh, Melissa (January 2020), We reveal cheapskate ways you can save money this Chinese New Year, retrieved from AsiaOne
4 - Liew, Eugenia (January 2020), Chinese New Year Budgeting (2020) – How Much Does It Cost to Follow Tradition?, retrieved from MoneySmart