Lunar New Year money tips
Eight money tips for a prosperous Year of
The Year of the Pig represents wealth and fortune, a great time
to assess your finances and make a plan to improve your financial
position. Our eight money tips will help you to take the first
steps to creating your own prosperity.
1. Focus on your money
Create your own good fortune by setting your financial goals and
priorities and have a plan in place to achieve them. Your goal
could be to reduce your debt or pay off your home
faster, increase your
savings and build your wealth, or boost your superannuation. ASIC's MoneySmart
website has calculators and tools to
help you work out a plan to make it happen.
2. Take charge of your
The best way to take control of your finances is with a budget.
Your budget enables you to direct your money to where it is needed
most, so you can stay on top of your bills and put money towards
your future goals. Use the free downloadable budget planner
to plan where your money is going.
3. Create a financial
Stay ahead of your expenses by mapping out when big bills are
due (e.g. rates, insurance, car rego, etc.) and when direct debits
come out. Note when you may have to buy presents for people (e.g.
birthdays, Christmas), or when you want to donate to
4. Change up your spending
Small changes to your everyday spending can help your savings
grow throughout the year. Try these tips:
- Avoiding using your credit card for a month and only paying
- Cancel unused gym or online streaming memberships
- Buy second-hand when you can to save money on clothes or
- Instead of expensive gifts, give gifts of time and labour -
such as babysitting, gardening, cooking a meal
- Make and bring your lunch at home, rather than buying it.
Visit our page on simple ways to save money for
more tips and ideas.
5. Track your
Keep track of your money goals this lunar new year by setting
and tracking your progress using the TrackMySPEND app. This app makes recording
your daily transactions simple and hassle-free and gives you a
clear picture and control of your spending.
The savings goals calculator helps
you to work out how long it will take to reach your goal and the
steps you can take to put your plan into action.
6. Clean house and clean up your
Cleaning house is a Lunar New year tradition, and it's a great
opportunity to tidy up your home loan. Check if you're getting the
best deal on your home loan by:
- Asking your lender if they can do a better deal on your
- Comparing interest rates, fees and features with other
- Working out the costs of switching to another
lender, such as exit fees, break fees and start-up fees, to see if
it's worth it.
Use our mortgage switching
calculator to compare the cost of home loans from other
7. Plan for your future
It is never too early to start planning for retirement. Whether
you are just starting your career, or beginning to think about life
after work, our superannuation calculator can
show you how much super you're likely to have when you
8. Become a savvy investor
Smart investors don't rely on good luck; they plan, research and
understand their investments and how these fit with their financial
Never invest in something you don't fully understand and
consider getting help from an independent financial
adviser. Seek to expand your knowledge through such things as
reading investment magazines, following investing experts and the
golden rules to invest smarter.
Whatever financial plans you put in place this
Lunar New Year, make sure you make your money work hard for you.
Happy Lunar New Year from ASIC's MoneySmart!
Last updated: 25 Jan 2019