7 Chinese New Year Traditions That Teach Smart Money Habits

Spring Cleaning = Declutter Your Finances

We scrub floors and clear closets before Chinese New Year, so do the same for your money life:

• Cancel unused subscriptions and auto-renewals you don’t need.
• Consolidate accounts or move idle cash into one savings account or fixed deposit.
• Refresh your budget by resetting categories for the new year and tracking with a simple app or spreadsheet.

As the belief goes: clear wallet, clear mind, and a clean budget open space for more money.

Reunion Dinner = Money Talk With Food

Reunion dinner and all the meals throughout CNY are perfect for intergenerational money wisdom. At the round table, it’s also a great time to share money mistakes and lessons learned to normalise financial conversations:

• “How do I get rich?”
• “What’s your secret to saving?”
• “Can I have more Ang Pow money next year for my travels?” 😁

Lion Dance = Fight Off Bad Luck and Bad Spending Habits 

The lion dance chases away bad luck with drums and cymbals. Your finances can groove to the same beat:

• 💥DONG! Don’t waste money unnecessarily. Practice a 24-hour pause before non-essential buys.
• 💥DONG! Think before you buy. Needs versus Wants.
• 💥CHIANG! Build an emergency fund so you don’t panic when your phone screen cracks.

New Clothes & Decorations = Shop Smart, Not Over-Shop

Buying new clothes for CNY is fun until your wallet cries at checkout. So practice smart shopping:

• Go online: compare prices on different platforms and collect all vouchers
• Shop during promo period or sale seasons
• Calculate your Cost Per Wear (CPW): think “will I wear this more than once?”
• Choose quality over quantity with fewer pieces you will love and repeat.
• Maybe don’t buy 10 outfits that all look exactly the same but in different colours 😂

Worshipping Ancestors = Plan For The Future

Honoring ancestors reminds us to think long-term and protect the legacy we are building:

• Don’t spend all your money now
• Future you also need snacks and fun things. Saving = being nice to your future self!
• Set up funds for your future personas: the jetsetter, the cool parent, the generous relative or friend, etc.
• Review protection like insurance so future-you is covered

Being money-smart is a modern way of honoring the past while securing the future.

The “Fú” (福) Symbol = Set Money Goals

We hang “福” often upside down to invite good fortune in. You can also set money goals to bring in your own fortune:

• Save for something cool and be okay to wait for it
• Learn a money skill, i.e don’t put all your eggs in one basket
• Try not to spend everything on Labubus 😋

Write your goals down, track progress, and celebrate milestones because fortune favors the focused.