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7 Budget Tips for Chinese New Year 2023

When you consider all the additional expenses involved in Chinese New Year (CNY), it can come with a huge price tag. On top of handing out all the red packets, there is the expectation of buying new clothes and throwing family parties.

Given the festive atmosphere, it is easy to throw away your hard-earned money and year-end bonus to achieve an extravagant Chinese New Year celebration. However, a prosperous celebration can happen without breaking the bank.

#1: CONTROL THE SNACKS

Mandarin oranges and delicious CNY goodies are sold everywhere you go. With the recent price hikes, you may want to reconsider how much you spend on snacks. Allocate a fixed amount for snacks and focus on the festive snacks that you think your family members and friends will enjoy.

#2: MANAGE YOUR ANG BAO

For married couples, you must begin by paying off your financial commitments and setting aside a portion for the red packets afterwards. This will help you keep your finances in check. Please be realistic. You do not need to be competitive as ang baos or red packets are meant to be symbols of luck.

#3: REVAMP YOUR CNY CLOTHES

Buying new clothes for the festive season can be wasteful. Bring good luck by updating your previous CNY looks with accessories. You can also sell your old clothes and get extra cash to fund your new outfit purchase. Watch out for online CNY sales!

#4: LOOK FOR DINING DEALS

Restaurants may be closed for the holiday. If you are keen on taking your family to a nearby restaurant, opt for checking out food delivery websites instead. Catch special dining deals to help you boost your savings.

#5: GO EASY ON THE DECORS

CNY is all about attractive decorations. This year, you do not have to go overboard with countless lights and lanterns. If you still have last year’s decorations, be sure to reuse them this year. You can also watch YouTube tutorials to DIY your CNY decors.

#6: DONATE TO THE NEEDY

If you have received too many CNY gifts, consider donating them to the needy or sharing your blessings with family members and friends. This gesture of love helps save the environment too!

#7: SKIP THE OVERSEAS TRAVEL

Leaving Singapore for a vacation is popular during Chinese New Year. Group tours, air fares, and hotel prices often go up during the holiday season. If you are travelling with the entire family, you will be paying a premium price. Instead, you can book a staycation in the city or go for local tours. Take time to plan for the next year.

Image Credits: unsplash.com

Sources: 1 & 2

Tried and Tested Home Saving Tips Taught By Moms

The legendary Stevie Wonder once said:

“Mama was my greatest teacher, a teacher of compassion, love and fearlessness. If love is sweet as a flower, then my mother is that sweet flower of love.”

The great things we learn from our mothers are more than just tips – they are well-kept traditions, family secrets, and wonderful memories that we must treasure.

That said, here are 6 Tried and Tested Home Saving Tips As Told By Moms…

In cleaning:

1. RE-USE YOUR OLD SOCKS

I still remember the days when my cousins and I would slide through the slippery floor that we splashed with baby powder. Hit LIKE if you have done this fun activity too.

It brought us countless minutes of happiness but the mess scattered through the floor and furniture was the enemy our mothers had to face. Fortunately, you can save several bucks on furniture dusters by using your clean old socks. Simply slip a piece in your hand, spray the cleaning solution, and start cleaning!

2. KEEP THINGS NATURAL

Using DIY natural cleaning products will not only reduce the risks of toxins and environmental damage but also save you piles of cash. Make your own glass solution by mixing 1 teaspoon of dish soap, half cup of white vinegar, and 3 cups of distilled water in a bottle. Then, spray it directly to the windows and mirrors.

You can also use the mom-approved “microfiber cloth” to clean practically anything from rugs to glass, granite to stainless steel. Just damp it with water and you are ready to go! This magical cloth costs about S$15 you can get it for only S$5 at Qoo10.

In cooking:

3. SPRINKLE SOME SALT

One of the best cooking tips you can get from the mothers online is to sprinkle some salt to boiling water. “Why?” you may ask. Salt is a great and inexpensive way to add flavour to the broccoli, pasta, or anything you are boiling.

4. SAVE YOUR BACON FATS

Another way to add a wonderfully strong flavor is to cook with bacon fats. After frying the strips of bacon, you can save its fats for later. After which, use it to saute your roasted potatoes or vegetables.

In grocery shopping:

5. BUY THE IN-HOUSE LABEL

As much as possible, buy the store’s brand products for home items such as rice, sponge, bleach, and sugar. And if a better deal comes along, check the price tag and compare it with the in-house label. Doing the maths can go a long way!

6. MAKE A LIST AND STICK WITH IT

Instead of going with the flow, make a list of the items you need for the week and stick with it. This is an age-old trick used by my late grandmother. She plans the weekly menu first and sets a budget accordingly. If there is excess cash, we can buy the stuff we want such as ice cream. Who doesn’t love ice cream?

Image Credits: pixabay.com (License: CC0 Public Domain)

Sources: 1, 2, 3,4, & 5

8 Interesting Facts about Money (Saving Tips Included)

Did you know that being too relaxed might lead to overspending? Well, that along with 8 other Interesting Facts about Money may just help you save more. Plus, these facts can be really good conversation starters!

1. MONOPOLY MONEY> REAL MONEY

It is a fact that more Monopoly money is printed each year than real money printed throughout the world.

Image Credit: Sy Clark via Flickr

(Source: FactSlides)

2. MICROTEXTS ARE PRINTED THE BACK OF SINGAPORE’S 1000 BILLS

Did you know that the entire lyrics of the national anthem are printed in the microtexts on the back of the S$1000? It certainly is micro to make all the text fit. Awesome!

(Source: Monetary Authority of Singapore)

3. ALL GOLD IN THE WORLD CAN FIT A TENNIS COURT

All the discovered gold in the world will be able to fit a court of 62 feet and 82 feet on each side. Imagine a whole tennis court covered with gold bars!

(Source: Forest, C., 2009)

4. THE FIRST CREDIT CARD WAS CREATED OUT OF EMBARRASSMENT

Interestingly, the first Credit Card was created because of a man’s embarrassment who had to pay for dinner but forgot his wallet. It surely is a shameful moment especially when you have a date with a pretty lady.

(Source: FactSlides)

Image Credit: 401 (K) 2012 via Flickr

5. NEWER IS BETTER

To save money, fill your wallet with new money. Research showed that you are less likely to spend bills if they are smooth, crispy and new.

6. HIGHER DOMINATIONS WILL EQUAL TO LESS SPENDING

Another way to save money is to stack up more bills of S$100 and S$1000 because research has shown that people are more likely to spend smaller bills, and are reluctant to spend bills in higher domination.

7. BEING TOO RELAX LEAD TO OVERSPENDING

According to the study by Columbia Business School, when people are placed in a calming environment (i.e., classical music with comfortable chairs), and when they feel extremely relaxed, they overspent by 15%. So, it may be best to walk up the escalator or do simple exercises first before shopping.

8. SOME FONTS CAN SAVE MORE PRINTER INK AND TONER

If you want to save money on printer ink or toner, one thing you should do is to change the fonts that you use for printing. Century Gothic, Ecofont, Garamond, and Courier are some of the fonts that naturally use less ink.

(Source: Ehow)

Do you want to learn more? Here is a colorful infographic by Daily Infographic that you can share to your friends! Or, do check out other Money Digest articles.

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