The Chinese New Year is coming up on February 10, with celebrations around the world.
This year is the year of the dragon in the Chinese zodiac, and with it comes hope for another year of prosperity and wealth.
Check out these Chinese New Year traditions to help you build wealth in the months ahead.
It’s a tradition to clean your home in the days leading up to the Chinese New Year to rid your space of bad fortune from the current year and start with a clean slate for the new one.
It may be a good idea to take the time to clean up your physical space and your financial space ahead of the new year.
Review your budget and find ways to straighten up your savings. You also may want to use an app like Rocket Money to get a handle on your subscription memberships so you can cut extra monthly costs that you don’t use anymore.
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Celebrate with red
Red is a lucky color in Chinese culture, so find ways to maximize your financial luck with the bright color.
You may want to wear red or start the new year by writing your financial goals in a red journal with a red pen to get started on the right foot.
The bright color may help you find good luck and fortune when saving money and reaching your financial goals in 2024.
Give and save money
One of the more traditional things to do during the Chinese New Year is to give and receive cash in red envelopes.
The color of fortune is used for envelopes you can give as gifts with cash inside or receive from others.
Even if you don’t participate in the exchanging of red envelopes, the idea can be a good way for you to focus on how much you want to give to others in the new year and how you want to save money, including money gifted to you.
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Pay off debts
It’s important to start the new year with a clean slate, and that includes your financial slate.
Review your debts and try to pay them off so you can go into the new year without the burden of debt on your balance sheet.
Take the time and check your budget for ways to save extra money so you don’t have to end the year worrying about paying off debt.
Watch for the numbers 8 and 4
Chinese traditions celebrate the number eight for good luck and prosperity, while the number four should be avoided as the Cantonese word for four sounds like the word for death.
Watching for these numbers as you budget your next year could be a good way to help you focus on your finances. Keep a close eye on your budget to see if these numbers pop up when you’re trying to allocate funds to spend or save throughout the year.
Firecrackers are not only a good way to celebrate the new year but also a good way to scare off evil spirits.
You don’t have to literally blow up your budget to scare the evil spirits away, but it may be a good idea to figuratively celebrate a clean start to your budget and ward off debt and financial gremlins to put you on a prosperous path.
Buy new clothes
Another Chinese New Year tradition is to buy clothes to start fresh for the new year.
You may want to invest in a few pieces that can be important to wear in an office or professional setting to help you make a good impression and build your financial success.
It’s also a smart idea to include items like clothing in your yearly budget to help you lock in those costs and encourage you to not overspend on items like clothes throughout the year.
The new year is a time of hope for the months ahead and clearing out any despair from the previous year.
Review your finances and find positive things to celebrate and build on while pushing aside negative issues dragging your balance sheet down.
You can find ways to build on your savings or start saving money. It’s also essential to clean out debt and other financial troubles hindering your future finances, such as overspending on items or wasting money.
Remember the year of the dragon
This Chinese year is the year of the dragon, the fifth animal of the Chinese zodiac.
Those who are born under the dragon are known for being ambitious and striving to reach the goals they set for themselves. It also helps that they have luck to help them reach those goals.
The Chinese New Year may be an excellent time to set financial goals for yourself and stick with them to push your financial future forward. You may also be able to rely on a bit of luck to get ahead financially.
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Chinese New Year is a good time to reflect on where you stand financially and eliminate any debts or doubts while starting a new financial year.
Review your budget, find ways to save money on everyday purchases, and reach big financial goals such as buying a house or retiring early.