Your household spending may go up somewhat with Chinese New Year around the corner. This year, why not use the CNY Household Budgeting Worksheet to budget for the season and keep track of actual expenses? Here are some money saving tips for CNY.
- Timing is key. The later you buy the seasonal goodies such as festive food, snacks and flowers, the cheaper they become closer to CNY. You can save some money by delaying your purchases but be prepared to brave the crowd!
- Keep an eye out for sales and promotions. Many shops offer special discounts during the CNY season. Shop around or buy together with your friends or relatives to get a bigger discount. Also, make good use of membership or loyalty programmes to enjoy better deals.
- Try home-cooked meals. Dining out can be expensive during the festive season. Pick a restaurant with credit card promotions and offers, or simply stay in and enjoy some home-cooked meals, which are not only more budget-friendly but healthier also.
- Cook with simple ingredients. The spirit of CNY is about family reunions. Instead of cooking with expensive ingredients such as dried seafood, simple ingredients can also be an alternative for preparing delicious dishes without breaking the bank.
- Make your own savoury cakes and pastries. You can tailor them to your own taste and dietary preference. Savoury cakes and pastries have a short shelf life, so buy only what you need and don’t waste food.
- Mix and match your wardrobe. It’s not always necessary to buy new clothes for CNY. Revisit your wardrobe and you may find some brand new clothing waiting to be mixed and matched.
- While it is common to exchange gifts, if you are on a tight budget, suggest doing away with the gift exchange tradition with closer friends and family members. This can not only help everyone to save some money, reduce wastage, not to mention the pressure of having to source and purchase the gifts. If you receive gifts that you have no use for, donate them to those in need.
- Give red packets according to your budget. Red packets can be costly, so don’t give more than what you can afford. Remember it’s the thought that counts.
- Stay in town for the holidays. As you know, travelling during the festive season is significantly more expensive than usual. Why not stay in town and enjoy a fun day out your family at the beautiful countryside of Hong Kong instead.
