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The Lunar New Year kicks off on 22 January 2023, as we usher in the Year of the Rabbit. Ancient traditions tied to this event are believed to encourage health, wealth and prosperity for the year ahead. If you’re looking for additional ways to enhance your good fortune, here are some money tips you may like to consider.

Spring-clean your finances

For many people, traditional preparations for Lunar New Year might include cleaning the house, with the idea to sweep away ill fortune and make room for good luck. It may also be an ideal time for a financial clean-up.

One way to do this could be to create a budget for yourself or update the one you have currently. Having a clear view of your income, expenses and any luxury items you like to indulge in may help you to identify where you might cut back so you’re able to create a solid foundation for building wealth in 2023.

Create your own luck

The fifth day of the Lunar New Year festival is generally the Welcome Day for the God of Wealth. While people make offerings to the God of Wealth, there are beliefs that great wealth is earned and to be wealthy you must work hard and work smart.

With that in mind, it may be possible to create your own luck by planning ahead and tucking money away for a rainy day, emergency event or future investment. A little honey pot could give you peace of mind and reduce the need to apply for a loan or ask someone you know for money in the future.

Reduce lingering debt 

Just like a rabbit is known for being curious and high spirited, they are also active diggers, so whether you were born in the year of the rabbit or not, if you have any debt, now may be a good time to dig yourself out and minimise any debt you might have.

While it may not be possible to completely rid yourself of debt in 2023, you could set yourself a goal to work towards, whether it be paying off a personal loan or credit card.

Be wise about the future

An old Chinese proverb says it’s wise to “dig the well before you are thirsty”, meaning there’s wisdom in preparing for the inevitable.

This idea can also be applied to your superannuation. Making additional contributions now, if you’re in a position to, could help you to achieve the financial future you’re hoping for. If you want to know more about what you might do in this space, look into the different super contribution types, limits and benefits.

Seek appropriate guidance

Rabbits are often considered skillful, kind, patient, and very responsible. Whether you identify with these traits or not, seeking a bit of guidance, so you’re financially on track to make 2023 a prosperous one, may be a good idea.

Check in with us to find out how we can help you create your own good fortune this Lunar Year.

In the meantime, happy Lunar New Year to all!

©AWM Services Pty Ltd. First published Jan 2022