The Year of the Tiger is here! If you’re wondering about your chances for money and success, things you do yourself could play a part.
The Lunar New Year kicks off on 1 February 2022, as we usher in the Year of the Tiger. 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 2022.
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 tiger is known for being brave and confident, they can also be known to overindulge, so whether you were born in the year of the tiger or not, now may be a good time to minimise any debt you might have.
While it may not be possible to completely rid yourself of debt in 2022, you could set yourself a goal to work towards, whether it be paying off a personal loan or credit card. If you’re after some ideas, here are 9 tips to manage your debts.
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
Tigers are often considered fiercely independent and proud. Whether you identify with these traits or not, seeking a bit of guidance, so you’re financially on track to make 2022 a prosperous one, may be a good idea.
This could include checking in with your financial adviser or speaking to a financial counsellor. For resources, including who you can contact, check out our info page.
In the meantime, happy Lunar New Year to all!
10 money conversations to have with your partner17 February 2022 | Manage my money If you haven’t had the money talk, here are the top 10 things to discuss with your partner early on. Read more
6 things to know about buy now pay later services24 January 2022 | Manage my money Nearly 85% of financial counsellors in Australia say half, most or all clients now have buy now pay later debt. Read more
9 ways to save on a night out11 January 2022 | Blog If a big weekend has ever left you penniless until payday, these pointers could be for you. Read more
What you need to know
The credit provider for all banking products is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian Credit Licence 234517. Approval is subject to AMP Bank guidelines. Terms and conditions apply and are available at amp.com.au/bankterms or by calling 13 30 30. Fees and charges are payable.
Any advice and information is provided by AWM Services Pty Ltd ABN 15 139 353 496, AFSL No. 366121 (AWM Services) and is general in nature. It hasn’t taken your financial or personal circumstances into account.
It’s important to consider your particular circumstances and read the relevant product disclosure statement, or terms and conditions, available from AMP at amp.com.au, or by calling 131 267, before deciding what’s right for you.
Taxation issues are complex. You should seek professional advice before deciding to act on any information.
You can read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. You can also ask us for a hardcopy. All information on this website is subject to change without notice. AWM Services is part of the AMP group.