The Lunar New Year begins on 16 February, as we usher in the year of the dog. Ancient Lunar New Year traditions are believed to encourage health, wealth and prosperity, so why not create your own good fortune with our guide to help you get your finances in order.
1. Have a financial spring-clean
Part of the traditional preparations for Lunar New Year include cleaning the house—making room for good fortune and letting go of the past. It’s the perfect time for a financial clean-up starting with your day-to-day budget to create a solid foundation for building wealth this year. Set aside some time and use our budget planner to map out your spending for the year.
2. Build your wealth
You could adopt one custom of Lunar New Year and tuck some money away in a lucky red envelope—but instead consider setting some aside in a savings account or term deposit. The AMP Bett3r account features three linked accounts – pay, save and spend – allowing you to easily manage your money, and was recently awarded the Finder Awards best savings account.
3. Pay off your debts
One adage says it’s bad luck to lend or borrow money as the New Year dawns. While it may not be possible to be completely debt-free this year, create a plan to minimise your debts. Start by working out how much debt you have and set yourself a goal - perhaps you can aim to pay off a personal loan or credit card debt during 2018?
4. Be super wise
An old Chinese proverb says it’s wise to “dig the well before you are thirsty”. This advice can also be applied to your super – making additional contributions now can help you set yourself up for a better retirement. And make the most of the super you have - search for lost super and consider consolidating to save money on fees for additional accounts.
5. Ask an expert
Finally, as cities come alive with celebrations on 16 February, make plans to see your financial adviser so you’ll be on track to reach your goals this year. If you don’t already have a financial adviser, contact AMP and we’ll put you in touch with someone to help—call 131 267 or find an adviser online.
Happy New Year!
Whether it’s the war on waste, human rights abuses, animal rights or climate change that is your issue of choice (or perhaps you’re concerned about all of them), more of us are taking an interest in making decisions with our money that reflect our values.