Stretching your dollars this Lunar New Year

Many of us tend to spend more during Lunar New Year as it is one of the biggest cultural celebrations and a time to gather with our loved ones. In 2017, United Overseas Bank carried out a poll to find out the average Singaporean’s budget for the festive season. The survey of about 500 respondents revealed the average budget to be $2,503.

In this season of celebration, one can get carried away by the spirit of joy and unbridled spending. However, it is important to bear in mind that the economic forecast for 2019 has not been overly positive. In addition, price hikes on everything from dining and festive goodies to clothing and haircuts can take a toll on your wallet!

Fear not; here are some tips on how you can save while spending this festive season!

Rent your Lunar New Year clothes and bag

Looking high and low for the perfect outfit and a bag to match? You don’t have to spend an exorbitant amount on outfits and accessories that you may never wear again – now you can rent them! It’s also a great way to prevent cluttering your cleaned-up wardrobe!

Buy your bak kwa now

Bak Kwa is a food enjoyed during the celebrations. Did you know that they can increase about 30% of their price during this period? Be sure to get them earlier to beat the price hike and the crazy queues (tip: try freezing them to keep them for longer!)

Have hotpot for reunion dinner

Traditionally enjoyed on the eve of Lunar New Year, the reunion dinner is an opportune time for everyone in the family to gather for a meal together. Dining out can be costly, where a table of ten persons can cost anywhere from $600 to the thousands! An economical choice would be to have it hotpot-style at home, where fresh ingredients are cooked in a bubbling pot and enjoyed by all. It’s also a great way to bond and connect over delicious food and lovely conversations.

No matter how you decide to celebrate, Lunar New Year is a time of renewal and reunion. Be sure to spend every moment happily and with the ones dearest and nearest to you!

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