As we welcome the Year of the Rabbit, it’s the perfect time to reflect on our finances and set ourselves up for a prosperous year ahead. The Lunar New Year is a time for tradition and ritual, and one of those traditions is to spring-clean our homes to sweep away ill fortune and make room for good luck. So why not take this opportunity to spring-clean your finances too?
One way to do this is by creating a budget or updating the one you currently have. Having a clear view of your income, expenses and luxury items will help you identify areas where you can cut back and create a solid foundation for building wealth in 2023.
But it’s not just about cutting back, it’s also about creating your own luck. The fifth day of the Lunar New Year festival is generally the Welcome Day for the God of Wealth, and it’s believed that great wealth is earned through hard work and smart planning. By saving money for a rainy day, emergency event or future investment, you’ll be creating your own good fortune.
Another area to focus on is reducing lingering debt. Just like a rabbit is known for being curious and high-spirited, they are also active diggers, so now is the perfect time to dig yourself out of any debt you may have. While it may not be possible to completely rid yourself of debt in 2023, you can set yourself a goal to work towards, whether it be paying off a personal loan or credit card.
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 achieve the financial future you’re hoping for.
Finally, seeking appropriate guidance is always a good idea. Whether you’re born in the year of the rabbit or not, seeking guidance to ensure you’re financially on track for a prosperous 2023 is a responsible decision. At Inspired Money, we can help you create your own good fortune this Lunar Year, so be sure to check in with us for more information or contact the team on 08 6222 7909.
In the meantime, happy Lunar New Year to all! May this year bring you health, wealth and prosperity.
