3 Ways How You Can Celebrate Chinese New Year On A Tight Budget

According to the Ministry of trade and Industry (MTI), economic growth for Singapore might come in at about 1-3% this year.

The economic outlook for many countries doesn’t look good so far, and with the crashing stocks markets, many of us might start to turn a little cautious when it comes to spending money.

But the Chinese New Year (CNY) is coming, and we all know that during this festive season, we tend to increase our spending. After all, it’s a time for family to gather, feast, celebrate and be thankful for what we have.

So while one may want to spend more prudently, is there a way to celebrate the New Year well without being too miserly?




[image credits: Channel NewsAsia]


Of course there is! Here are 3 easy ways to help you have a great CNY on a tight budget.

1) Win Merchants At Their Own Game… By Buying Wholesale

Most families will be busy preparing reunion dinner and CNY feasts in the upcoming weeks. During CNY, we also like to eat more “luxurious” food such as abalone, fish maw, fresh fish and seafood.

The best way to buy these is to go to wholesale markets.

Not only are they fresher since these markets provide goods for distribution, but they are also cheaper.



[image credits: Straits Times]


Some markets you can check out include the Victoria Wholesale Centre and Albert Centre. You can find all kinds of dried food, canned abalones, preserved fruits and nuts as well as Chinese New Year goodies at these places.

If you want to avoid the crowd, go during weekdays for a more comfortable shopping experience. Even better, if you are able to gather a few friends to go together, buying in bulk could even get you cheap prices!


2) Why Waste Money When You Can Make It Yourself

To save costs, there’s much you can do on your own during Chinese New Year. For instance, you can make your own CNY goodies for your family and friends instead of spending some $20 for a bottle.

If they turn out well, you can even make profits by selling them!




[image credits: foodsharingwithlittleone.blogspot.sg]


Some easy DIY goodies to make include crispy crab sticks, chocolate cornflakes crisps, cranberries cookies and you can even make your own bak kwa!

Another dish that’s very easy to DIY is yu-sheng. Basically, yu-sheng is made up of various shredded vegetables and raw fish.

You can either grate the vegetables on your own or go to the local supermarket to find ready packs of vegetables.

It’s a lot cheaper to DIY (costs less than $10) compared to eating it at a restaurant or even buying the ready packs. What’s best is that you can customise your own fish to your liking.

Don’t like raw fish?

Try smoked salmon or even abalone slices if you want better quality ingredients.

If you are not gifted in the kitchen, no worries. There’s a bunch of other stuff that you can DIY during Chinese New Year to have some fun and save costs as well. For instance, you can make some of the Chinese decorative items in your home instead of buying.

Here’s a good list with instructions to making your own new year lanterns, decorative firecrackers, and ang-bao fan.

3) Loosen Your Tight Budget By Selling Old / Unused Stuff For Cash

Spring cleaning is a significant event leading up to the New Year. After all, what’s better than getting rid of the old to welcome the new?

The best part?

You can actually make some money out of selling your old stuff – from clothes, bags to furniture that you no longer use, there’s a way to sell it to make some extra money.

You can have them listed on free platforms such as Carousell, Gumtree or Craigslist.

Isn’t that killing two birds with one stone?

What other ways can you think of to celebrate CNY on a tight budget? Let us know!

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Lynette Tan

Lynette has more than six years of experience in financial analysis and writing, having stepped foot in the financial world as a commodities analyst. With a passion for personal investing and financial literacy, she hopes to help others gain investment knowledge by making investment concepts plain and simple for the man on the street.

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