5 easy & convenient ways to save money this Chinese New Year

Huat ah.

| Melanie Lim | Sponsored | January 24, 2022, 05:50 PM

From buying new clothes and snacks to even household decorations, Chinese New Year (CNY) celebrations can end up being a rather extravagant affair.

While there are many who like celebrating the festive occasion, there are also others who find the whole shebang tiresome and costly, what with having to attend expensive reunion dinners and, for married couples - having to shell out huge wads of ang bao money.

If you’re looking to cut costs and save money this CNY, here are five easy ways you can do so.

Because really, you don’t have to splurge to have a good time.

1) DIY CNY decorations out of free ang baos

Decorating my home for CNY is one of my favourite parts of the festive season.

Unfortunately, the cost of buying such decorations can add up to quite a pretty sum, especially after taking into account all the different parts of my home that need to be “filled up”.

Thankfully, there’s one way to decorate your home free of charge - by DIY-ing decorations out of ang baos.

These DIY furnishings don’t take much effort, and free ang baos can be redeemed from banks as well as supermarkets and retail shops whenever you make a purchase.

Those who would like a more sustainable option can also opt to use old or excess ang baos as opposed to redeeming new ones.

If you’d like to try your hand at DIY-ing your own CNY decorations with ang baos, you can follow these tutorials here and here.

2) Have a potluck or steamboat for reunion dinner

It’s common knowledge that most, if not all Chinese restaurants mark up their prices during CNY.

That’s why many Chinese Singaporean families opt to hold their reunion dinners at home.

However, cooking for a large group of relatives can be an expensive and stressful affair, especially if you’re in charge of hosting and have to buy all sorts of “premium” ingredients.

As an alternative to cooking for the whole extended family, why not have a steamboat or potluck instead?

Photo by Cera on Unsplash

For one, steamboat ingredients tend to be affordably priced and the food can be cooked on the spot when your guests arrive.

Potlucks, on the other hand, ensure that every guest plays a part in chipping in for the reunion dinner, so both the cost and workload of the meal is split.

3) Adhere to an ang bao rate guide

According to tradition, CNY ang baos are typically handed out by married adults to children and younger, unmarried relatives.

Ang baos may also be given to parents and grandparents to thank them for raising you.

Usually, ang bao cash amounts are reserved in this order (from highest to lowest):

  1. Immediate family members (parents, siblings and children)
  2. Extended family members (cousins, nephews, and nieces)
  3. Children of friends

This CNY, why not create your own ang bao rate guide to ensure you don’t break the bank?

If not, you can follow this generic one that we’ve come up with:

  • Immediate family: S$50 to S$200
  • Extended family: S$10 to S$50
  • Children of friends: S$6 to S$10

4) Set a limit for yourself when gambling

Ah, gambling, a favourite pastime of both the young and old during CNY.

If you can’t resist more than a few rounds of Mahjong or Ban Luck once the visitations start, that’s understandable, but don’t forget to set a limit for yourself.

Photo via Pixabay

For instance, you can limit yourself to losing no more than S$50 per night of gambling festivities, and stop yourself from playing once that amount is reached.

Alternatively, those who want to gamble for several rounds can set themselves a maximum bet amount per round.

Case in point: you can bet a maximum of S$0.50 per round of Blackjack, so even if lady luck isn’t in your favour, you’re unlikely to lose too much money.

5) Switch to Geneco to save on electricity bills

Just this year, there has been a 5.6 per cent increase in SP tariffs to 27.22₵/kWh*, which is the fourth consecutive quarterly increase and the highest in a year.

If you’d like to save some money on your utility bills this CNY, why not sign up for Geneco’s electricity plans which offer the lowest rates in town and come with a Price Match Guarantee?

You can opt for Geneco’s most popular plan (25.50₵/kWh*, fixed for two years) and enjoy the following perks:

  • A S$50 bill rebate with promo code GOLDEN50
  • An additional S$30 bill rebate with exclusive referral code from Mothership: MS30
  • Stack up to S$35 in rebates with credit card offers

From now to Feb. 28, Geneco is also having a referral contest for existing customers where the top eight referrers will walk away with S$888 in bill rebates.

With Geneco’s affordable electricity plans, you won’t have to worry about exceeding your monthly utility bills when you spend time with your friends and family this CNY.

Visit Geneco here to sign up now.

*Rates are accurate as per publication date

This sponsored article by Geneco helped this writer find different ways to save money for CNY.

Top image via Jason Leung on Unsplash