Prepare for your financial future this Lunar New Year

Canada Life - Feb 08, 2024
Three tips for preparing your finances this Lunar New Year.
Asian family eating snacks and celebrating the Lunar New Year.

Lunar New Year is a celebratory time involving family reunions and gift giving between families, friends and business contacts. It’s also a time to reflect on the past year and carry out traditions believed to attract good luck, health and wealth in the new year. Here are three ways you can get ready for the Year of the Dragon:

1. Start with a clean slate

Before New Year’s Day on Feb.10, give your house a good clean by dusting off the old to welcome the new. As you clean your home, consider how you can tidy up your finances too. Explore ways to trim unnecessary spending and pay off outstanding debts (or create a plan to pay it off in a shorter time span). The new year is an ideal time to review your financial plan and prepare for the year ahead.

2. Share good fortune

It’s a time-honoured Lunar New Year tradition for adults to give kids lucky money in red envelopes. Giving your kids their red envelopes is a great time to build their financial literacy. Even if you don’t take part in this tradition, this may be a great time to start teaching your kids basic financial knowledge for the future.

3. Enjoy quality time with family

New Year’s Eve dinner is an important gathering and celebration for families. When you spend time with your loved ones, you’re showing they mean the world to you – but is there more you can do to make sure they’re taken care of? A well-designed insurance and investment plan may help protect you and your loved ones if the unexpected happens.

How I can help

The arrival of the new Lunar Year brings new opportunities to make positive changes in our lives. I can help you build a plan that’s right for you. Contact me today and let’s go into the Year of the Dragon with a plan.