6 good (luck) money habits in the Year of the Dragon

2024 is the Year of the Dragon in Chinese culture, which is said to represent good luck, justice, prosperity and strength.

But before you get too fired up about these positive attributes of the Chinese New Year, consider that the Chinese zodiac deals with both good and bad luck.

So let’s think about some smart approaches to managing your bank account balance in 2024, based on two significant numbers in this, the Year of the Dragon – 6 (for the lucky) and 3 (for the not so lucky).

Here are 6 good (luck) money habits of fortuitous people:

1. They set up goals - and actually track them! To help with this you might use a goal tracker such as UBank’s, Up Bank’s or the one offered in ANZ Plus.
2. They watch their spending. We’re all prone to a little spending which is why a spend tracker can also help. Otherwise a good old spreadsheet will work.
3. They don’t just budget, but budget with labels. This simply means creating names for various budgeting buckets so that your money is better organised. Most of the top bank accounts offer this flexibility.
4. They take note of what money is coming in. In short, how much are you earning and where is it going? Use a banking app to better track this.
5. They have a sense of incoming bills. This is about anticipating costs, planning, and preparing to stay ahead of payments. 
6. They research and compare! Finding a better deal to save more money can only come with comparing the best available products from your home loan to your NBN plan.

Hopefully the Chinese New Year gives you a chance to start afresh and drop any bad money habits. In case you need a reminder however, here are… 

3 (bad luck) things to avoid with your money:

1. Spending more than you earn: An easy approach for budget beginners is to split your monthly pay into three categories: 50% needs, 30% wants and 20% savings. This way you won’t overspend. 
2. Having no emergency or rainy day fund: Nobody plans for emergencies, but they happen. Which is why not having an emergency fund can be risky.
3. Forgetting financial goals: If you’re stashing money away, have you asked yourself why? If not, you’re lacking a very important part of any budget - having something to shoot for!

Happy Chinese New Year and here’s to good luck with your personal finances!

Looking to switch to a better bank account? Be sure to check out our bank account hub page to learn more and start comparing features. You can also take a look at some of the leading bank accounts below. 

*The Chinese New Year starts on February 10, 2024.