How the Year of the Ox impacts your finances in 2021

Lunar New Year is one of the most significant times of the year in Chinese and many other Asian cultures. The occasion is marked by traditional family feasts and other festivities which take place over a two-week period.

Each Lunar New Year is represented by one of twelve animals of the Chinese zodiac. Legend says that the animal your birth year was named after can influence your personality and life path - and when your animal takes its turn in the zodiac cycle, you can expect your year to be full of surprises.

2021: The Year of The Metal Ox

(Birth years: 1961, 1973, 1985, 1997, 2009, 2021)

This year is the Year of the Metal Ox. The Ox is a hard-working animal that’s methodical in nature and representative of diligence, honesty, reliability, perseverance and stability.

This means that those who practice discipline and really put their heads down over the next twelve months can likely expect to receive rewards of wealth and abundance.

So, taking a leaf out of the Ox’s book, here are some ways that you can apply these concepts to your finances to increase your chances of financial success in 2021.

Now that all the celebrations are over, it's time to start thinking about the year ahead. So, taking a leaf out of the Ox’s book, here are some ways that you can apply these concepts to your finances to increase your chances of financial success in 2021:

1. Set intentions for the year ahead

In light of the beginning of a new lunar year, now’s a better time than ever to sit down and set your money intentions for the year ahead.

Whether you’re saving up for a brand new car or for a home loan deposit - it’s important to make these goals super clear so that they’re at the forefront of your mind. You’re far more likely to save consistently if you’re saving for a purpose and not just for the sake of it.

2. Create a budget to get you there

The Ox is a symbol of hard work and perseverance, so once you’ve worked out what your financial goals are for the year ahead, you’ll then want to create a budget (you can use Mozo’s free budget calculator to do so) to ensure that you are consistently working towards these goals.

And don’t let the word ‘budget’ scare you off. It’s not about being super restrictive with your spending - It’s all about achieving a balance. By setting a solid budget you enable yourself to indulge in the things you enjoy within reason and without interfering with your financial goals.

3. Start a rainy day fund

Oxens are forward-focused creatures who like to keep an eye on what’s ahead. Not a bad mentality to have considering that no one knows what tomorrow could bring (*cough* 2020). With this in mind, now could be a good time to set up an emergency savings fund.

It’s always wise to have some extra money set aside to cover the cost of rent, bills and other regular expenses should your financial situation ever change unexpectedly.

4. Make a plan to ditch your debt

With 2021 being the Year of the Ox, it is also said to be a year of financial recovery for many people. This makes it a better time than ever to put in the work to pay off your credit card balance or rid yourself of any other lingering debt that’s holding you back, so you can get ahead financially.

One potential way to do this could be to transfer your existing credit card debt over to a balance transfer card so you can gradually pay it off without having to worry about any exorbitant interest charges (so long as you pay off the balance within the balance transfer period).

Head over to our life and money hub to find more money-related tips and tricks so you can make 2021 your best financial year yet!