Happy New Year … again! It is now the year of the pig.
According to the Western calendar, Feb. 5, 2019, marks the beginning of the Chinese New Year — also known as “Spring Festival” — the longest and most important celebration for Chinese families across the globe.
People born under the sign of the pig, according to Chinese culture, are thought to be reliable, honest, energetic and kind. A pig's weaknesses, on the other hand, include laziness, being naive, impulsive and not good at communication. A person can turn around these negatives by working on the challenges they present.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Whether you are born in the year of the pig (in 1935, 1947, 1959, 1971, 1983, 1995, 2007 and 2019) or not, considering we have just started a new year, now is a good time to think about how to make 2019 the best it can be, both personally and financially. Here are some steps inspired by the strengths and weaknesses associated with the year of the pig that we all could benefit from.
Question things
Learn more about the world so you are less likely to believe in just anything. Take a money-saving course at a local bank or research topics before a purchase, such as applying for a car loan. Hire a financial adviser to give you guidance. Learn to say no if something doesn’t feel right.
Tame the impulse
Be clever and come up with different ways to cut down on other costs. Go to second-hand stores instead of shopping at expensive designer stores. You would be surprised of deals you could find just by looking around. Make your own meals instead of heading to a restaurant. Not only will you save by preparing meals at home, it can be healthier for you in the long run. Redirect your “found” money to your Roth IRA or 401(k) to build wealth for your financial independence.
Be lazy later
Who doesn’t love sitting by a fire on a cold, dreary day? It would be nice to stay home in bed instead of facing the world or at least getting to work on time.
In Chinese culture, it is important to be on time. A good way to embrace your hidden pig is to make a list of what you want to accomplish and set deadlines. Enough of "I'm too busy" or "I forgot." In financial speak, decide what financial goals you want to accomplish and when you expect them to be done. This makes you accountable for your actions and inactions. Set time each day to relax, this will help ease stress and allow you time to be lazy.
Communicate goals
Pigs have tons of ideas but are easily influenced by others. They also have trouble communicating what they want. In matters of finances, it is less difficult to talk about marital issues or health concerns than it is to talk about money. Even the thought of discussing money with a family member or friend can make your hands go clammy and your heart beat rapidly. When you don’t talk about money matters, it could lead to poor relationships with parents, bosses, colleagues and friends. That can lead to the loss of a well-deserved raise or job.
Don’t live high on the hog
You shouldn’t live beyond your means or “high on the hog.” Pigs are into spending especially on lavish items. They may appear to be bragging, or the person may want to protect their wealth information from being made public. Learn to controlling spending by managing credit, reducing taxes, increasing savings, protecting family and assets, and building wealth for the future. A good suggestion is to start a budget to help control where money goes, such as rent, food, transportation, utilities and gas. Have a savings account to put money aside for a lavish item.
Be responsible
Be honest about your spending habits and views on money. Try to be charitable through impact investing — which is investing with social or environmental goals in mind — or through forging social bonds. Paying bills is not fun, but changing your attitude and being excited about spending goes a long way. Never be scared to ask questions and communicate what you want. Finally, don’t fall into bad habits such as laziness or trying to live beyond your means.
If people rethink their weaknesses, they can turn them into strengths and save money in the process.
-
Tariffs Could Make Your Holiday Shopping Pricier in 2025Tax Policy Trump’s tariffs would drive prices of clothes, toys, and furniture higher, according to a new study.
-
NYC Congestion Pricing: Ghost Tax or Necessary Fee?State Taxes Drivers headed to Manhattan’s downtown district will face a new $9 toll in January.
-
To Future-Proof Retirement Security, We Need Better StrategiesWith retirees living longer and the inequalities that affect women and people of color, the retirement system needs some optimization. Here’s what would help.
-
Here's Why We All Win When Charitable Dollars Go to WomenGiving to charities for women and girls not only has a lasting impact on their lives — it also benefits society as a whole. Here’s how to start investing.
-
For a More Secure Retirement, Build in Some 'Safe Money'To solidify your retirement plan, write it down, reduce your market risk and allocate more safe money into your plan for income.
-
Five Steps to a Mindfully Fearless CareerIf, like many women, you're struggling with imposter syndrome, try developing an athlete's winning mindset. It's as simple as facing one small fear every day.
-
Six Ways to Optimize Your Charitable Giving Before Year-EndAs 2024 winds down, right now is the time to look at how you plan to handle your charitable giving. The sooner you start, the more tax-efficient you can be.
-
How Preferred Stocks Can Boost Your Retirement PortfolioHigher yields, priority on dividend payments and the potential for capital appreciation are just three reasons to consider investing in preferred stocks.
-
Structured Settlement Annuity vs Lump-Sum Payout: Which Is Better?As the use of structured settlement annuities grows, it can be tough to decide whether to take the lump sum to invest or opt instead for guaranteed payments.
-
What to Do as Soon as Your Divorce Is FinalDon't delay — getting these tasks accomplished as soon as possible can help you avoid costly consequences.
