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

Chinese New Year 2024
Image: Chinese New Year 2024, Getty

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.

Compare the top bank accounts - last updated 18 April 2024

Search promoted bank accounts below or do a full Mozo database search. Advertiser disclosure
  • Spend Account


    Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay

    0% p.a.

    No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.

  • Everyday Options


    Apple Pay, Google Wallet, PayID

    0.01% p.a.

    An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.

  • Everyday Global Account


    Apple Pay, Google Wallet

    0% p.a.

    No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2023 winner for Exceptional Everyday Account.^

  • Glide Account


    Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin

    0% p.a.

    Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.