Back when you were young enough to pay 55 cents for bus rides, Chinese New Year was like a goldmine. You’d show up at your relatives’ homes with one of those little purses you could sling around your body, inside of which you stashed all your ang baos.

These days, even if you’re a married person who’s forced to dole out ang baos to random kids, Chinese New Year is still a huge money sink. If you haven’t found a cheap way to escape this year’s CNY onslaught, here are some costs to beware of:

Red clothes

Some people treat Chinese New Year as an excuse to fuel that shopping addiction, all in the name of being a good Chinese boy/girl.

Others buy all those ridiculous red clothes mainly because they think it’ll give them better luck during the yearly gambling sessions with their uncles and aunties.

But anyone who knows how to shop for clothes in Singapore knows that waiting for sales to hit is the best strategy.

With just one or two weeks to go before CNY hits however, we know you’ll be scrambling to nab anything on the shop shelves, which means you’re likely to pick something overpriced that will make you look more like a tomato than a rose.

Seriously guys, there’s nothing wrong with eating bak kwa or wearing red, if that’s your colour. But waiting until a few days before Chinese New Year to do all of the above is a surefire way to pay more for something that would cost you less other times of year.

CNY treats and snacks

One of the perks of CNY is that you get to stuff your face with lots of festive goodies like bak kwa and pineapple tarts.

But retailers of Chinese New Year goodies jack up the price without fail every year and the closer you get to CNY, the more you can expect to pay.

That means if you haven’t bought your pineapple tarts, cornflake cookies, nian gao or bak kwa and are sure your family’s ang bao haul is going to depend on how well you feed your relatives, you’d best rush out and do it now.

Next year, you’d do well to place your orders with the various sellers weeks or even months in advance. One pineapple tart seller we spoke to this year claims they reached their order quota during the Mid Autumn Festival last year. Whoa!

Reunion dinners

If you're eating out, good luck trying to book a few tables at a Chinese restaurant without being made to pay ridiculously inflated prices.

If these banquets are a yearly affair, you’d do well to start booking way in advance. And by way in advance, we mean the year before.

Beauty services

For ladies who are planning to get your hair and nails done in the lead up to Chinese New Year, beware! You’ll be paying up to three times more the regular price to beautify yourself over the festive season.

And it's too bad you won't be able to get dolled up across the causeway this year. From experience, a haircut and hair dye job could cost you $200 in Singapore, but only RM200 (S$66) in Malaysia. And that’s at the fancy salons!

Seasonal blooms

A tradition that many families follow is buying fresh blooms and lucky plants for their homes. But during CNY, plant nurseries and florists bring in flowers that are set to bloom during the festive period and charge exorbitant prices for them.

People buy peonies, bamboos and kumquat plants that add up in price. If you get the fancy cherry blossoms and orchids, each pot can cost around $100 or more. A few of these will easily add up to $200+.

This article was first published in The Singapore Women's Weekly and MoneySmart.