5 Ways to spend wisely this festive season

If you want to get into the habit of saving during the festive season, we have collated 5 ways you can do so, without hampering your enjoyment and joy.

November 11, 2020 8:11 IST | India Infoline News Service
It is officially the season of lights and happiness and festivities. Given how bizarre and unprecedented this year has been, no one would really blame you if you went a little overboard with celebrating the upcoming festivities. However, one thing this year has definitely taught us is that we should always be prepared for something untoward happening. And one way to do that is to save as much as possible. If you want to get into the habit of saving during the festive season, we have collated 5 ways you can do so, without hampering your enjoyment and joy. 

  1. Make a budget: You probably have been working on a budget the whole of this year but it’s important to have a Diwali budget. As much as we may want to deny the fact that we spend more during the festivities, it’s a reality your budget may even double during the month of November.When you set a budget limit it means you have control of your money and on your expenditures. So, this Diwali, making a budget should be the first thing that you should do. That's the beginning for saving money or to avoid overspending.
  2. Keep a track on your spending: Tracking or keeping a record of your spending is the second most important move you need to make during festivals.A list always helps to curb impulsive purchases.Newspapers, TV, radio, hoardings and even your email will be flooded with advertisements and offers, enticing you to buy everything from electronics to household appliances, jewellery, etc. However, do not throw caution to the wind. Ask yourself if you need the product and you think you can’t do without. If it is not a necessity, walk away and don’t look back.
  3. Avoid spending with credit cards: Shop only through payment wallets or debit cards.When you don’t have sufficient money, credit cards become the first alternate for you. But this is the thing you should try to avoid.At the time of purchasing, credit cards can cause you to spend more than your budget. The temptation of reward points and cash backs will lead to spend money that you don’t have. To put it more explicitly, just because ‘you can’ does not mean ‘you should’.
  4. Take advantage of festive discounts: Just because you have to keep a check on impulse shopping, doesn’t mean you can’t take advantage of the sale to buy what you want. Shop around for cheaper options. Check out the offers. Some products, including clothes for the family, household appliances, electronic goods, and other gift items can be bought at better prices. Holiday sales can be an opportunity to save money but not all deals are created equal. There may be marketing gimmicks at play and some items may not even be truly discounted. Remember, you never save money by spending, no matter how significant the discount you can get. So, keep the shopping limited to necessities.
  5. Make your gifts and sweets instead of buying them: Hand-made gifts (such as DIY gifts, candles, cards, paintings, decorative items) show your gratitude and love towards your family and friends more than expensive store-bought ones.There can never be enough sweetness in Diwali. Instead of buying mithaai for your loved ones, try making some at home. Of course, the effort involved is much greater and will definitely be appreciated in the family. The simple delicacies will be healthier and will save a substantial amount of money.
Know when to stop by consistently checking on your budget and comparing what you have spent so far. When you have exhausted your budget, avoid scouring through online websites “just to see what they have” – this can lead to making poorly unplanned purchases and blowing your budget. Spend wisely and enjoy the festival season.Have a happy, safe, and a truly prosperous Diwali!

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