As the festive season arrives in full swing with Navratri 2022, celebratory expenses are expected to rise in families that participate in these festivities. Not just Navratri, but Dussehra and Diwali are just around the corner as well. All these festivals mean shopping for clothes, jewellery, new items for the house, new gadgets, and even new vehicle purchases for some. Moreover, a large number of online shopping platforms, as well as physical retailers, offer many discounts and special offers during the festival season that are hard to resist. However, it's also important to keep a tab on your finances and not get carried away while spending so that you end up messing up your financial planning. We have compiled a few useful tips that you can utilise this festival season to ensure that you stay within budget while still making all the right purchases.
Make A Budget For Festive Shopping
The most important step that you can take to ensure that do not overspend is to create a fixed budget specifically allocated towards festive shopping for yourself and your family. If you do not have a set budget for festival shopping, you may get swayed by the attractive offers and discounts and end up buying more things than you had initially planned. However, with a fixed budget, you can allocate the right funds for all the right purchases.
Carefully Consider Buying Things On Credit Or EMI
Easy EMI options and fast loans for purchasing electronics, gadgets, vehicles, and even smaller items have made it easy to make purchases and pay off the loans/EMIs over time. During the festive season, you may feel tempted to buy many products on EMI or through loans since you won't have to pay full price for them. However, any major purchases on EMI or credit should be a well-thought-out decision, as you will have to keep repaying these loans and EMIs for many months or even years to come. Multiple EMIs can quickly drain your earnings leaving you with little cash to spend on your monthly expenses.
Save Up For Festive Spending
A good idea to ensure that you do not overspend during the festival season is to save up money over a period of a few months that you can then use to buy gifts and items for yourself and your family during festivals. This will ensure that your monthly budget is not disrupted while you can still make all the purchases that your family wants and needs.
Compare Discounts And Offers
As mentioned above, physical retailers and online shopping platforms provide heavy discounts during the festive season. If you want to purchase a set of items, it is a good idea to compare the offers and discounts offered by different sellers offline and online. There is a good chance that you will end up saving a ton of money by using the right discounts and offers available. However, do not buy any products that you do not need just because they are available at a heavy discount.
Make A List Of Items That You Wish To Purchase
Before the festive season arrives, make a list of all the things that you and your family are planning to purchase and then create a budget for those items specifically. When you know exactly what items you need to purchase and how much they would approximately cost, you can adjust your finances to fit your shopping with regular expenses.
It is also important to remember that you should not have to dip into your emergency funds or savings in order to make festival purchases. Planning and budgeting for these expenses is the right way forward. Most importantly, don't forget to enjoy Navratri and the upcoming festive season with your family and loved ones.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
