The festive season in India is underway. Dussehra & Navratri are already gone and Diwali is right around the corner with Christmas and New Year’s close after that.
With all the festivities, decorations, and guests coming to your house, you might feel like your savings are running out like water out of a tank with a gushing leak.
For that reason, we have compiled a list of the 5 best ways to manage your money this festive season.
1. Make A List Of Things You Will Need
From decorations to gifts, there are a lot of things that you’re probably going to buy for the festivities, and the more the days draw closer, the more anxious you might become when it comes to the idea of spending so much money.
Planning ahead will save you the headache of last-minute stresses and give you ample time to be prepared for the festivities. Make a list of everything you need and prioritize shopping based on the items. Non-perishable items can be bought in advance, while perishable items, like flowers and sweets, can also be ordered and reserved in advance.
2. Make A Budget And Set A Spending Limit
This is where making a list of items beforehand comes in handy.
Making a list will give you an idea of how much you’re going to spend. Based on what you’re planning to buy and how much of it you can afford, decide how much you’re willing to spend.
Discard items on your list that are not necessary and can do without. Set a spending limit for gifts so that you don’t end up overspending outside of your budget. It is also vital that you keep track of your spending. Keeping track of your expenses and budget is a practice that will help you on any occasion, but it is also one of the best ways to manage your money during the festive season.
3. Make Use Of Deals And Offers
This is the time when people spend the most. Hence, almost every store, whether online or brick-and-mortar ones, will have their own offers and deals. Ranging from huge discounts, to cashbacks, to massive sales, you could potentially get a deal for just about anything, whether it’s new clothing for the festivities, or new electronics and appliances that you’ve always wanted for your home.
That said, all these deals and offers might seem very tempting, so do consider your list and budget before spending. Many of these deals and offers are designed to trigger a shopping impulse in people, so sticking to your list and within your limit is a good idea. This is probably one of the best pieces of advice that we would recommend for saving money during the festive season.
4. Reuse And Recycle
Another helpful piece of advice for saving money this festive season is to reuse and recycle what you already have.
With all the spending and shopping going on, you might also be tempted to buy something you might not need. Or buy a new version of something that you might already have that is perfectly fine.
From clothing to appliances, don’t ignore those that you already have. It is often very wasteful and harmful to the environment, and you end up spending money that you could have saved instead. Similarly, certain decorations can be good to buy and reuse, such as lighting and artificial floral decorations.
If you have old sheets or curtains that you don’t use, see if you could use those to make new decorations. Even old decorative bowls and vases can be used to spruce up your decoration game. While this step is not crucial, keeping an eye out for things you could reuse or recycle will certainly be something that your wallet will be thankful for.
5. Avoid The Temptation Of Personal Loans And EMI's
We’ve said it before and we’ll say it again. The festive season is the time of spending. And with that comes a lot of tempting offers. As such, shops and banks will come up with various financing offers, ranging from low-interest loans, to zero-interest EMIs.
All of these might tempt you into thinking you can spend more than you can generally afford. Hence, unless it’s something that you absolutely need, we would advise you not to get tempted by these offers.
In these joyous and festive occasions, it is crucial that you don’t put yourself in a financial burden. These are five tips and some of the best to follow to save money during this festive season. Remember, it is easy to get carried away and spend more than you could afford, so keeping these tips in mind will certainly help you in the long run.
You can also get an insight on 5 Good Money Habits that will also help you manage money in a better way. For any queries and for guidance on investments please feel free to contact us.