With funds required for food, travel, and other festival-related expenses, it often puts a financial burden on those who are celebrating.
It would not be wrong to say that we all are extremely excited to welcome the festive season each year, but at the same time, it is vital to stick to your financial goals as well. So, it is always better to avoid any financial missteps amid the festivities and enjoy the feeling of celebration in the air, without any worry. Since Diwali is often synonymous with wealth, and prosperity, there is always an urge to spend money on unnecessary things or pay heed to frivolous spending. Hence, do not splurge during festivals, but go for more prudent financial choices, which can keep you and your family away from any monetary challenges in the long run.
Meanwhile, there’s always a huge list of discounts and promotions offered, which can help cut down expenses and build savings. One can also invest money during this time as the Diwali season often sees a surge in the stock market.
Nonetheless, here are some major tips that can help you make wise financial choices amid festive season:
Before spending money on anything or anyone during the festival season, have a budget in place for your expenses, as it will help you steer clear of unnecessary overspending. Start off by evaluating your anticipated funds you will have during the festival season, including salary, wages, bonuses, or any other income sources. Then, note down your expenses, such as gifts, food, travel, decorations, and others. Next up, allot your expenses, and put them into relevant categories, starting with those expenses that have greater importance for you.
Always remember to shop smartly during the festivals, since a lot of discounts and promotions remain relevant during the festive season. By price comparisons, you can end up saving money from your expenditures. For instance, pay a visit to multiple stores, and then make an informed decision. You can also compare different online retailers to secure the best deal.
As mentioned, most businesses offer discounts and promotions during festivals, and by opting for them, you can be careful with your financial planning. Check websites of the businesses, subscribe to email lists, or follow them on social media for the best deals. Lastly, never hesitate to inquire about discounts as well.
There might be multiple Diwali parties that you are invited to, but you can always decline invitations or requests if they are beyond your means or you are on a limited budget. You need to first keep yourself a priority – both your financial stability and emotional health – before any form of overspending. Moreover, one should ideally be reflecting on your spending decisions post-festive season to make better financial choices the next year.
