Follow these practical financial tips during Diwali to ensure that you do not go over budget and disrupt your finances:
Carefully Consider Big Purchases
While you may be tempted to make major purchases like a new car, two-wheeler, computer or an expensive mobile phone during the auspicious occasion of Diwali, it is also important to carefully consider if you really need these items. Avoid making impulsive purchases unless they are absolutely necessary. Major purchases like these should be carefully considered since they can put a major dent in your finances. It’s rather more beneficial to save up for these purchases and buy them when they are really necessary, rather than on a whim.
Do Not Buy On Credit Or Debt Unless Necessary
Another great financial advice that you should follow is to not buy any items or products on credit or through loans. Although many companies offer attractive EMI options on loans and credit cards are handy tools to make purchases, it is recommended that you buy items with the cash/mo
ney that you have. When you buy items through credit card or EMI loans, you are liable to pay those off for many months. These monthly EMI repayments can disrupt your monthly expenses and budget.
Do Not Withdraw From Savings
If you have a large amount of savings in the form of investments or in a bank account, you may be tempted to use your savings to make your Diwali purchases. However, think of why you started saving up in the first place, which is most likely for future financial security. Unless you have specifically budgeted those savings for purchases during the holiday season, avoid dipping into your savings to make purchases.
Set Aside A Budget For Diwali Purchases
Months before the Diwali festival, you can start saving up small amounts of money each month for the purpose of making purchases during the festival. By doing this you do not have to withdraw from your savings or need to take loans in order to make purchases. Your budgeted savings for festival purchases will cover the cost of your shopping while your regular budget will remain unaffected.
Consider Shopping Online
These days, many online retailers such as Amazon, Flipkart, etc, have special sales during the holiday season or festival season where you can get discounted products at much lower rates than their maximum retail price (MRP). if you wish to buy some specific items, it’s a good idea to go to nearby stores and check out the prices they are offering. Then you can check out the prices of the same products online and see which reliable online seller is selling them at a lower price. If you repeat this process for multiple products, you can end up saving a lot of money.