During the festive season, expenses can easily go out of hand, often eating into our savings. Sometimes, even the budgets tend to get ignored, making it challenging to manage daily expenses for some people. But why does this happen? It usually comes down to two factors: poor planning and inadequate savings. With a few smart strategies, such as setting a budget, comparing deals on several platforms, and using the right credit card for the right purchases can help you keep your festive spending in check. Here are some tips to help you save more during this festive season:
Plan in advance
Festivals come every year, giving you plenty of time to plan your purchases in advance. Impulsive, last-minute shopping often leads to unnecessary expenses. To avoid this and find the best deals that fit your needs, create a shopping list and stick to it. Additionally, start managing your savings early to ease the financial load during the festive season. For example, if you aim to spend around Rs. 50,000, you can plan for it through consistent monthly savings or cutting down on certain other spends to cover the cost.
Create a budget
The first step of managing your finances is to create a budget. If you’re planning to make multiple purchases, it’s essential to outline a clear budget. Start by listing all your expected expenses, such as gifts, decorations, travel, and other extras, and set a spending limit for each category. Sticking to this budget will help you plan your expenses better and prevent overspending. A well-planned budget not only keeps your spending in check but also allows you to enjoy the festivities without the burden of financial stress.
Use the Right Credit Card
Many credit cards offer cashback, reward points or discounts across all categories whereas some credit cards are designed for a specific category. The key is to choose the right credit card for the right purchase. For example, if you have an online shopping credit card or a credit card co-branded with an online shopping platform, you can save a significant amount when using that card for your online spends. Similarly, a card that offers better deals on offline spends would be better for making purchases through stores. If you do not have any such credit card, you can compare your options on Paisabazaar website and apply for it beforehand.
Shop around the best deals, offers and discounts
During the festive season, many e-commerce platforms offer time-limited discounts and promotions, such as Flipkart’s Big Billion Days Sale or Amazon’s Great Indian Festival. To maximize your savings, you should take full advantage of these deals. However, we would advise you not to settle for the first offer you find. Do your research, compare prices across different platforms to ensure you get the best deal. Additionally, look for extra promo codes and coupons to further boost your savings while shopping for your favourite brands.
Make purchases on EMI or opt for consumer durable loan
If you’re planning a big-ticket purchase but lack the funds upfront, consider making the purchase through your credit card and converting it into EMI. Leading e-commerce platforms also offer no cost EMI options during special sales or promotions. This will help you spread out your payments over time, making it easier to manage your expenses without putting too much strain on your finances. Some stores also offer you the option of making a down payment and taking a consumer durable loan to cover the remaining cost. By choosing one of these, you can enjoy your purchase and repay it gradually, without feeling overwhelmed during the festive season.
These are some of the ways how you can save smartly during this festive season. Credit cards and loans can also come in handy for consumers but they should be managed smartly and paid off timely. With strict budgeting, smart shopping and correct planning, you can enjoy the festive season without worrying too much about your finances.
