Expenses in most households rise during the festivals. However, these festival expenses should not leave a bitter aftertaste with you worrying about your financial health. It is best to do some thinking before you go on a shopping spree. If you want to get all the merriment and do your duties without having to spend a fortune, here are a few financial hacks for this festive season.
You must start with drawing up a budget based on how much you have. This way you don’t have to depend on credit instruments to see through festive seasons. To avoid getting into any debt, it might be necessary to keep your shopping list short to avoid overspending. If you are not able to reduce your shopping list, you could try and cut down on other luxury expenses such as eating out or going for movies that month. However, be practical about what you are letting go instead. It should not be your house rent or loan EMI. Set a spending limit keeping all these factors in mind and stick to it through the festive season.
You can also choose online shopping over bricks and mortar store to avail discounts and cashback on certain purchases. Online shopping would also save you the hassles and cost of travelling. You can compare products easily online and get them at the best prices as a result of the intense competition. Many e-commerce websites offer deals and discounts on products around the time of festivals. Also, watch out for gift vouchers and cashbacks on purchases.
Borrow With Care
With many banks offering zero processing charges, and discount on the interest rate for loans during the festive season, you may consider borrowing for certain consumer durables or vehicles. However, care should be taken while taking a loan and you should not go overboard with it as it needs to be repaid. You should always borrow according to your potential and need.
Go For Personalised Gifts
Gifts are essential to a celebration and can hardly be done without. However, instead of going for a super expensive gift, go for something thoughtful. Personalised gifts are worth opting for and let you go easy on your pocket. For example, if you have a creative streak, make a painting or craftwork or if you have a knack for cooking, baking cakes and cookies and gift wrap them for your foodie friends.
Host A Party In A Group
Just like you, your friends must be looking at cost-effective ways to celebrate festivals. Instead of throwing individual parties, you can team up with your friends and throw a combined party. This would help you put together both your resources, reducing individual expenditure and effort. It could prove to be a good way to bond with your friends as well.
Save For Festive Expenses
One way to avoid feeling pressed for money is by planning for the expenses well in advance. You can set aside a small portion of money every month to save up for the festive expenses. If you have missed the bus this time, you can plan ahead for the next upcoming festive season. This would help you enjoy your holidays without having to worry about money. By following these simple steps, you can avoid getting into a debt or putting any unnecessary stress on your finances. BankBazaar is a leading online marketplace in India that helps consumers compare and apply for Credit Cards, Personal Loans, Home Loans, Car Loans and insurance.
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