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Year end festivities are a few weeks away. Before and during Diwali people loosened their purse strings both in the online and offline mediums. But experts say, before planning your festive spending one should keep some things in mind. Otherwise, these expenditure might spell trouble in future. So, before proceeding for your festive spend, keep some important points in mind.
Plan your spending
First, plan your spending for the festive season. Try to make it within your limit. So, to begin, start by calculating how much money you should spend for your festive shopping. Take an account of how much money you will be left with after paying your utility bills and EMIs.
Understand your limit
The effect of corona virus still exists across the globe. So, the importance of hard-earned money is also easily understandable. Experts always advice that one should be within his/her spending limit in this festive time. If you can spend Rs 10,000, then go for Rs 8,000.
Spend for the right things
Examine products based on their purpose and buy only if they are necessities. For instance, do not just go for a new phone because an upgraded version has recently been launched. Only go for the necessary things, leave out others.
Compare all options
Before making a festival spending, always try to compare all your finance options like, cash, credit card, EMI, buy now pay later and other options. Go with that option which suits you more and costs less.
Go with the best deal
All online and offline platforms offer big discount and other freebies to the customers in this festive season. So, before buying something compare three-four platforms for a good deal.
Keep a buffer
Festive expenditures are never static. Hence, ensure to keep a buffer to accommodate any change of spending or any last-minute addition to the shopping list.
Expert opinion
One should keep his/her finance intact even after the festive spending. Otherwise, there could be a problem, warn experts.
“Planned shopping without disturbing your financial stability is best during the festive season. It is good to focus on need-based shopping and avoiding chasing our unlimited wants,” said Adhil Shetty, CEO, BankBazaar.com.