The Festival of Lights evokes joy and celebration. It is considered an auspicious time for spending or investing. While it is easy to go over the budget that has lingering financial effects, with some careful planning, people can avoid overspending without compromising on giving thoughtful gifts to their loved ones.
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Perhaps you will be spending a hefty amount on the renovation of home or a vacation. And another heft on gifts, and sweets. These things can add up to a happy but expensive month! Follow these 10 tips to manage your expenses this Diwali 2019.
Make A Budget
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Budgeting is the first and foremost step to smartly manage spendings during the festive season. Budget is always advised to make, whether you are investing or even for your monthly expense. When you set a budget limit, it means you have control of your money and on your expenditures. So this Diwali, making a budget should be the first thing that you should do. That’s the beginning of saving money and to avoid overspending.
Say NO to borrowing cash
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This Diwali you need to take a pledge to not to borrow any amount of credit for spendings. Maintain separate fund and keep a record of your expenses. Several banks and lending institutions come up with different offers during the festive times, so make sure you don’t get carried away and borrow any kind of loan.
Don’t get carried away by the festive sale
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Diwali is the time of shopping and companies sure know how to lure millennials with their several discounts and advertisements. Don’t buy anything just because it’s on sale, but only if you need it.
Avoid impulse shopping
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The festive fiesta is the best time for business houses and brands to make money. And you will certainly get things on huge discounts. Both stores and shopping portals come up with different ideas and sale offers to increase their sales. It might be an impulse to get as many as you can, but try to resist the temptation. You don’t wanna have the post-Diwali-broke feeling.
Opt for investment and saving this Diwali
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It is a tradition of celebrating Dhanteras by purchasing gold and silver. You can also make other investments. But saving and investing will affect your finances in a positive way (in most cases) fo years to come.
Opt for homemade sweets
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There can never be enough sweetness! Diwali is synonymous with sweets but with the food adulteration around, you can never be sure. So, instead of buying mithaai for your loved ones, try making some at home. Gulab jamun, barfi, and halwa are easy to make and can be prepared in advance. The simple delicacies will be healthier and will save a substantial amount of money.
Throw a Diwali House Party
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Instead of queuing up in front of expensive restaurants on Diwali night, plan a house party where all your friends and relatives can get together and have fun. You can have a potluck party where all the guests can bring in their own special dishes and make it a mouthwatering treat for everyone. This way you will have a more special way of bonding with your loved ones.
Don’t Go on a Card Swipe Spree
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Taking your credit or debit card out in a store for payment is usually a reflex, but believe us, this is a mistake that we make often. To put it more explicitly, just because ‘you can’ does not mean ‘you should’. Make a trip to the ATM instead and withdraw cash according to the budget you made earlier. Paying with cash makes you more aware of your money as it is tangible. We often go over budget when making payment with a card as the money becomes intangible in this case. If you get benefits and points paying with your credit card, make sure you stick to your budget. Paying with cash is a sure shot way to save money. But, do carry your debit card too just in case there is an emergency.
Do Not Rush for Stuff Last Minute
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You know what they say, right? “Haste makes waste.” So, this Diwali, plan ahead wisely to avoid the last minute rush. Brands increase their prices on the big day. No secret, it’s a popular marketing trick. More the need, higher the prices. Customers have no option but to buy at whatever amount the seller asks for. Make use of the sales by planning ahead of time.
Shop Locally this Diwali
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Try to shop basic things like diyas, candles and other Diwali decorations from the street hawkers or NGOs that sell handmade stuff. This way, you will be making a difference and lighting diya in somebody else’s home, as well. The decorations will be more economical than those at the high-end stores and malls. This Diwali, make a difference.
Have a Happy and Safe Diwali!
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