6 Tips to Financially Prepare You for the Festive Season

 

The festive season is here in all its glory and it is time to celebrate with your loved ones. Buying new clothes, gifts for your friends and family, and travelling across the city to meet your loved ones is the norm every time these festivals roll around. With everyone from your local grocery store to the largest marketplaces cashing in on this occasion, this is the perfect time to shop. There are high discounts and special offers on most products and services. Needless to say, shopping becomes the top priority during these months.

Keeping this in mind, it is necessary to keep a close eye on your budget and prepare yourself for all the expenses you might incur. All the gifts, home essentials to host parties, shopping for clothes and home appliances can add up pretty quickly. Let’s discuss a few important things that can help you be financially prepared this festive season for all this and more.

Tips to be Financially Prepare for the Festive Season

Create a List:

Make a comprehensive list of items that you require for the festival including the gifts you intend to purchase. Prioritize the items depending on their level of necessity. Think well before buying items that are placed low on the list. If these items do not seem as important by the time you get to the end of the list, it is time to strike them off and save your money.

Set a Budget:

Fix the amount you can afford to spend before the shopping spree begins. If you get a bonus, use it wisely so that you do not spend it all without making a proper plan. Set a maximum limit for your festival expenditure. Use the amount you’ve set aside for festival shopping to buy essential items first. This will ensure that you do not spend more than your capacity.

Take Advantage of Festive Offers:

Retailers and online stores target customers during the festival season with the introduction of huge sales. Make the most of the festival offers available through these shopping stores. Check which marketplace offers the best discounts and cashback offers. Choosing these offers wisely can help you save a lot of money that you might otherwise spend when shopping without discounts.

Spend Judiciously:

Although festival offers can be exciting, do not let these convince or influence you into shopping more than you need. It is easy to go overboard and exhaust your budget, especially when you find things on offer. Stick to buying only the items from the priority list you make for the festival season. While buying gifts for people on your list, think creatively. You need not spend the same amount for everyone. Consider buying meaningful gifts for everyone bearing in mind the value it can bring to them.

Keep a Track of Your Spending:  

We agree that festival expenses can be high. But do not let that come in the way of tracking all your expenses, even if you have never had the habit of doing so. Ensure you note down each expense. This will help you stick to your festival purchase goals. Tracking your expenses is also a good way to estimate how much money you are left with and what you need to purchase with the remaining funds. Various tracking tools are available online and you can use these to make sure your expenses do not go out of control.

Maintain a Separate Daily Fund:

Despite all the spending that you indulge in, do not forget to maintain the regular liquidity that you need for your daily expenses. Always keep separate funds for running your household. If you use that for festival shopping, you might reach a situation in which you do not have the funds to pay your regular bills. Also, refrain from using the emergency funds to buy festival items.

It is normal to spend more during the festival season. If you plan a few months ahead, you can ensure you save more to meet these needs. These funds can then be used for festival expenses without much strain on your regular budget.

While giving gifts to your friends and family is an expression of your love, not all gifts need to be expensive. A little creative thinking can help you save you a lot of money. Think of gift ideas such as making eco-friendly Diwali lamps, paper lanterns, gift hampers with home-made sweets, cloth bags, tea light holders etc. Planning ahead to handle such financial responsibilities can make a drastic difference to your celebrations and help you enjoy the festivities without a shred of worry.