Winter is here and so is the festive feel in the air. While we all feel like stepping out to celebrate, we must remember that the pandemic is not over yet and we must still take all the necessary precautions.
At the same time, the festive season comes with its own set of unplanned expenses. These expenses can disturb your budget and financial planning if you do not make them wisely.
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Let us look at three pro tips to survive this festive season on a budget.
- Plan All Your Expenses - Planning is the best way to keep your costs under control. We are all well aware of the rituals that happen during the season. It is best to plan these occasions. Have a plan for Diwali night. Make a list of all the gifts you need to purchase and buy them all together. Make a list of everything you’ll need for your house and buy them all together. If you do it one by one, then there is a big chance that you will end up spending a little extra on the first few purchases and will overshoot your budget in the last few purchases. Similarly, plan your outings. Buying tickets early or even having a plan for how you will spend a particular evening can save you a lot of money.
Also read: 15 Budgeting Hacks That Can Change Your Life
- Avoid Impulse Buying - Festive season is all about fairs, expos, decorated market places with fast food stalls, and all kinds of games for kids. These places are designed to tempt you into buying their products. You will see so many best deals, sales, and best offers posters that you will be tempted to believe that buying the product immediately is the right thing to do. However, you must not fall into that trap. Only buy something that you need and have planned for. Make a list of all items you wish to purchase this festive season and only buy those. If you happen to come across a product that you believe you need and find a good deal on it, do not immediately acknowledge it. At least follow the 24 hr rule that says that you should think for at least 24hrs about whether making the purchase is the best way to spend your money before you make that purchase.
Also read: 6 Ways to Stop Yourself From Impulse Shopping
- Prefer House Parties - Planning house parties is one of the best ways to have fun on a budget. Instead of deciding what to do at the last minute, for all the special occasions, plan a house party. Making all the arrangements and planning some fun activities is all part of the fun. You will save a lot of money on entry tickets, food, and drinks and still have an equally or maybe better memorable evening.
(Check out 'Learn & Grow with Wizely' 'to read and learn all about personal finance and financial planning.)