The festive season is here, and so are the bumper sales, fantastic discounts, festive offers - enticing us to spend more and more.
While we struggle to manage our finances with the costs of presents, travel, and shopping, there is bound to be tension and frustration between these moments of delight and excitement.
And the prime reason is - we overspend and do not make or follow a budget while going overboard with the festivities. So here we present to you six simple yet effective financial strategies that will help you manage your finances while enjoying the festivities with friends and family.
Remember: It is always better to over plan than over spend!
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Strategy 1: Opt for Potluck Gatherings
Yes, the potluck gatherings are about to start.
We often host lunch and dinner events for our friends and families during the festive season. And we know these can get expensive at times, especially when we throw these parties at home.
So, while planning these gatherings with family or friends, consider having a "potluck" meal. In this way, these events can become a collaborative effort and become relatively cheaper on your wallet.
Also read: 6 Financial Tips for the Festive Season
Strategy 2: Choose the Right Spending Tool
Plan and choose the spending strategy that will best assist you in managing your money throughout this festive season.
Credit cards like HDFC credit cards, Axis credit cards, etc. frequently provide attractive discounts, but you must be careful to stay within your budgetary limits.
It might be a good idea to use your debit cards to make purchases rather than credit cards since the money is instantly taken out of your account, protecting you from unforeseen debt.
Strategy 3: Make a Budget
You may have heard the saying, "Having a budget means knowing where your money is going rather than wondering where it went!"
When the festive season is over, and you are left with empty pockets, you will also wonder the same!
But if you create and follow a solid budget at the beginning itself, then you will be able to save yourself from a financial breakdown.
Decide how much to spend on travel, shopping, dining, gifting etc. before establishing a spending limit.
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Strategy 4: Avoid Impulsive Shopping
Who doesn't enjoy shopping, especially during the holiday when there are galore deals? Given that now is the ideal time for businesses and brands to make money, you might be able to acquire products at significant discounts.
To enhance sales, stores and online shopping portals constantly come up with attractive deals, and when you see these offers, you start purchasing impulsively since it is so hard to resist.
But you should exercise restraint to avoid finding ourselves in such a predicament. This will enable you to stick to your spending plan and manage your money smartly.
Also read: 6 Ways to Stop Yourself From Impulse Shopping
Strategy 5: Try to Maintain Sufficient Liquidity
Refrain from using the money set out for everyday costs for your festive spending.
While it is tempting to spend during the festivals, keep your long-term financial goals in mind and aim to strike a balance. Maintaining sufficient liquidity can help you to meet any unexpected expense that might pop up during the holiday season.
Strategy 6: Monitor Your Budget
And finally, to track how much has been spent and how much you could spend more, you need to check your budget periodically. This will help you stay within your budget and you may use the leftover funds for high-priority items by tracking
costs and evaluating your remaining spending capacity.
Have a happy and budget-friendly festive season!
(Check out 'Learn & Grow with Wizely' to read and learn more about smart saving and budgeting hacks.)
