How to Save Money this Festive Season

It’s that time of the year when we celebrate the festival of lights & hope for luck and prosperity in our lives. Friends, families, sweets, diyas, fire crackers, lights and colour, there is so much to Diwali.

Post Diwali though, the undeniable truth hits you - an empty wallet! Many people end up overspending during the festive season only to regret later. A financially prudent person doesn’t let this happen, they plan finances well in advance. So let the Festival of Lights show you how to save and remain prudent in life, thus making sure that there is enough for you once the festival ends.

Here are some simple tricks to save money this Diwali:

Create a budget: The most important and the first step to save money is to create a budget. A financially astute individual creates a budget and sticks to it.When it comes to preparing a budget for the festival, set a general cap on the spending amount or set an amount aside for every individual in your family.

When creating a budget, begin with the amount that you want to spend. Set the cap on that amount, then determine how you will distribute the spending. This could be from your debit card, credit card, personal loan or existing savings. Based on the source of finance, ensure that you do not overspend. Do not set the budget too tight that it becomes difficult to abide by.

Avoid Impulse Buying: With the high discounts and sales offered by most retail outlets, it becomes difficult to keep a track of what you want and what you can do without. The easiest way to avoid impulse buying is by creating a shopping list before you begin to shop. Compare what is required vs what is good to have. Also, always compare prices when you purchase during Diwali.

Festive Offers: Many companies come up with lucrative offers to help you make your purchase of automobiles, electronics and consumer appliances. Make the most of these offers if you have been planning to purchase a Two-Wheeler.

For example, Hero Fincorp has special festival offers for Two – Wheeler purchases. They provide instant loan approval for Aadhar Card holders, Zero percent financing options on purchase of Hero MotoCorp scooters at selected locations,with low rates of interest and upto 90% loan even in case of no income proof applicants.

All the offers come with terms and conditions which you need to abide by. Hence, if you have been planning for a big ticket purchase, make the most of it during festive offers.

Search for the best deals online and offline: With the hundreds of offers and deals available online and offline, a smart consumer always compare the rates online as well as offline. This may require a bit of effort but as they say ‘better the information, better will be the decision’.

Make the most of Cash-backs, Reward Points, Credit-Card Signup Bonuses: Cash backs and loyalty rewards are gaining popularity in everyday purchases. When you make payment from your credit card or debit card, you will earn reward points and cashbacks etc. Also, often times online payments rewrd you by providing cash backs in your e-wallets, and this way you earn a small percentage on every penny you spend. Use these points wisely and redeem them for your next purchase.

Start shopping early & make 2-3 trips: Avoid last minute shopping as it leaves you buying in haste and most deals are gone by then. Also, it has been oberserved that shoppers tend to spend more during one big shopping spree. It is advisable, to instead, break your trip into 2-3 smaller ones and follow the shopping list prepared by you in advance.

Beyond shopping - small ways to make your Diwali special & be thrifty about it !

DIY Option: Instead of spending a fortune on Diwali essentials, like diyas, lights and decorative boxes, why not try making it yourself? Turn this process into a fun and exciting DIY with your family. You can also learn a lot from the DIY videos posted online. This will save you on huge costs and will also become a creative learning experience. Bring out your creativity and make fun and quirky decorative items and home embellishments by yourself. Simple hacks can save you on a lot of money. For example, you can make use of fairy lights and decorate your home in many different ways.

Have a house Party: Diwali is synonymous to parties, so instead of organizing an expensive party at a club, have a house party and treat your friends and family at your house. You can cook yourself or organize a potluck dinner, where every guest brings in one dish. The idea behind a Diwali party is to get together with friends and family. So do not miss out on this opportunity and bring the festival home.

Keep in mind that you do not want to start the new year with a pile of debt, so plan well in advance and enjoy the festival wisely with your family and friends.