How to Save Money During the Festive Season?

The festival season have begun and it will go on until Diwali with online and offline retailers wooing the customers offering heavy discounts and offers. Due to COVID-19, many people have found themselves in a financial crunch. But, that doesn’t stop anyone to do shopping to buy gifts for family and friends and even pamper yourself.  Diwali is considered an auspicious festival where we pray to Goddess Lakshmi to bring wealth and prosperity in our lives.

And, this year, we need to pray even more as it has been really time for us due to coronavirus pandemic.

Though, shopping seems to be fun but it will become more enjoyable when we know that we’re making great savings. We need to enjoy the festivities and also take care of the bills that pile up later on.

Here are few good ways you can use to save money during the festive season:

1. Invest some money

One of the topmost priority during the festival season should be to invest your money. This will help you to grow and accumulate wealth over a long period. During the festive season, you must invest wisely to ensure a bright financial future for you and your loved ones. You can either invest a lumpsum money or even start small and invest in a Systematic Investment Plan or SIP in a mutual fund of your choice.

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2. Create a checklist

Shopping can be quite a fun activity but it can also be impulsive as you may tend to overspend your money if you do not plan accordingly. Therefore, you should always chalk out a budget and create a checklist for your festive shopping. Setting up a budget is essential as its help you to segregate what you need versus what you want.

And, it helps you to stick within your budget and not buy things just because there is a discount or an EMI option available on it.

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3. Set the expectations with your family

When you have a budget plan in place, its better to explain it to your family and set the expectations straight. You need to explain them how you have allocated money for the expenses and gifts during the festive season.

4. Use cash

Should I use cash or a credit / debit card to do hopping? While you can use credit or debit cards as it provides a lot of benefits but it is better to still use hard cash instead during the festival time. This helps you save from a lot of heartburn and also help you keep track of the expenses. When you use cash for your shopping, you tend to spend less as swiping your plastic money doesn’t really hurt like spending your hard earned cash. Also, paying by cash helps you to reduce your chances of having your identity stolen. Each swipe of plastic money will get you closer to increasing your chances of having your personal information getting compromised.

5. Prepare handmade gift boxes

Homemade gifts and gift boxes are a great way to save money and can also give a sentimental to the recipient. You can prepare anything from homemade cookies or sweets to any usable item that can be useful and healthier too.

6. Use DIY decorative items

Due to coronavirus pandemic, many people are at home but they have also found their creative instincts to do something unique and create items yourself called DIY or Do-It-Yourself (DIY). You can also create a lot of DIY items to decorate your home. If you look around your house, you’ll find a lot of stuff lying in any corner of your house. You should try to use those things, and create items yourself instead of buying new items. There are a lot of DIY decor ideas from wall art to hanging craft, you can maximize your style and save on expenses.

7. Shop online

And, finally, you should do online shopping more often as it is faster and cheaper. Also, it is convenient as you need not visit the stores physically, which is new normal due to the coronavirus pandemic situation. You can buy anything just by ordering it sitting on your couch at your home and get the things delivered at your doorstep. Many online retailers like Amazon or Flipkart offer a lot of options where you can save money while shopping online, such as discounts, cashbacks, and reward points.

 

Conclusion

The festive season means a time of joy, celebration, and relaxation for many people. But, you just need to ensure that it doesn’t become stressful and you enjoy each moment of the festive season. I hope that these pointers will help you save your money and aid you to enjoy the festivals to the fullest.

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