From avoiding impulsive borrowing or donating to charity, take a look at five money moves that can keep you happy this festive season.
The festive season is in full swing and you must be visiting friends, family and relatives, buying and giving gifts, splurging on shopping due to the discounts and offers available. Among all this, your pocket must be feeling the pinch too due to the festive season. However, if you plan your finances, you can sail through the festive season with ease.
Here are a few money moves you could make this festive season so that you enjoy it to the hilt without burning a hole in your pocket.
Make A List Of Your Purchases
Preparing a shopping list of necessary items could prove to be the best and most effective way to avoid impulsive shopping. The list will keep you away from unwanted products and help you adhere to your budget. This way you would only look at relevant discounts and offers.
Avoid Impulsive Borrowing
It is best to exercise caution while borrowing or using a Credit Card as it needs to be repaid. You should take the credit route based on your repayment potential and need. After buying with a Credit Card, make sure that you pay the outstanding amount in full before the due date or it will attract interest in addition to late fees.
Usually, discounts are just to lure customers. Prices are increased during the festive season and discounts are offered on them, giving a false impression of low prices. The best way to judge a genuine discount is by comparing prices of today with ones during the sale period offering discounts. A comparison of prices between online and brick and mortar retail stores will help you fetch a fair deal.
Sweets and household items are traditional gifts. You can try something that will add value to the gift you give someone. You can gift your loved one a Fixed Deposit scheme or gold coins. This will be of help in the long run.
You can be different this festive season and look for new ways. Charity is one such way that will leave you with a content feeling as well provide you with tax benefits. Donate towards causes that are close to you. For example, you can bring smiles to the faces of the elderly or children by donating to an old-age home or orphanages. This donation is also eligible for tax deduction. Tax deductions can be claimed under Section 80G for all or part of your donations.
So, this festival season, find a different approach financially that will benefit you, your loved ones and society in general.