From indulging in delicious food to donning new clothes, festivals call for celebration. And, the free-spiritedness often leads to an extravaganza. Online sale, discounts and attractive offers on purchases lure buyers to get into festive spending. While it’s alright to allow yourself to such treats during festivals you must not go overboard with it. Going overboard could lead to other financial burdens.
Here are a few smart tips you must follow to save your money during festive shopping:
Plan And Buy
Don’t let the festive mood get the better of your financial judgement. It’s important to differentiate between what you need and what you want to avoid (impulsive shopping!). Make a list of the things you are planning to buy based on your affordability and try to stick to it. Don’t buy things just because there is a discount on purchasing it or there is an EMI option available on it. Plan your finances around your purchase. Compare the available products and look for the best deals before you zero in on an item.
No Impulsive Borrowing
While it is recommended to buy what you want with the money you have saved, many of us do not save and want to buy first and pay later. It could work fine if you borrow for something that you actually need and have a repayment plan in place. Don’t take a loan for an impulsive buy. Find out the exact amount you need to borrow, the prospective EMI you would have to pay and the interest rates before you delve into it. Compare different loan products and pick the one with less interest outgo. Make sure that the EMIs are affordable and you pay them before due date to avoid penalty.
Watch Out For Discounts And Offers
While a lot of online and offline stores offer discounts and deals during the festive season, check if the discounted price is actually lower than other times. You can also compare the prices of similar products available in the market and get the best deal for your purchase.
Shop Online
Instead of buying something from a brick and mortar shop, go online as it would not just help you to compare different products and rates, but also offer you different payment options. The prices online are relative lower due to competitive pricing. Moreover, most online companies offer attractive discounts, rewards and cashbacks through tie ups with financial companies.
Other than taking these steps to manage your finances this time, try and save up in a more systematic manner for the upcoming festivals.
BankBazaar is a leading online marketplace in India that helps consumers compare and apply for Credit Cards, Personal Loans, Home Loans, Car Loans and insurance.