Diwali is the festival of lights, which is celebrated widely in India and around the world with much fanfare. During Diwali, extended families come together to celebrate by wearing new traditional clothes and lighting fireworks.
It is also a season where families go shopping for new clothes, home appliances and gifts for others. But usually, we lose the track on our expenditure which can hurt your budget. Cutting down on unnecessary expenses will save you a lot of money which can be saved in your savings account.
Here is a list of ways how you can control your expenditure this Diwali:
Make a shopping list
Going for shopping at the last minute without any planning may lead to overshooting of your budget and you will end up buying a lot of things that you would not need. To tackle this, prepare a list of things you need for the festival, divide them into essentials, avoidable and luxury. Prioritize on the essentials and keep the luxuries for the last. This will help you stick to the budget. Also, identify the things you want to procure locally and the things you would want to buy online.
This will help you in cutting down unwanted expenditures, and also you will not miss out on things to buy.
Take advantage of offers and discounts
Diwali season is the season of sales were various brands and shops gives offers and discounts on their products. You can buy beautiful gifts and that too on discounts for your family and friends. Many Banks give additional discounts on using their debit cards for shopping. So, keep an eye for discount on that favorite dress of yours.
Prepare your budget in advance
It is essential that your budget is prepared well in advance, which will help you to keep a check on your expenses. So make a Diwali budget which keeps your finances under control.
Prepare decorations at home
Preparing decorations for Diwali at home together with your family members will not only increases the bonding within the family but also helps you save money. It is rather better to craft decorations that suit your home rather than buying expensive decorations which do not match well with your house.
Shopping in group
Apart from celebrating together, you can also shop together with your family and friends for Diwali. Collective shopping will give you bulk offers and reduce the chances of impulsive purchases, leading to reductions in expenses and savings in your bank account.
Shopping online is a convenient and exciting way of doing shopping for various products, especially during festive seasons. E-commerce sites during Diwali offer various incentives like discounts and cash backs on products, so make good use of it. Start early, add things you want to buy to the cart. Buy them when you feel that the prices are the lowest. Make sure to check all the additional offers on payment type and bank accounts. Try to arrange the debit card/credit card, which offers cashback from your friends.
Store and reuse
Lightings and decorations can be reused for next Diwali or on any other festivals. So it makes sense that such decorations like electrical lights, artificial flowers and earthen lamps must be stored safely. These things can be reused in next Diwali, helping you reduce your expenditure.
You can invest or store these savings in the form of a Fixed Deposit or Savings account and check how much they grew with interest the next Diwali. Wishing you and your family a happy and prosperous Diwali!