In India, it is natural that expenses rise during the festival season. It is important to cherish the festive moments rather than expenses let you in state of worrying about your financial health. If you want to have all the enjoyment and serving your duties without having to spend a fortune, ShubhBank is here with some financial hacks that how to control your spending urge this festival. It is good to do some thoughtful before you go on a shopping spree.
Festive Budget: It is important to draw up a budget based on your income. Keep your expenses short to avoid overspending before getting into any debt. You could try to cut down on luxury expenses such as fancy dinners and movies for this month. Set some spending limit keeping all the factors in mind and stick to it through whole “Festive Season“.
Online Shopping: You can choose online shopping to avail great discounts and cash back on certain purchases. It also helps you to save the hassles and travelling cost. You can get the things at best prices on comparing the products online. Try to watch out for the gift vouchers and cash back on your purchases.
Borrow Carefully: Many financial institutions offer zero processing fee and interest rates on loan during festivals; you may consider borrowing for certain durables. You should not go overboard with it as it needs to be repaid while taking a loan. Always borrow a quantum according to your need and repayment capacity.
Host A Combined Party: Everybody uses to look for cost-effective ways to celebrate festivals during the season. So instead of throwing an individual party, you can make your friends as co-host. It will help you to reduce the efforts and expenditure by throwing a combined party.
Go for DIY Gifts: It is hardly to be done without gifts as they are essential things in a celebration. It is better to go for something more thoughtful instead of going for the expensive gifts. Hand-made or DIY gifts are worth opting for and let you go easy on your hard-earned money. For example, if you have a creative mind or artistic qualities, gift a hand-made craftwork or if you have great cooking skills, you can bake a cake or cookies for your foodie friends as a gift.
Save in Advance for Festive Expenses: The safest way to avoid feeling pressed for cash is by planning for the festive expenses well in advance. You can start setting aside a small portion of money each month to save up the sum for the festive expenses. If you have missed the idea this time, you can plan ahead for the “Upcoming Festive Expenses”. It would help you to enjoy your festive moments without having to worry about funds.
This way you can avoid getting into a debt trap or putting any unnecessary stress on your financial health by following some simple steps. Be practical about finances instead of plunging into something wrong with your spending urge.
HAPPY FESTIVAL SEASON