Diwali is about to come and we are all excited for it. Diwali is a festival which is celebrated in whole India with full enthusiasm and happiness. Every member of family, from kids to adults to grandparents all are super excited and waiting for it with their shopping lists and new ideas that has to be done this Diwali. So, here comes a question for you: are you really prepared financially for this festive season? Have you planned your budget?
Festivities, just like other celebrations come at a price. We do many things in Diwali which affects our financial budget, like buying gifts for relatives and family members, buying some appliances or gadgets, decorating and painting our houses, all these things cost a big amount. Apart from these there are many expenses like crackers, lights and many more. So beside happiness you can say Diwali comes with lots of expenses that’s why it is very important for you to plan your finances so that you can enjoy more without any stress for money.
Here are some points that you should follow to plan your finances well this festive season:
- Make a Budget: Budget is a thing which is always advised whenever you are investing somewhere or even for your monthly expense. When you have a budget it means you have control on your money and on your expenditures. So this Diwali it should be the first thing that you should do. Check how much money you have and plan according to that. Make a list of things where you have to spend and how much you can afford for that particular thing according to your budget. Try to save everywhere where you can.
- Plan according to your income and strictly stick to it: Many times it happens that you make a budget for proper management of your finances but you can’t stick to it, and you end up spending more than your budget. You don’t realize it while spending, but definitely regret it later. So always be careful about your expenses.
- Say NO to Credit Cards this Diwali: When you have a long shopping list of your family members in your hand and you don’t have sufficient money, credit cards become the first alternate to see everyone happy in your family. But this is the thing you should try to avoid. You should always know how much money you have and try to spend that much only without taking any credit. If you use your credit card you only think about that time that lets use the card and will see in future as the EMIs will start from next month only. And you think that from next month you will manage somehow. But you know better that this next month will never come if you keep on using your credit card like this. It will affect your future budget definitely.
- Avoid impulse shopping: Festive season is best for business houses and brands to make money. To increase their sales, all the businesses come up with many offers like-bumper sale, festive season sale, end of session sale and many more. All these sales are for making profit and you are their target. Once you see offers you start shopping in an impulse way because at that time it is very difficult for anyone to resist the temptation of shopping. But you should avoid it. One of the other reason is that these sales and offers will keep on coming whole year so you might as well start shopping in advance or at least be prepared in advance.
- Try to save as well as invest this Diwali: Diwali is not just about expenses and celebrations. You should always look for a way where you can save. Saving is also not enough you should plan something for investment this Diwali which will affect your finances in a positive way for many years. Our ancestors also believed in savings as well as investments that’s why there is a tradition of celebrating Dhanteras in which people purchase gold and silver. This was done earlier when they had no option other than this for investment but now a days so many options are available for investment. Search for the investment channel best suited for you.
- Don’t buy anything just because it’s on sale, buy if only you need it: When Diwali is about to come you will notice many advertisements on television and at many places. They will attract you by giving attractive offers and all. But before buying anything you should check online as this is the best option available now and then you can go with the best offer. And just because something is on sale doesn’t means that you need it. It is very important to realize what is want and what is necessity and choose necessities over wants. If you are planning to buy something just because it’s on sale and that thing is not important for you then avoid purchasing that thing. Purchase only when it is needed. If you suddenly buy something without planning than try to cut down your expense in other thing atleast you can compensate this way.
Follow these points this Diwali to manage your finances and see the difference. You will surely enjoy Diwali without any stress. As a big burden on your head which is your finance you have managed it efficiently and that will be reflected in your next month finance also. Enjoy this Diwali with your friends and family and don’t be over burdened with credits and loans. Spend in a planned way and feel the difference.