With the onset of the festive season, shoppers are going berserk in India. Shops and malls are packed with people buying clothes, home appliances, electronic gadgets and other necessary items. Consequently, you feel the urge to shop during festivals prompted by an even bigger urge to celebrate. You happily pull out your wallet to pay for festive purchases.
However, in the rush of festival shopping, you may forget to take care of the budget. People readily spend bonuses and many purchases are made purely on impulse. Customers are lured by big discounts and offers, announced during the festive season. Excessive expenditure could empty finances.
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Listed below are some smart tricks that help you reduce overspending.
Before going to malls and spending big bucks, look for other options like online shopping. Online shopping is convenient and there’s no hassle of going around from shop to shop. These e-commerce sites offer huge discounts on clothes and home appliances. It saves time and also minimizes expenditure on transport and food that we often spend on our visits to malls. Paying through e-wallets helps save more money as you enjoy cash backs and other exciting offers, tossed by retailers through tie-ups.
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Before the festive season starts, make sure to set a budget and keep funds aside, that you can use on shopping. Consider all the expenses during festivals like shopping, buying gifts, travel, expenditures and so on. When you already have a budget set aside, there will be limited options to overspend. Prepare a list of items that you want to purchase. Plan ahead, create a shopping list and assign a budget to stay on track. This will ensure you do not shop for items impulsively.
During festivals, banks offer loans and various credit facilities to help finance festive expenditure. These services include personal loans, zero percent loan and easy EMI services. You might avail these loans for big ticket purchases like electronic goods or vehicles. However, these deals can be very tricky as they might attract you to spend more than the budget. Always choose loans carefully considering your current finances. Before applying for loans, determine the amounts that you can pay easily.
If you intend to borrow a small amount, consider paying through credit cards. You can earn cash backs and reward points on credit card purchases. You can also convert them into easy monthly installments (EMIs). However, consider paying back your credit card dues in time, else they might attract a heavy interest.
Stay in touch with newspapers and social media channels. By following them, you will always stay updated with the latest discounts and offers. Some online aggregators and retail stores offers huge discounts during festivals like Diwali offers and Independence Day sales.
Before you zero in on an item, compare prices available on these websites and stores on festival days. If it is a big ticket purchase, look for cost effective deals in stores and even online. With highly competitive pricing, you will be able to save a good amount of money on your big ticket purchases this festive season.
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Gift cards are the best gifting options, in case you have no clue on what to gift someone. There are various websites through which you can purchase these gift cards and gift them to someone. These come in handy during festive gifting, especially while gifting relatives and kids. These gift cards are generated online through shopping apps. You can generate a gift card by paying for the same through e wallets or online banking. You can budget gifting expenditure as well as earn cash backs using e-wallets.
It does take some time and effort to plan festive expenditures. However a little planning will help shop with focus and you can stay financially afloat during the festivals. Try some of these shopping hacks this festive season to save some money and shop without worry.
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