Festive season around the corner; here are 5 tips to be money wise

With the festive season around the corner, several e-retailers such as Amazon, Flipkart are gearing up to offer the best deal to consumers. While consumers must be set to go on a shopping spree to celebrate the spirit of the festival, it’s not right to just jump the gun and spend mindlessly. Rather, it’s imperative that consumers go for value purchasing.

It’s vital to create and stick to a budget while shopping during the festive season. With many e-commerce merchants offering festive deals, consumers have a number of options to choose from.

However, it’s not right to go on overspending, experts say.

Another thing to keep in mind is taking advantage of the various digital payment modes that offer convenience and the best benefits for consumers.

"Consumers should always go for a stress-free and rewarding experience,” said Nityanand Sharma, CEO and co-founder, Simpl.

Satyen Kothari, founder and CEO, Cube Wealth said that consumers should shop for needs first and then go for wants.

“Reduce wants by a small percentage - say 20 percent and invest that money. This way consumers will not deprive themselves of the joy of shopping, but at the same time, they would be investing for future too," he said.

Experts also advise consumers to buy goods having great utility and durability. For example, the purchase of electronic items will hold significance since a lot of work now happens through their effective usage.

Frivolous expenses that would otherwise happen on items during these festive times can be avoided.

A lot of people even spend on otherwise useless purchases as everybody around them is doing so. However, experts tell that one shouldn't spend just because others are spending.