Diwali is a season where not many people would think twice before spending that extra bit even as expenses pile up weeks in advance and spill over to the days preceding the festival, which might pinch your pockets. Especially, when we talk about last minute shopping, there are high chances of you going overboard, which could result in exceeding your budget.
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So, if you are one of those who is all geared up for last minute shopping this Diwali, you need to keep some personal finance rules in mind to make sure that your financial health is not disturbed during the festive period.
Follow these tips to stay financially sound during Diwali
Make a checklist
Start by making a checklist of the purchases that you need to make. Revisit the list and tone it down to include only items that are needed, said Anil Pinapala, CEO and Founder of Vivifi India Finance while talking to CNBC-TV18.com,
"Adhere to the list and budget you have set. This way you can shield yourself from overspending and overshooting your overall budget at the last moment.” he said.
If you are someone who indulges in impulse shopping, setting aside a portion of the money from your festive budget in advance, can be a great way to fund any rushed eleventh-hour Diwali shopping or miscellaneous expenses.
Avoid unplanned shopping
When you visit markets or malls, the incredible discounts can persuade you to buy items that appear fantastic but have little use or gifting value. So, you should always buy what you need and avoid purchasing what you want.
Use credit options wisely
If you have exhausted your funds and are left with a pending shopping list, you can opt for credit options but only after accurately assessing your needs and borrowing appetite. There are chances of you getting into the festive mood and taking up more debt at the last moment than you can manage, experts say.
It's vital to remember that financing products have interest rates and other associated costs that could make the timely EMI payment challenging. Take advantage of different payment modes.
Another thing to keep in mind is taking advantage of the various digital payment modes that offer the most convenience and bang for consumers’ bucks. You should always go for a stress-free and rewarding experience even if its the last minute shopping.
Resist peer pressure
A lot of people even spend on otherwise useless purchases as everybody around them is doing so. However, experts tell that you shouldn't spend just because others are spending.
Also read | 5 credit cards to explore this festive season
(Edited by : Jerome Anthony)
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