Six tips to better plan your festive season spending

“Set a budget and make a list of everyone you need to buy gifts for. If you plan purchases well in advance, you are less likely to overspend out of desperation,” Ekambaram told CNBC-TV18.com.

It's crucial to accurately assess your needs and borrowing appetite. Don’t get carried away by alluring discounts or the holiday mood and end up with more debt than you can manage because financing products have interest rates and other associated costs that could make the timely EMI payment challenging.

According to Ekambaram, it's better to allocate capital appropriately for needs, wants, and savings.

"This will allow you to determine how much financing you receive will play a part in expenses," he said.

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.

Numerous financing options can be tailored to different borrowers’ needs.

"Considerations including tenure, amount, and interest rates must be taken into account. Various products, such as small ticket size loans, can be used for minor needs or crises. Online purchase loans and Buy Now Pay Later (BNPL) have become popular financing options for many borrowers since they are convenient," Ekambaram told CNBC-TV18.com.

Given that there are numerous options for financing products and lenders, you should always analyse the various possibilities available for your particular financing needs.

While comparing digital lenders, you should take into account factors like their credibility, product offers, interest rates, and whether their products include any hidden fees.

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.