Diwali is round the corner and most of you must be expecting a Diwali Bonus. While bonuses do bring immense joy, but during the festive season this joy is usually short lived as the money gets spent as soon as it comes. it’s ok to sometimes get swayed by heavy discounts and other alluring Diwali offers but it’s important to know when to stop the buying frenzy. To avoid financial woes in the later months, here are some practical tips that will help you avoid splurging during the festive season:
Tip 1# List-down Your Diwali Expenses
Around Diwali, a host of offers and discounts are available on various products. Due to this, people often end up indulging in unplanned expenses. Such unplanned expenses can disturb your monthly household budget. Before you end up being debt ridden, it is important that you control your expenses. To do so, list-down your Diwali expenses and prepare a budget accordingly.
When listing down the expenses, we tend to include only the fixed expenditures. Ensure that you also consider miscellaneous expenses such as travelling expenses, lunches and dinners during this time with friends and family. Listing the fixed, flexible and miscellaneous expenses will help you prepare your Diwali budget better. The budget that you will fix now will further set a limit to your expenditures and help you to assess and monitor your expenses.
Tip 2# Prepare a Diwali Shopping List
Indians have a set ritual of doing a lot of shopping on every festival. However, before you spend your hard-earned money mindlessly, prepare a Diwali shopping list. Every item, be it jewellery, new car, clothes, home décor items, sweets, fireworks or any other product that you’re likely to buy for Diwali should be included in your list.
Once the list is prepared, ensure that it lists down only those items that are required. Identify the items that you really require in that month and eliminate the ones that seem unimportant. A well-prepared shopping list will help you stay within the budget and prevent you from being an impulsive shopper.
Tip 3# Make Use of Diwali Offers
Around Diwali, a lot of stores and brands offer exciting offers and discounts. When shopping, make good use of these offers as they will help you save money. If you’re planning to buy electronics or appliances then compare their discounted rates offered at different stores and buy from where you get the best deal. You will also come across exchange offers on various products such as refrigerators and television sets. Such exchange offers are a great opportunity to exchange your old and useless T.V. or cookware for new.
You can keep a tab on various deals offered daily in the newspapers, online, and T.V. ads and make a good use of them wherever required. While the Diwali offers are quite irresistible, make sure that you don’t get swayed during shopping. Your purchases should be driven by necessity rather than sale and discounts.
Tip 4# Keep an Eye for Festive Loan Offers
On Diwali, people welcome wealth and prosperity into their homes. Therefore, buying gold and other expensive items such as a new house or a car during this festive season is considered to be auspicious. If you’re planning to buy a car or a house, this is the great season to do so as a lot of banks offer great deals on various types of loans such as car loans and home loans.
By backing your pocket-crunching expenses with loans, you will save a huge chunk of your money, which you can invest, add in your emergency fund or use it for other purposes. Since a lot of banks will be offering attractive deals on loans and credit cards, therefore you must do your research before taking up a loan.
Tip 5# Bargain Wherever You Can
Bargaining is an art and for some it is a sole reason that makes shopping fun. Besides, it is also an effective way to save money. Although negotiating requires a lot of practice, there is no harm in trying. If you’re new to bargaining, here are a few tips for your help:
- Not All Places are for Bargaining
Places such as malls or shopping marts are not ideal for bargaining. However, a local open market like in your nearby has a lot of potential for bargaining.
- Don’t Show Fondness Over the Item You Want to Buy
The dealer will have an upper hand during the negotiation if he/she happens to know your fondness for the item. They will know that since you like the item you won’t haggle much on its price.
- Start Negotiating 30 Percent Lower than the Actual Price
The dealer will not be interested in negotiating if you will hack off 50 percent of the actual price of the item. Instead, start negotiating at 25 or 30 percent of the actual price to get a good deal.
- Be Ready to Walk Away
At times, you can get the best deal when the dealer knows that you’re ready to walk away. Although it is a risky move but the moment you walk away, the dealer loses a sale, which he/she wouldn’t want and thus give in to your request.
Tip 6# Reuse and Recycle
If you want to save money and put your Diwali bonus to a better use, you must reuse and recycle things that you already have at home. You can start by reusing the decorative items available at home such as diyas, candles, old fabrics and much more.
The diyas that you had bought last Diwali can be repainted to give them a new look. The left-out candles can be melted to make a new one. Similarly, old cotton sarees can be used to make new cushion covers or even suits. Take help from your family, friends and Google to find some more innovative ideas that will help you save money without hampering the festive spirit.
Tip 7# Do-it-yourself
Festivals are the best time to bring out your creative side to a good use. Through DIY (Do-it-yourself) projects you can make innumerable things for decorating your house while saving money. Instead of buying expensive flowers, candles, vases, lamps from stores and online portals, make them at home.
There are various DIY videos on the internet through which you can get new ideas and learn easy ways to make hand-made wall pieces, candles, lamps, vases and various other crafts and items to decorate your home. Similarly, instead of buying readymade sweets from stores, you can prepare them at home for gifting to your friends and relatives.