The festive season in India is a time of vibrant celebrations, rich cultural traditions, and spirited shopping sprees. As households prepare for a series of festivals, the atmosphere across marketplaces—both online and in-store—becomes lively, offering ample opportunities for shopping enthusiasts to dive into seasonal sales and offers.
However, with this excitement comes the need for mindful spending. While the allure of discounts and seasonal deals is hard to resist, it’s essential to budget wisely and make informed purchasing decisions, especially while shopping with credit cards. No need to say there is need for balancing the festive shopping frenzy with financial prudence, so that you are able to enjoy the season’s spirit without letting your finances take a backseat.
Hariom Seth, Founder, Tagglabs, says during this time of year, individuals tend to indulge in shopping due to the multitude of sales and events that occur throughout the season. However, rather than hastily attempting to participate in numerous sales, it may be more prudent to spread out your purchases in accordance with your budget over the course of the season.
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“It is advisable to utilize available applications to monitor prices and make purchases at the most advantageous times. Additionally, you might consider employing automatic payment systems that can manage the amounts owed on each credit card, thereby minimizing the risk of overlooking any debts. Ultimately, the essence of these occasions, which is intended to enhance one’s financial well-being, should not be leveraged to create financial strain in the months following the events,” he advises.
Siddharth Maurya, Founder & Managing Director of Vibhavangal Anukulakara Private Limited, has similar views. “India’s festival season stands out due to the extensive shopping opportunities available, featuring numerous sales both in physical stores and online. It is prudent to allocate a budget that accommodates various festivals and events during this period. One should be cautious, as frequent small purchases during shopping sprees can accumulate into significant debts. It is advisable to plan your expenditures carefully, investing only minimal amounts when feasible to achieve your goals, while remaining vigilant against misleading advertisements that promise low prices or rapid returns,” he says.
The potential for generating income during the festive season creates a bustling atmosphere across all marketplaces in India. Whether it involves purchasing a festive outfit, refreshing one’s home, or filling stockings with gifts, it is advisable to acquire items at fixed prices to conserve funds rather than succumbing to inflated advertising costs.
“The festive season often entails significant expenditures, thus establishing a dedicated budget is essential. It is crucial to monitor all payment methods, including UPI, credit cards, and cash, to keep track of spending. Understanding that the true spirit of the season revolves around love and relationships, rather than excessive credit card usage, is of utmost importance. The challenge lies in balancing cultural obligations and personal expectations while adhering to a budget,” says Abhishek Tiwari, Global Business Head, NetSetGo Media.
Thus, effectively managing your finances during the festive season is essential to avoid accumulating credit card debt. You should begin by establishing a detailed budget that encompasses all possible expenditures, including gifts and travel costs. By planning your purchases ahead of time, you can reduce impulsive spending and take advantage of the best prices through price comparisons.
Bankbazaar advises people to utilize their credit cards judiciously by ensuring that they pay off the full balance each month. “It is important to view credit cards as financial tools rather than as a means of support. Take advantage of rewards and cashback promotions available during this time to optimize your spending. Reducing the number of credit cards you use can make it easier to monitor your expenses and minimize any potential confusion,” it says.
Finally, consider setting up spending alerts via your banking applications to help manage your budget effectively. By adhering to these guidelines, you can partake in the festive celebrations without the stress of financial debt.
