Money saving tips for the festive season

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Updated: November 01, 2021 6:50 PM

With personal loans so readily available nowadays, it is okay to borrow if there is a requirement but make sure you do not take on more debt than you can service. Keep in mind not to exhaust your purchasing power and stay within the budget.

festival buying, Covid-19 pandemic, loans, digital lending, festive season, Amazon, Flipkart, Smart money moves, debt-free, festival season, festive budget, Diwali shopping, credit card, financial planning, intelligent tips on financial planning, New Year, 2021, investment portfolio, debt repayment plan, credit score, emergency fund, stock market investment,No one will remember that shiny new toy you bought the previous week. Instead, let that money go to some less glamorous investment instrument.

Advertising has always been around but the advent of social media has truly escalated impulsive buying to an unbelievable level. Constant posts about people holidaying, buying that new car, that new phone and all this above and beyond the general ads in between such posts. This is known as Social Media Consumerism.

“Your mind needs to take a break so take this holiday season to spend even more time away from social media and at least not make purchases that lose value quickly, such as electronics,” says Anshuman Narain, Vice President, CashBean, PC Financial Services.

He further adds, “No one will remember that shiny new toy you bought the previous week. Instead, let that money go to some less glamorous investment instrument.”

Industry experts say the festive season is the time to be extremely prudent about one’s spending and focus on creating a discipline for oneself – One should avoid making purchases unless he/she truly needs that product to function.

Gaurav Jalan, CEO and Founder, mPokket says, “It is extremely important to set a budget and then work backwards. One could also utilize the offers on e-commerce platforms and the money-saving deals available on quality products.”

Additionally, experts point out, people should refrain from going to high-end shops, where they may get lured to purchase items, not on their list. Coupons or loyalty cards could also be an option for gifting and will ensure that you are spending within your budget.

Most financial institutions also offer discounts, rebates, and no-cost EMIs on both credit cards and debit cards as well during the festive season. You can check the promotions section of your bank’s website to find out which e-retailers and outlets do they offer such discounts with.

Credit cards can be lifesaving during the holiday season and experts say can also help improve your credit score, at the same time helping you collect reward points that you can later redeem.

Jalan of mPokket says, “With personal loans so readily available nowadays, it is okay to borrow if there is a requirement but make sure you do not take on more debt than you can service. One should keep in mind not to exhaust one’s purchasing power and stay within the budget.”

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