Exchanging gifts, buying something new for our loved ones and our homes are part of the festivities. But, often times, people end up overdoing it, which can impact other financial goals.
Here are the three things you can do to avoid overspending during festival season:
Make a budget: First, make your gift lists and budget. A simple math will tell you how much you can spend, and as a result, it becomes very easy to decide how much to spend on each item, said Shweta Jain, Certified Financial Planner, Founder of Investography, and author of My Conversations with Money.
âNow, if the gifts are only for family members, you can decide if you want to spend it all on clothes, gifts, toys, house, etc. “
Even so, keep a budget handy so you don’t overspend on items you don’t need. Make reasonable buying options.
Keep an eye on your favorite brands: It’s actually a very effective way to keep your expenses within budget.
âTrack which brands you want to buy because there are lots of discounts for festivals,â Jain said. Outside of festival season, several brands also have discounts at other times of the year. shopping during these times for festival purposes can help you save a parcel.
âBut it’s important to stay on budget and on schedule,â Jain added. Since the prices are low, we often overbuy on the basis of “value for money”. This should be avoided at all costs.
Save room for a tampon: âWe tend to overspend and then feel guilty. Festivals are all about having fun, “Jain said, adding,” So there is no need to feel guilty for spending too much money at this time of year. “
The best way to solve this problem, Jain explained, keep a 20% margin in your budget so that even if you overspend, it doesn’t affect your lifestyle or other goals.
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