During the festivities, it can be very simple to indulge in excessive purchasing. With large discounts being offered by stores and mega sales happening left and right, it can be quite difficult to resist the impulse to go shopping. While it goes without saying that you will spend more money during festivals, it is equally necessary to prepare and keep track of your funds in order to avoid future financial difficulties. The secret is to budget your expenses in advance.
Here are 5 tips on how to spend money wisely during festivities.
- Pre-plan and Make a Budget
Make a budget to keep your spending under control so you don’t feel anxious afterwards. While it is natural to spend much more than usual over the holiday season, sticking to a budget might help you avoid excessive costs. You can use this exercise to determine whether your overall spending is reasonable and how much you can give up. Setting a budget gives you control over your spending and allows you to strategically plan your purchases. Make sure you stay under your budget, for instance, if you set it at 20,000 rupees, don’t go over the set limit.
- Track all your purchases
Making a budget is pretty simple, but sticking to it can be challenging when there are so many specials and discounts going on. Online payment solutions such as GooglePay, PayTM, and others are both beneficial and detrimental in this case. You occasionally forget to include something on your cost list when you practically pay for it. This can cause you to send more than the allotted amount. Therefore, it’s crucial that you either keep track of all your expenses in writing or use apps that alert you when you’ve reached your spending limit.
- Don’t go down the road of borrowing
This is yet another crucial consideration to keep from overspending. Don’t fall for it since you have to repay the money you borrow from the bank plus interest. It is preferable to use cash on hand to make purchases rather than credit that you will eventually have to pay back. Attempt to avoid programmes such as “buy now and pay later.” It is wiser to spend money you already have rather than incur debt that will cause problems in the future.
- Priorities the items you want to purchase
Setting priorities for your purchasing spree is essential. Select the products that are most crucial and buy those first. Then take into account items that are currently not necessary. We all know it can get tempting with the new and shiny items in the store but prioritising your purchases relieves you of future regret of overspending.
- Utilize the ongoing sales and offers
While it’s vital to restrain yourself from overspending during the discounts, these deals may enable you to get the things you need for less money. Therefore, before making purchases, shop around for the best deals, but only buy what is necessary rather than frivolously spend on things that are not necessary just because they are more affordable at that time.
So, these were the 5 essential tips for you to manage your expenses this festive season. Make a good strategy and follow it during this shopping season to prevent future financial hardship. Keep an eye on your spending, avoid impulsive purchases and check your budget frequently.