Worried about overspending this festive season? Don’t fret. Here’s how you can manage your finances without burning a hole in your pocket.
Spending a fortune, particularly during the festive season, is a woe we aren’t unbeknownst to. It is easy to get wrapped up in the festivities, letting your purse strings loose. This season, don’t cave in – ensure your budgeting plans don’t go astray.
Here are a few tips to plan a budget well ahead of time, so you can stop the festive stress before it even begins.
Before you begin, start with financial self-assessment. It’s important to know where you stand financially and then, figure out a budget that works for you. By setting a limit to all your spends and purchases, you can still enjoy the festive season without ending up in debt. When you are contemplating this amount, be sure that you only utilise the specific amount of money that you have set aside or any extra savings that you can find in your budget.
Festivals are all about letting loose and splurging a little. However, keep your long-term goals in mind before you make any hasty purchases. For instance, is it really worth splashing out on that cute pair of designer heels that you are, in all likelihood, going to wear about twice in the next year? Could you, perhaps, do without it or with something less expensive?
The answer here is to just stick to your budget!
Additional Reading: How To Improve Your Finances
For every small amount you spend, see if you can make an adjustment in your routine, day-to-day budget. A little goes a long way! Be it your morning cup of joe at your favourite neighbourhood Barista or a lazy brunch on a Saturday afternoon, sacrificing some of these luxuries will definitely help you in the long run.
Additional Reading: How The Kakeibo Way Of Budgeting Can Help You Save More
A well-thought handmade gift is always a better option than a store-bought, overpriced alternative. Saving up for big-ticket items can also ensure you don’t deplete your account. Trade an expensive gift for a custom handmade greeting card or scrapbook, perfect for reminiscing old memories and lighter on the pocket too. Although they might require you to break a sweat, they can yield a marginally higher budget boost.
Don’t bow down to pressure from relatives, friends, or social media. You don’t have to keep up with the Joneses and the Janardhans. Your festive spending should align with your income, daily expenses, and future financial goals. Once you’ve established a budget, compare costs, and get a clearer picture.
Use an expense tracker to help you figure out where you’ll spend overall. Today, tracking where you spend your money is easier than ever with your smartphone. Well, what are you waiting for? Download the BankBazaar Mobile App that takes all the work out of saving here!
Even after meticulous planning, you’ll be surprised by all the unforeseen costs and expenses that might pop up. Allocate 10% of your budget to cover these costs so there are no surprises after all the festivities. It also gives some room to indulge as well! There, we said it!
Also, if you shop using a Credit Card, you can avail added discounts, cashback, and other rewards. For instance, with Finbooster, the lifetime-free YES BANK – BankBazaar Co-branded Credit Card, you can get up to 10 reward points for every Rs. 200 spent on online dining, online grocery and online apparel shopping and convert those reward points to currency that is credited to your savings account. Smart, isn’t it? Check your eligibility here. You may be pre-approved and can apply 100% online without any income documents.
In closing, do not let poorly managed finances rob the fun out of this special time with friends and family. With just some thoughtful planning, your festive spending won’t become a lasting headache.
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