Diwali is almost here and we are super excited to celebrate with full zeal and fervor. We all celebrate it with a full heart to bring happiness & life to the entire family. This is one festival where all the family members take leaves & come together to shop & gift. So, this is exactly the time you should ask yourself questions about how financially secure are you this festive season? Do you have a budget planned yet?
Every celebration comes at a price and Diwali being the king of Festivities. It takes a toll on the overall financial budget of salaried & under employed. We actually have numerous things to do on the day of Diwali buying gifts, welcoming guests, getting home appliances, painting & denting, etc. All of these things cost a hoopla chunk of money. Besides you out up lights, burst crackers, and what not. So basically Diwali is an extensive affair comes with lots of expenses. This is exactly why it’s important to pre plan your finances to enjoy the festival with grandeur and joy. Festivals must be celebrated stress-free.
Below are the pointers to follow and plan your finances effectively on Diwali:
- Create a Budget: working on a budget is the very basic of starting an investment of any kind or easy management of expenses. Creating a budget will keep your expenses and spending under control. A budget helps to keep you stress-free and take prudent decisions. So this Diwali, do it as a must and stick by it. Check how much money you have and plan according to that. Make a composite list of items to check whether they can be spent or not. The idea should be to save as much as you can.
- Plan your finances according to your monthly income: Typically, we set up a particular budget and then forget to follow it religiously. Though, our intentions are clear but our day to day busy life refuses to keep up. And this way we end up spending a lot more. So stay extra cautious about your expenses.
- Stay Away from Credit Card:When we have a long list of purchases to do without enough income, we tend to resort to credit cards. They seem to be the fastest payment alternative available in the financial market. But this is what you must try to avoid as much as possible. A personal credit card must be used only under emergencies not otherwise. We usually go brash while using a credit card with an attitude to repay at a later time. But we fail to realise that we must be prepared to pay these installments back also. The month for payments never really arrives and you keep shelling out more and more. This is surely lethal for your future financials.
- Do not go on shopping spree: Diwali season is ideal for big brands & business houses to run lucrative advertisements & campaigns to attract more & more people to shop. This eventually results into bumper profits for the business & customers like us spend endlessly. All the festive offers are an attempt to rip customers off in the name of discounts & concessions. Essentially, this is one thing you must avoid indulging into. People should ideally pre-plan their finances and then make their purchases during the festive season.
- Both save and invest this Diwali: There’s no doubt that Diwali is the festival of celebrations and lights, but there should be a part of savings also. This will include investments also for a positive impact on your bank balance. Even on the occasion of Dhanteras, our older generations recommended to invest in gold, silver, etc. Look for suitable investment options through mutual funds or portfolio diversification.
Follow the above pointers to manage finances effectively and celebrate Diwali 100% stress-free. Enjoy your festival freely with friends and family and spare credit purchases and borrowings.