India is also referred to as the land of festivals, and this is absolutely true. There are festivals of every season, every region and every tradition. Every event is not a regular one, but rather full of traditions, ceremonies, florals, and visitors, as well as much celebration. Who does not like to have a nice meal with family and friends, exchange presents and have fun?
Behind all this happiness, though, there is a fact the cost of festivals. We will often find when the festivals are over how much they have reduced the amount of money in our pockets. And more than that, we are left with the budget in a mess the whole month because most of the time we have to borrow money to cover the basic needs. The actual issue is that there is no planning and savings. When we plan the festivals well in advance, then we will never lack in the joy and we will not have any financial concerns.
What makes festivals spending more?
Increased spending in festivals has numerous causes. When these are comprehended, a half of the problem is automatically solved.
1.Impulse Buying
Sales, offers and discounts are around during festivals. The eye-catching deals such as online and offline shopping make citizens purchase without thinking. Impulse buying, which means going out to the stores without a shopping list, is a way of spending more money.
2.Not Making a Budget
Most individuals do not plan their festive costs independently although they have a monthly budget to cater to household expenses. The outcome of this is that the money is squandered which results in future troubles.
3.Ignoring Small Expenses
People usually focus on big spending such as jewelry or other electronics but frequent food requests, ornaments, or other minor gifts will end up being a huge cost. This is the cost that you do not see immediately that empties your wallet.
4.Excessive Credit Card Use
Using credit cards to shop appears not very demanding since the cash is not stolen. This is why people overspend. It has been found that expenditure is tentative in cases where you have to pay immediately, but credit cards do not make you feel the pain of payment.
5 Lack of Savings Habit
Without the habit of saving on a regular basis, it will be hard to cover the additional cost of the holidays. This may result in borrowing which may prove to be a big burden in the future.
6.The Social Media and the Pressure to Show Off.
Nowadays, a lot of individuals begin comparing themselves to other people after viewing them on social media. The mindset, such as, he brought us such a nice gift, we should give him one, his house is well decorated, we should give him the same, etc., adds more spending to the budget. This quest to flaunt can empty your purse.
The 7Easy Ways to save during the Festivals.
A bit of knowledge and planning makes it possible to control spending during the festivals. Let’s explore some easy tips:
1.Create a Festival Budget
The first step is to save the monthly basic costs (rent, bills, groceries, etc.). Next, calculate a budget on a festival with the rest of the money – gifts, decorations, clothing, food, etc. In case the budget is more than the standard, minimize unnecessary things.
2.Elaborate Family Expectations.
Ask every member of the family to write a list of their favorites and needs and prioritize them. You can not make everybody happy, but two or three things most important will guarantee the happiness and leave the budget safe.
3.Intelligent Discount and Offers.
Write a list of shopping and adhere to it during the festival. Development marketing E-commerce sites have the tendency to give deals that can be exploited. However, keep in mind – don’t purchase something you do not really need.
4.Stay Away from Credit Cards
No-cost EMI and Buy now Pay later plans might appear attractive in the event of festivals but in the long run, they can get one into a debt trap. The best method is to pay using cash or debit cards so as to save needless spending.
5.Have a Home Party
Rather than having a party in a restaurant or a hotel, have a small get-together at home. This is not only going to cut down the costs, but is also going to make home much warmer and familiar.
6.Create Your own Decoration and Gifts.
Festivals also require a lot of money used on decorations and gifts. When you have some spare time, you may make DIY (Do It Yourself) decorations and gifts. They will be cheap and warm to the heart since they are produced with your own sweat.
7.Develop a Saving Habit
Festivals do not just appear out of the blue and their time is scheduled. You will not be forced to scramble to get money at the last minute since you can save a little money every month, and build a festival fund.
Conclusion
Festivals are part and parcel of our lives, and the stress of spending should not spoil its happiness. You can also have the holidays and save your money with proper planning, shopping, and a bit of saving.
Keep in mind – festivals are not only about performances and ostentatious presents, but also about being with the loved ones. Spending money in celebrations will only make the festival happier, and not leave your wallet unprotected.
