Outlook Money
All festivals bring with them the fun and excitement that sometimes come with huge spending. From gifts to decorations, and from feast to travel, the festival certainly leaves a dent in finances. So, a post-festival detox can help get back on track and make sure financial well-being is recovered in the following weeks.
One must take an inventory of the money spent by categories of goods during the festival to better understand where money is being spent. This can help as a part of the detox process.
For a couple of weeks after a festival, one can cut expenses temporarily which will help counter the festive expenditure. One can adopt a post-festival budget that stresses essential expenditures and restraints non-essential expenditures like eating out.
Paying off the debt of a credit card as soon as the festival ends is a good option or the card will have interest rates, making the debt harder to pay off. A chunk of savings should be used to pay off the debt.
Emergency savings can be of much help at the time of festivals, as savings get affected otherwise. With this one can have peace of mind on future unexpected expenses.
Designate a festival fund and every month set aside a small amount. By the time the festival season comes around, one will have a tidy sum saved up, reducing the financial strain associated with festivals.