As festive sales return with Independence Day, Raksha Bandhan, and Ganesh Chaturthi approaching, shoppers are again presented with attractive offers. With deals popping up everywhere, it’s the perfect opportunity to make those long-awaited purchases. To help you maximize these offers, here are six tips to ensure you shop smartly and efficiently.
Here are six key factors to consider before making any purchases:
Maximize Credit Card Rewards and Benefits
Festive sales are an ideal time to redeem those accumulated credit card points before they expire. Don’t let them go to waste, use them wisely. Additionally, take full advantage of your credit card’s rewards programs and benefits. Many cards offer cashback or instant discounts when shopping with partnered merchants.
Compare Before You Buy
Avoid making hasty purchases by exploring your options. Prices can vary significantly, so it’s wise to shop around. Online shopping offers convenience and potential savings, but always check reviews and return policies before deciding. If you’re shopping in-store, remember that you might be able to negotiate a better price.
Hunt for Discounts and Deals
During the festive season, retailers often roll out special promotions and discounts. Stay alert to these deals, but don’t let them pressure you into buying items you don’t need. Subscribing to newsletters and following your favourite stores on social media can help you stay informed about upcoming sales.
Be Cautious with ‘Buy Now, Pay Later’ Schemes
‘Buy Now, Pay Later’ (BNPL) schemes offer a tempting way to defer payments, but they come with risks. These schemes, essentially short-term loans from fintech companies, often include additional discounts and loyalty perks. Although most BNPL options provide an interest-free period of 14 to 45 days, some EMI plans may incur extra interest charges. It’s crucial to ensure you have the funds ready for repayment when the bill is due to avoid financial strain.
Explore the Shopping Offers
Festive sales come with a variety of promotional offers, from “Buy Two, Get One Free” deals to cashback and bundled freebies with big-ticket purchases. It’s important to thoroughly understand these offers before purchasing to ensure you’re truly getting value for your money. Verify if deep discounts apply to older models of consumer electronics or outdated clothing lines intended to clear out inventory.
Create a Budget and Plan to Avoid Impulse Buying
To make the most of your festive buying create a budget and track your costs ideally restricting festive spending to less than 5 per cent of your monthly earnings. To minimize impulsive buying and overpaying plan your purchases ahead of time. This technique allows you to look for the greatest offers while still ensuring that you have cash set aside for important needs such as loan EMIs and rent.
