Outlook Money
Shopping during festive seasons can put a strain on savings, especially with retailers offering tempting deals. But with thoughtful planning and strategic spending, bigger purchases can be made without draining hard-earned money.
One can start by examining the current financial status. Determining how much you can reasonably spend on significant holiday goods while still covering basic costs can be helpful. Creating a budget helps avoid overpaying and prioritizing requirements.
Saving for festive purchases well in advance is a good strategy to save money. For this, one can allocate a portion of monthly income to a dedicated savings account for these expenses. This approach helps minimize the temptation to use emergency funds or rely on credit cards.
By keeping track of festival promotions and deals, one can make a list of items wanting to purchase and compare prices at various stores. By planning shopping around sales events, savings can be maximized.
Impulsive purchases should be avoided during festivals. One should follow a well-stated budget and shopping list to avoid this. This can help in staying within budget and lessen buyer's regret.
For significant purchases, take advantage of the no-cost EMI options available through credit cards. This enables splitting the total amount into manageable monthly instalments without incurring interest charges.