It is easy to be lured by these offers. Here are 5 ways to make sure your personal finances do not go awry-
2) Make best use of offers – All companies, malls and online stores come up with schemes and offers. You should list down what you need to buy and watch out for offers in these products.
HP is offering benefits on HP Pavilion and HP Envy notebooks. Maruti Suzuki is offering cash discounts and exchange discounts on the petrol version of 8 of its models. LG Appliances have interesting offers on refrigerators, water purifiers and television sets.
Buy clothes, appliances, things that you NEED and not WANT. It will be nice if you send gifts to orphanages and old age homes rather than spending no more and more things for yourself.
Enjoy the festive season - follow a budget, spend quality time with friends and family and buy only what you need.
4) Spend Wisely – You can go on family vacations. You can spend money on workshops or training. You can invest in fun activities that you can participate in with friends and family. You can invest in good books, music and movies. You can use money to appreciate art and culture. You can add meaning to your life with such splurges rather than just consumerism.
5) Strengthen your financial plan – Many times, we are not able to follow the financial plan. We may allocate less funds to investments or we anticipate additional expenses. Revisit the financial plan and use some of the money you might have allocated to Diwali spending or the bonus to get the plan on track. Tweak your portfolio to optimise returns. In this way, even if there are any emergencies in the future, your financial plan will not be adversely affected. This will ensure your financial goals are on track.
Festivals are occasions of joy and happiness. But if you do not plan your finances and celebrate prudently, you can get into a financial mess. You will definitely feel more happy and positive if you had planned a Diwali budget and stayed within the budget. You will be content that you spent quality time with family and friends and did your bit for the community.