SUMMARY – We like to have a good time during festivals and yes we should enjoy; but the bottom line to remember is keeping expenses under control. This will help to keep the financial plan intact and save you from stress post the festivities as well. Enjoy!

It is the festive season.  We like to go all out during festivals like Diwali, New Year and Christmas so that we have fond memories. But step back and think about how much you will spend and whether your spending could lead to financial burden. Just like for everything else, planning is the first and most important step. List down the expenses much in advance. This will help you to know how much you can afford and will act as a check so that you do not spend unnecessarily. We have some tips here so that your finances are intact post the festivals.

Buy during discount periods and sales – Make a list of what you want to buy much before the festive season starts. This will help you space out your purchases and you can buy when interesting offers are available in the shops. Most shops have discounts, offers and sale offers going on just before/during the festivals’ time. Make use of these offers and ensure that you buy only as per the list you have and not because some item is on sale or has an offer. This will help you save money and keep you away from unnecessary spending.

Say ‘no’ to Gambling – Gambling is a favourite ritual during the festive season. If you really have to play to follow tradition, keep the gambling round short and the stakes low. Stick to the rules you have laid down.

Decorations and Gifts – There are  fancy decorations available in the market to lure us. You should check what you had bought last time around and reuse some of the stuff. You can go creative and have some DIY (do it yourself) decorations. This could also be a fun family activity. For example, rangolis done by the family together is the best and most beautiful decoration compared to any fancy stuff available in the shops.
We like to shower love and affection to our near and dear ones by splurging on gifts. This can prove to be a costly affair. List out the people whom you want to give gifts. Decide on the items to give much before the festive season and keep an eye for special offers so that you need not buy it at the last minute when no offers/discounts may be available. Compare prices for the items on online stores as well. Many special deals are always available online.

Office Diwali/Christmas Party – If you have an office or a business where you throw Diwali or Christmas parties, think of ways to cut down on expenses.  Many MNCs are taking that route to cut costs anyways. For example, you can do a potluck lunch in the office instead of ordering food from outside. Instead of getting gifts for everyone in the office for Christmas, each employee can become a Secret Santa for another and get a gift. These things will also help team building.
If there is no escaping from buying gifts and throwing an office party, plan for such activities beforehand. You can buy in bulk so that you will get better prices. You can buy from online stores (it could be a cost effective option).  You can reserve party places well in advance and get a discount.

Holiday Travels – We also plan vacations during the festive season. It is advisable to plan these well in advance and make reservations at least 2-3 months before as the prices of flights, accommodation etc. rise as the festive season nears.