The festive season is a time of joy, celebration, and, of course, shopping. It’s a time for families to come together, exchange gifts, decorate our homes, and have a good time. However, with all the excitement, it’s easy to overspend and find yourself grappling with post-festive season financial stress.
To ensure that you make the most of your budget during this festive season, here are 11 tips and tricks:
The first step to smart festive shopping is setting a budget. Fix what you can comfortably spend without compromising your financial stability. This budget will be your guiding light to prevent impulsive purchases. Remember – you have lots of different financial responsibilities outside this season.
Make a Shopping List
Create a comprehensive shopping list that includes gifts, decorations, and any other essentials. Stick to your list to avoid unnecessary purchases, and you’ll be less likely to go over budget. You don’t want to end the happy season and start a new year with financial stress.
Also Read: How to plan your year-end vacation wisely and save money
Compare Prices
Is it cheaper offline or online? In an earlier era, it was cheaper online. Today, that may no longer be the case. The store on the street has smartened up and will want to be competitively priced. Take a moment to compare prices of the items you’re trying to buy, especially the big-ticket ones. Don’t rush into online offers if something may be cheaper in the store.
Utilize Cashback and Rewards
Many credit cards offer cashback and rewards programs. Check your card’s terms and conditions to see if you can earn cashback or rewards on festive season purchases. This can help you save money or earn points for future spending. Many cards offer accelerated rewards on select brands, which make your purchases cheaper.
No-Cost EMIs on Credit Cards
One of the ways to shop smartly during the festive season is to leverage the no-cost EMI option on your credit card. Many credit card companies offer this facility, which allows you to convert your high-value purchases into easy monthly instalments with zero interest. It’s a great way to spread the cost of your festive shopping without incurring additional costs. Furthermore, you won’t need additional personal loans or consumer durable loans because the capability is built on your card and available to you at no additional cost.
DIY Gifts and Decorations
Not all gifts need to be purchased. Consider handcrafting your own gifts or decorations. Handmade gifts have a personal touch and so will be considered more precious than store-bought ones. It’s also a fun, relaxing exercise for you in your spare time.
Use Coupons and Promo Codes
Before making any online purchase, search for coupons and promo codes. There are many websites and apps dedicated to discounts and deals. They provide exclusive codes that can help you save on your shopping. Check with your credit card provider as well because they will create incentives for you to flip out your card for a big-ticket spend.
Shop Early
Avoid the last-minute rush because peak costs can deplete your budget fast and leave you with a dissatisfactory shopping experience. Start your festive shopping early, and you’ll have the time to find the best deals, explore all available options, and take advantage of the most favourable discounts.
Loyalty Programs & Rewards
If you’re a member of loyalty programs at your favourite stores, this is the perfect time to cash in on your rewards and accumulated points. Some stores offer special discounts or early access to sales for their loyal customers. Secondly, reward programs are also available on your credit and debit cards. If you’ve been accumulating points or are eligible for offers, ensure you encash them.
Set Price Alerts
Use price tracking tools or apps to set alerts for specific items you want to purchase. These tools will notify you when the price of the product drops, allowing you to buy it at the best possible price.
Avoid Impulse Buying
Festive displays and enticing promotions can lead to bad decisions and impulse purchases. But remember to stick to your shopping list and your budget. Avoid adding items to your cart that you didn’t plan to buy. If you really want to buy something unplanned, let the purchase pass a 24-hour test. If after 24 hours you still feel strongly about the purchase, do it. But there’s a chance that in 24 hours, you’ll understand it’s not worth your money.
The festive season is a time to celebrate, and smart shopping can help you make the most of your budget. Remember to plan ahead, create a shopping list, compare prices, and utilize cashback and rewards from your credit card. No-cost EMIs are a convenient way to manage high-value purchases without interest charges.
With these festive shopping tips and tricks, you can enjoy the festivities without emptying your wallet. Happy shopping, and may your festive season be filled with joy and financial peace.
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