During the Festive season, we almost always go overboard with our spending which takes a toll on our savings. Our budget often gets tossed aside and it becomes difficult to take care of even everyday expenses. But why does this happen? Primarily, it boils down to two things – Not planning well and insufficient savings. With some smart money savings tips, such as checking multiple offers from platforms like Paisabazaar.com before making purchases, creating a budget and planning your expenses, you can smartly save on your festive expenses. Here are a few tips that can help you maximize your savings during this festive season:

Create a budget

The first step in managing your finances during this festive season is to create a budget. If you are planning to buy multiple things, it is important to set up a budget. List all your expenses, including gifts, decorations, travel & additional spends and assign a specific limit to each category. Create a budget and stick to it to maximize your savings. Smart budgeting not only helps you avoid overspending but also allows you to manage your expenses without any financial stress.

Look for deals, offers and discounts

Another way to save while shopping is by taking full advantage of all the relevant deals and offers available in the market. Shopping smartly for your favourite brands can save you a lot of money. During the festive season, most of the e-commerce brands offer discounts and promotions for a specific period of time, such as Flipkart’s Big Billion Days Sale or Amazon’s Great Indian Festival. But, don’t settle for the first offer you come across; instead, do some research. Compare prices online and check various e-commerce platforms to find the best deals. Look for additional promo codes and coupons to enhance your savings.

Use the Right Credit Card

Selecting the right credit card can significantly impact your savings. Many credit cards offer cashback, reward points or discounts across all categories while there are cards designed for a specific category. If you have multiple credit cards, choosing the one that best aligns with your expenses can help you maximize your savings. For instance, if you are making multiple online purchases, consider selecting a card that offers higher benefits on online shopping, instead of a card offering similar benefits across multiple categories. 

Plan your purchases in advance

Festivals come every year and you have ample time to plan your purchases in advance. Spur-of-the-moment shopping often leads to impulsive and unnecessary expenses. To avoid last-minute expenses and get the best deals as per your needs, make a list of what you need and stick to that list. Besides this, start managing your savings regularly to lessen your financial burden during the festive season. For instance, if you want, say, Rs. 50,000 to spend, you can plan it accordingly through monthly savings. 

Opt for EMI Options or Consumer durable loan

If you want to make a big-ticket purchase but fall short on finances, consider spreading the cost through Equated Monthly Installments (EMIs) or taking advantage of consumer durable loans. Many e-commerce brands often offer zero or low-interest EMI options during exclusive sales or deals. Opting for such options can help you manage your expenses more efficiently without straining your finances at the same time. You can conveniently repay the amount over a period of time without getting overburdened during the festive season.

By implementing the above-mentioned tips, you can save smartly during this festive season. With strict budgeting, smart shopping and correct planning, you can enjoy the festive season without worrying about other financial liabilities.