Look Out for your Finances this Festive Season

Like every year, the festive season is almost here and it is the time when everyone celebrates to the fullest. But in all the festive moods and celebrations, we tend to ignore our financial schedule, which is often regretted by almost all of us. Splurging to add to the cheer of the season is always fun and while it’s fine to do so, it’s also important to make sure we stay on track with our finances. During this period, you need to juggle both your daily expenses as well as your festive spending. Without an additional budget to fall back on, all the purchases you make during this period could take a strenuous toll on your regular finances as well as your savings.

It’s important to be prepared for emergencies – Resolving the problem of overspending during the festive season is not as easy as doubling your savings in the following months. Anything can happen, and extra finances are necessary to tackle any potential emergency.

When it’s all over, life goes on as usual – Even after the festive period ends, there will still be regular bills and loan repayments to see to. While you will be spending somewhat less than you did during the festivities, your holiday spending could put a dent in what you typically set aside to cover these expenses.

Travel Smart – Travelling to one’s hometown to be reunited with the extended family for celebrations can be costly and especially true for families with children. Finalize your travel plans ahead of time for better savings, or carpool if you know someone headed the same way.

Make, not buy your festive food – More often than not, preparing your own tidbits costs less than what you could end up spending on the ready-made meals from the restaurant. Using the rising cost of ingredients as an excuse, sellers often hike up prices of festive treats. And more importantly, nothing beats homemade snacks and meals on the festive occasions!

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Share the cost of the season – Before you begin stocking up on goodies and decorations, check if any friends or family are interested in making joint purchases. Buying in bulk could result in savings on your final cost. Planning this way helps you to be kinder to your finances, and you may even have leftovers from your budget at the end of the spending period.

Start your shopping early – This advice is bandied around pretty often but there’s truth in it, which is why it is so popular. There are various sale seasons that are up to throughout the year. Avoid the festive sales crowd and look out for clearance sales or price drops on things such as decorations and materials for making clothes so that you are able to purchase them quickly and tick them off your “To Buy” list long before the festive season rolls around.

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While it’s important to think about your finances around this time, having fun equally is important with your family. The young generation should know what each festival indicates and what the culture behind it is. Our festivals hold extreme importance in our country and we need to celebrate and rejoice it to the fullest.