Diwali is coming and I am sure you have lots of clothes, gifts, and sweets to buy and the last thing you want to think about is your budget! But you also don’t want to have a painful Diwali debt when the festival is over. Here are some tips on how you can avoid lighting your wallet on fire this Diwali:
Make a Diwali list:
Lists are of great help during festivals. List out all your possible expenses from furnishings, clothes, decorative items and, sweets. Also, don’t forget any bonuses you have to give to your staff or help. Budgeting for this well in advance will help you not to exceed limits and you’ll remain disciplined with your spendings.
Ditch the mall and go online instead:
There are so many online sales during this time to safe you from a massive Diwali debt. With e-commerce just entering Indian markets each company is coming up with its own version of a Diwali sale. For instance, recently Paytm came up with a better version of Flipkart’s ‘Big Billion Days’. Diwali is literally like Black Friday in the U.S., everyone is offering you deals. Lastly, try using your credit card for certain purchases that offer cashbacks and reward points.
Follow a ‘DIY’ approach for your home :
Before you go for the whole repainting and refurnishing your home, check how much of it is it really required. Try out innovative solutions such as using wall decals, changing the arrangement of your furniture or changing just the cushion covers or rugs. Instead of buying expensive paintings, lamps and elegant candles, paint the flower-pots, make lamps and candles at home.
Opt for traditional sweets this Diwali
After GST chocolate is taxed at 28% while a few ingredients like sugar, paneer etc. being taxed at 5%. So a rasgulla will be cheaper than chocolate ladoos. So pick your sweets accordingly.
Advance book the car/gold/TV:
In India, bringing home a new thing during Diwali is considered to be auspicious. And we all head to jewelers, car shops, and electronic showrooms during this time in spite of knowing that the prices are at the highest peak during this season. So, you should advance book these things a couple of months before , when the prices are reasonable.
Same goes with your travel plans:
If you’re planning on going for a holiday during this time, check for the tickets and book them well in advance, at least 3-4 months before. In this way, you won’t have to pay extra for last minute bookings when the prices would be at the highest.
Now that you’re ‘Diwali Ready’ you’re good to go!