Spend Smart- Ways To Control Overspending This Diwali

So, let us discuss what you can do without burdening yourself with exorbitant prices and products this Diwali.

Be practical and make a realistic budget

First thing first, you must be candid with yourself. Do not expect to eliminate this expense! Your target should not be to reduce the cost. To minimize the expenditure, the first thing you should do is make a budget. And no, we are not talking about the regular budget where you can make some changes as you fancy. We are talking about a real and practical budget. A realistic budget refers to a planned amount that you can put aside for festive spending. Be it locking down on the money you will be spending on gifts or the expenses you will be incurring for home renovation. Be practical and make a smart budget as per your needs.

Look for options

We all know the actual amount we can spend. So, going overboard will only put you in trouble. Instead of going overboard, you must look for options. For example, if you are planning to buy a new microwave this Diwali, instead of going off the one with an exorbitant price, look for another option that can fit your budget and solve the purpose. You can also look for products on sale and buy the one that fits your budget.

Buy the gifts in bulk

Yes, you have friends and family, you have an assigned budget towards gifting, but can there be a better way to plan it? Of course, you can! A better strategy to reduce your expenses is to buy in bulk. You can get great offers and discounts around Diwali at stores, supermarkets, and online stores. So, be a savvy spender!

Which are these methods, and why are they used?

Accept it or not, paying off debt turns out to be a difficult task when you get to it. One requires a plan and financial discipline to get over the hurdle called debt. There are two widely used methods, namely snowball, and avalanche. In a nutshell, they more or less are similar. Both of these methods require paying off one debt at a time while paying the minimum due for the rest. Let us have a look at both ways with an example:

Work with lists (Yes, they work!)

Write everything down on paper (or for Gen Z, put everything in your mobile’s notes)! We cannot emphasize it enough. Working with a list helps you stay on track. You will stay on your toes and know when you are going overboard—buying home décor and home improvement products to a supermarket? Check the list! Are you ordering everything online? You have the list! Want to order gifts in bulk? Do we have to repeat it? Our point is to streamline your expenses, and putting everything on paper would keep you conscious about your expenditure.

Track your expenses

Tracking is important! Your budget, lists, plans, and everything will fail if you do not check your expenses. Imagine going to a supermarket, putting all you need in the cart without checking the price, coming home after shopping, and realizing that you have overspent! All your efforts would be in vain. So, an essential thing about not overspending is to keep track of your expenses and be a savvy spender Overspending during the festive season is common. So, your goal should not be impractical. Of course, you cannot eliminate the expenses, but you can find solutions to reduce the impact of that expense. We have already mentioned our solutions above. Let us know your tips and tricks to manage your expenditure this Diwali on our Instagram page!