Diwali 2022: 5 simple ways to save money this festive season

Your excitement for the holiday of Diwali is probably increasing day by day. Traditional Diwali celebrations feature a variety of costumes that come with the joy of giving and receiving gifts of clothes, jewellery, electronics, and other goods. However, receiving such gifts often comes with expenses and added financial strain.

Diwali gift-giving and buying cannot be substituted, but you can always choose a different path wisely on how to spend your money to avoid a bad aftertaste when the celebrations are finished.

Check out 5 ways to save money in this festive season:

Avoid Overspending: Spending too much money, especially on stuff you don't need, is one of the main reasons for financial problems after Diwali. Spend money wisely by choosing on priorities and less on goods that are lower on the priority scale. By making wise purchases, such as stocking up on household essentials, sweets, etc. in large quantities, or by taking advantage of any limited-time seasonal deals, you can also save money.

Festive discounts can be a trap: Banks and other online fintech apps are always on standby to lend you money. This nowhere means that you should blindly accept loans.

Additionally, both online and offline retailers frequently advertise for holiday bonanza deals with enticing no-cost EMI plans and Buy Now Pay Later (BNPL) choices. It is therefore advisable to avoid such lip smacking offers.

Credit Card Overuse: Overuse of credit cards can hamper your financial health. You can get so many benefits from it, which includes money, air miles, reward points, and extras like exclusive deals.

However, you need to know that while converting the remaining amount on a credit card into EMIs, interest is charged. Additionally, there are late payment fees for payments made after the due date and a convenience fee for partial payment of unpaid balances.

Keep a check on calculating offer benefits: To capitalise on the holiday spirit, the majority of banks and e-commerce sites have introduced cashback offers on debit and credit cards. The majority of the time, these promotions are offered in conjunction with specific brands or department shops. Remember that you are spending your hard-earned money even though banks and e-commerce corporations may receive a commission for such sales.

Choose savings and investments over spending: You can spend throughout the season of expenses in a way that will improve your wealth. As their value tends to rise over time, these are ultimately investments. As an alternative, you can put money into stocks this holiday season. Think long-term while making your investing decisions this year, since you may be able to use the earnings to pay for gifts in the years to come.

Also Read: Stocks, cryptos, gold & debt: How to invest Rs 10 lakhs, BT Digital Diwali Survey reveals 

Also Read: Gold vs silver: What should you buy this Diwali, Dhanteras?