Here’s how you can maximise your savings during festive shopping

Saving money during festive season shopping can be quite challenging thanks to the enticing deals and discounts offered by retailers. However, with a bit of planning and some smart strategies, you can make your festive shopping both enjoyable and economical. 

First and foremost, planning your purchases is crucial. Make a list of items you need in order of priority. A shopping list will prevent impulsive purchases, save time and reduce overspending. Also, budgeting for your festival expenses can help you prioritise spending and ensure you only purchase things you can afford. 

Take advantage of festive deals, sales and discounts. During the festive seasons, retailers offer huge discounts and attractive deals. It’s a great opportunity to buy the items on your list at a fraction of their original price. However, it's important not to get swayed by the discounts, only buy what's needed. 

Price comparison can also lead to big savings. Different retailers may have different prices for the same product. By comparing prices online or at different stores, you can find the most affordable prices and save money. 

Festive seasons are also a great time to use cashback and rewards on your credit cards. Several banks offer rewards or cashback on purchases made through their cards during festive seasons. Make sure to check and utilise such offers. Besides, you also get the UPI Cashback Bonanza these days. The rising popularity of UPI payments has brought about a revolution in the way we save during festive shopping. It's like receiving a gift for every purchase you make, whether you're buying household essentials, picking out gifts for your loved ones, or treating yourself to a little indulgence. 

Also read: Gold and silver prices today: Yellow metal edges up, hovers near 2-month high amid Middle East turmoil

Also read: Perfect credit card for your financial needs: Here's what you should do

Also read: I am 30. How should I go about planning for the purchase of a flat worth Rs 1 crore in 1 year?

Shikhar Aggarwal, Chairman of BLS E-Services, says, “Make payments through UPI, and you'll be rewarded with cashback directly into your account. It's a win-win situation where you get to shop for what you love and get something back in return, stretching your budget further during the festive season.” 

“In this festive season, the UPI Cashback Bonanza, extended by various industry participants, promises to augment the value proposition for our customers. This, in turn, empowers them to leverage UPI as a payment conduit while availing enticing cashback incentives, thereby enhancing the exuberance of their celebrations and ensuring budgetary prudence,” said Amit Nigam, Executive Director and COO of BANKIT. 

Additionally, shopping early can also help in saving costs. Shopping at the last minute often leads to panic buying, resulting in buying unnecessary items or spending more. If you plan ahead, you can buy what you need in your own time and pace. 

However, one should understand the fact that festive shopping does not necessarily mean excessive spending. With a defined budget, strategic planning, smart use of deals and discounts, and effective use of credit card rewards, you can maximize your savings and still enjoy your festive shopping. Remember, the aim should not just be to spend less but to make the most out of what you spend.