The festival of lights is back, bringing in the refreshing festive mood. It’s that time of the year when the month is full of family get-togethers, bonding, traditional rituals, fun-filled activities, and surprising your loved ones with gifts. This can be a bit heavy on your pocket since you are required to give bonuses, as a token of love and appreciation, to your family help and all others who have offered you their services throughout the year. 

The chances of superseding your budget, therefore, are extremely high. You can be lost in the abyss of expenses with no way out. This calls for an extensive guide on budgeting during Diwali shopping that will help you keep track of your expenses and make the most out of it. 

So with this, let’s begin.

#1 Start with a list

Your first step to managing expenses is to make a list of all the imaginable expenditures that you will have to make. This will help you compare your finances available to the expenditures that you have to incur. So while making the list for items to shop for, do not forget to include:

  • The number of individuals that you want to give a gift. 
  • Any house accessory that you wish to buy. 
  • Any item like clothing that you want to buy for yourself. 

Once the process of list-making is complete, then you can finally allocate money for your shopping expenses. You will also get a clear picture of the areas where you can take serious budgeting decisions and keep your expenses from overshooting. 

#2 Select the right type of gifts

Selecting the type of gifts and the items to shop for can be a confusing ordeal. Your gift might end up getting stored away, defeating the purpose of giving gifts to them. This requires you to analyze the habits and interests of the person to whom you are planning to give a gift. Remember, that your gift should come in the immediate use of the individual and not get stored away.

If you still feel undecided, then you can buy daily use products in bulks or combos. These types of gifts easily suit the needs of many and can fetch you an exciting deal, owing to the involvement of bulk orders. Cookware sets, tumbler sets, candles and diyas, and commodities like these can be your go-to options.

Once you are done with the selection, you now have to compare the prices to fit them unhindered in the budget. You should compare the prices of the items that you want to buy on multiple platforms to get a rewarding deal. Wholesale markets can bring you better offers than retailers if you plan to place a bulk order. 

#3 Make the best use of discounts, but smartly 

The season of sales and discounts begins even before the festive month of Diwali has begun. You tend to see exciting offers on brand outlets and popular e-commerce platforms like Amazon and Flipkart. While the availability of discounts can help you keep your budget in check, you must be aware of all the psychological biases associated with it. 

Your brain reacts amiably to words like ‘sale’ and ‘discounts’ shutting off any bits of advice from your rational thinking. Therefore, you must:

  • Compare the discounts offered with the original price of the commodity. Ensure that the original price has not been altered to make the discount look more lucrative. 
  • Always analyze the discount from a numeric point of view, comparing the total. This will keep the biases associated with combinational discounts out of play.
  • Compare the discounts offered on different platforms to decide the most budget-friendly place to shop.
  • Keep in mind the taxes that will come with the purchase of the product. Shoppers, enchanted by the unbelievable discounts, usually forget to add the taxes that sways them off their feet when it reflects on the bill.

You should also lookout for the effective use of gift cards on Amazon, Flipkart, and brick-and-mortar stores. These can save you quite a significant amount of money if used efficiently. 

#4 Be a smart shopper

Once you are done with choosing the gifts, analyzing discounts, and places you are going to shop, it is important to execute the shopping process as soon as possible. You may procrastinate and rush in on the last day to shop, and you will probably end up losing the items. This will disrupt your list, throwing all your efforts in vain when you frantically pick up from the remaining items available. You should plan your shopping trips and should try to wrap up the shopping process at least 5 days before Diwali. 

This will help you in accommodating any change that you make in the list after a thorough consideration of your budget. 

Also while shopping you must be vigilant enough while swiping your card. You must tally the items on the bill and recheck the amount you are paying. Sometimes in the festive rush, you may forget to check the list and end up paying for something that you did not want. This will push your budget off-track and leave you in desperate need of extra cash.

Be debt smart

The availability of credit cards can reduce your worries about the expenses, but you need to be judicious in their usage. You should actively compare the credit card statement to analyze how much debt you have incurred. It is advised to not fall into the temptation to swipe the credit card and make payments without any due thoughts. This will only rack up debt for you that you need to pay off, on whose failure you can say goodbye to your credit score. And let’s not forget the presence of late fees and yearly interest charges that you would have to pay. 

Instead, you can easily avail quick personal loan up to ₹5 lakh interests as astonishingly low as 2-2.5% interest per month with EarlySalary. With our shopping loans, we will make sure that your Diwali celebrations are not shadowed by the excruciating effects of the cash crunch.

Of course, you can even get yourself a Salary Card, part of the EarlySalary Credit Suite for every Indian. With free credit score checks, long-term and short-term loans, and of course, the Salary Card, it’s the revolution the Indian credit ecosystem needed.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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