Citi Knowledge Center
Quick reads to keep you up-to-date on money matters.
Personal Loan

6 Ways to plan for the festive season expenses

The biggest festive season sale is back! Diwali bumper Sale! Unbelievable discounts! Yes, wherever you go, you see the advertisers offering tantalizing festive season deals tempting even the stringent of minds. Enjoying the festivities will get a double thumbs up but taking care of the bills that pile up after? Not so much!

However, with a little planning, you can ensure that you can have your cake and eat it too. Here are a few tips on how to avoid a financial hangover this festive season.

Establish a budget

As the season is all about indulging, sharing and gifting, you have to decide in advance how much you plan to spend. Write a list of every person you need to buy a gift for, including yourself and set a budget. Then, brainstorm ideas on what to buy. Otherwise, your impulses will take over and you will make purchases outside your planned spend.
Also, if you make purchases well in advance, you are less likely to spend out of desperation because you didn’t have time to look around.

Save for the season

Put away a few thousand rupees every month into a savings account. Call it your festival account. Don’t touch the account until the festive season.
It may sound old-fashioned, but most retailers have a savings scheme for a said period at the end of which you can buy stuff from the retailer with some added benefits. This works in cases like purchase of jewellery and ethnic clothing like silk sarees.

Plan your festive season social calendar in advance

Will you be out for expensive dinners or can you instead invite your friends home and cut down on the cost considerably while playing the attentive host? Take a look at all of the engagements and plan for the cost of each. Donating for a social cause instead of buying and receiving gifts would not only make you feel good but also help teach your children the joy of giving and sharing with those without.

Maintain a Schedule

The demands of preparing for the festive season can be overwhelming for some especially if the family has two working spouses. The excitement of the season and the anticipation of a perfect festival will inspire you to draw upon energy reserves to get things done, but scheduling some downtime every day and week is also important to enjoy the company of your loved ones.

Plan your Gifts

The bulk of time and money spent each festive season revolves more and more around gifts – choosing, buying, and wrapping presents for those we love. This year, consider giving gift cards instead which allow the recipient to pick a gift of his or her own choice. Give out personalized & inexpensive gifts which are unique and meaningful. A letter to a friend or a loved one recalling a special time together or telling how much they mean to you will always be more appreciated.

Shopping online

It is faster, often cheaper, and far more convenient than visiting physical stores. It is easy to compare prices online and get your purchases delivered to the address of your choice all perfectly gift wrapped. Most Internet retailers also guarantee delivery by a certain date.
Hope these pointers will help to tame your spending spirit and aid you in enjoying the festivals to the fullest.