During Diwali, joy arises from both selling and purchasing, making it a highly anticipated occasion for customers, e-commerce platforms, companies, and shopkeepers alike. The festive shopping fervour begins early, with Dhanteras marking its official commencement. For some, Diwali is synonymous with indulging in extensive shopping, feasting, and celebration. If you’re in the mood for substantial Diwali shopping, consider doing so while embracing the principles of savvy consumerism.
When engaging in Diwali shopping, it’s crucial to be mindful of your budget. If you wish to enhance your festive shopping experience without exceeding your financial limits, consider adhering to some key principles. By following these smart shopping mantras, you can achieve your desired purchases on a budget, thereby doubling the enjoyment of the festival.
1) Make a clear budget
The initial strategy for saving money involves budgeting. Creating a budget for your festive season shopping allows you to clearly define your spending limits and allocate funds wisely. Without a budget, expenses can surpass your capacity. Therefore, plan ahead by determining how much you’ll allocate for household essentials versus expenses like sweets and celebrations.
2) Prioritise shopping items beforehand
During Diwali shopping, prioritise essential items over non-essential ones that might tempt you. Resist letting momentary desires overshadow practical needs; striking this balance ensures that rational choices prevail over impulsive ones. Once you commit to a predetermined shopping list, consider it a step toward effective money-saving practices.
3) Look out for discounts
The discounts touted by companies or e-commerce platforms may not be as substantial as they seem. Amidst the clamour of online shopping offers, it’s crucial to conduct thorough research before capitalizing on any deal. Avoid impulsive purchases and make informed decisions. Festive discounts are also prevalent on debit or credit cards, so stay aware of the promotions applicable to your cards. If you have multiple cards, compare their offers to maximize your savings.
4) Avoid taking loans
Minimize the use of loans, especially for purchases that seem cheaper upfront. Taking a closer look at loan interest rates and processing charges often reveals that the perceived savings are diminished. Whenever possible, opt for credit card EMI options instead of loans, as this approach can help you save money in the long run.
5) Explore local markets
Opt for the traditional route and explore local markets to potentially save money. Physical market visits can unveil competitive prices compared to online options. It’s beneficial to not only decide what to buy but also where to buy it. Stay vigilant about your preferred stores or websites, keeping track of ongoing offers. Being aware of promotions and deals allows you to make informed choices and secure desired items at cost-effective rates.
