Dazzling lights, exhilarating fireworks, vibrant new clothes, delightful treats and a sense of delirious joy permeates the air! Yes, Diwali is here again, and everyone’s giddy with excitement for the country’s most awaited celebration. But this highly anticipated holiday can also bring high costs and stretch the limits of your budget.
Here are some smart ways of making the most of this festive season without upending your financial health:
There’s no better time than Diwali to have an expense plan. Leading up to and during the five days of Diwali, you may unwittingly end up spending more than you had anticipated. Map out potential expenses like home improvement, travel, gifting, celebrations etc. Try to stick to the budget to avoid last minute overspending. But, in your budget, leave some wiggle room for impulse purchases, as there are many discount offers that might catch your eye late.
Diwali is the time for renovations or buying a new car or new furniture, getting new electronics or gifting your loved ones something memorable. If you are planning a major expense like home improvement, consider a personal loan instead of reaching into your savings account. A personal loan also gives you more flexibility. You can also explore car loans or bike loans in case you’re interested in buying a vehicle.
Banks offer festive schemes for short-term deposits that can help you save big. The auspicious occasion of Diwali is an opportune time to increase your contributions to fixed deposits, mutual funds, or gold investments. If you haven’t invested in mutual funds yet, find out more about how you can make a start with South Indian Bank today.
Diwali definitely is the festival of lights, but it’s also a festival of offers, discounts and sales. Check online for exclusive coupons and discount codes. Look for cashback offers on credit and debit cards as well as special rates on shopping, travel etc…. Many hotels offer festive packages for groups, so make sure to enquire about those as well. Remember, a discerning eye is going to get you the best deals.
As you illuminate your lives with love and joy this Diwali, remind yourself to plan ahead. You want to make the most of the season's festivities without compromising your financial well-being. Here’s wishing you and your family a prosperous and joyous Diwali.
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Disclaimer: The article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of The South Indian Bank Ltd. or its employees. The South Indian Bank Ltd and/or the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial/non-financial decisions based on the contents and information’s in the blog article. Please consult your financial advisor or the respective field expert before making any decisions.