Diwali 2023: How to navigate and manage finances during festive season? Here are 6 ways

The festive season is upon us. It brings along joyful opportunities to celebrate and create cherished memories with loved ones. As we eagerly anticipate the festivities, there is always a little lingering worry about the expenses the festivals entail.

To make sure that you enjoy your festive celebrations, without worrying about beginning the next year with financial constraints or loan repayments, it is important to start planning your festive financial budget. Here are some ways you can thoughtfully plan your finances, ensuring we can revel in every moment without worry.

Getting a grip on the situation

Before the festivities kick in, take a moment to take stock of your situation. Review your current cash flows, and understand your spending capabilities while considering ongoing commitments such as EMI payments and investments etc. This insightful check-up is your first step towards creating a budget that aligns perfectly with your festive aspirations without breaking the bank.

Spend on paper first

Planning for the festival can be such a fun affair with the whole family getting together and creating a budget for each item – festival clothing, cleaning, SPA, gifts for friends and family, sweets and savouries, travel to visit family and more, assigning a celebratory budget to each. This detailed guide ensures every rupee spent adds to your joy and not guilt. And also that your expenses stay within a boundary. Your finances will thank you for it.

Savour the deals, stay true to your list

The festive season is rich with enticing offers and dazzling discounts. As you navigate these, stay true to your pre-decided list of necessities. Feel free to make use of all the bargains available but only for the items on your list. Ensure every purchase is a heartwarming addition to your festivities. This mindful approach ensures your budget stays intact while you relish the season’s best deals.

Skip the loans

Discounted interest rate, zero processing fee, no cost-EMI or instant credit approval may all sound enticing. While loans might seem like a quick ticket to festive abundance, you don’t ever want to lose sight of your larger goal of financial freedom and long-term wealth. If an absolute necessity arises, choose low-cost loans even if that means more documentation or effort. Remember, the sweetest celebrations are those free from financial encumbrances.

Build a celebration fund

Every year if you can start with an allocation to the dedicated festive fund, you will easily be able to tide over these cash needs. A small, joyful contribution each month to a dedicated bank or investment account meant for just this purpose, can lead to a treasure trove at this time of the year. This can ensure that when the festivities arrive, so does your money leaving behind worries and anxieties.

Reflect and rejoice

As the festive season winds down, take a moment to reflect on your spending, adjust future budgets if needed, and revel in the joy of having spent a well-planned festive season. Each season is a learning experience, paving the way for even more joyful and financially savvy celebrations in the future.

The festive season is a time of joy, love, and celebration. By planning and embracing a positive financial strategy, you are setting the stage for a season filled with unforgettable memories and joyous celebrations, all while ensuring a prosperous and worry-free year ahead. Happy Diwali!

Bhuvanaa Shreeram is Co-Founder & Head of Financial Planning at House of Alpha.

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Updated: 12 Nov 2023, 09:08 AM IST

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