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Festive season around the corner; here are 5 tips to be money wise

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With the festive season around the corner, several e-retailers are gearing up to offer the best deal to consumers. While consumers must be set to go on shopping sprees to celebrate the spirit of the festival, it’s not right to just jump the gun and spend mindlessly.

Festive season around the corner; here are 5 tips to be money wise
With the festive season around the corner, several e-retailers such as Amazon, Flipkart are gearing up to offer the best deal to consumers. While consumers must be set to go on a shopping spree to celebrate the spirit of the festival, it’s not right to just jump the gun and spend mindlessly. Rather, it’s imperative that consumers go for value purchasing.
Here are key tips one can follow:
Plan a budget
It’s vital to create and stick to a budget while shopping during the festive season. With many e-commerce merchants offering festive deals, consumers have a number of options to choose from.
However, it’s not right to go on overspending, experts say.
Take the most benefits of payment modes
Another thing to keep in mind is taking advantage of the various digital payment modes that offer convenience and the best benefits for consumers.
"Consumers should always go for a stress-free and rewarding experience,” said Nityanand Sharma, CEO and co-founder, Simpl.
Prioritise needs over wants
Satyen Kothari, founder and CEO, Cube Wealth said that consumers should shop for needs first and then go for wants.
“Reduce wants by a small percentage - say 20 percent and invest that money. This way consumers will not deprive themselves of the joy of shopping, but at the same time, they would be investing for future too," he said.
Buy products having utility
Experts also advise consumers to buy goods having great utility and durability. For example, the purchase of electronic items will hold significance since a lot of work now happens through their effective usage.
Frivolous expenses that would otherwise happen on items during these festive times can be avoided.
Resist peer pressure
A lot of people even spend on otherwise useless purchases as everybody around them is doing so. However, experts tell that one shouldn't spend just because others are spending.
Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.
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