In India Ganapati begin festive season. With festive season most companies have roll out their online sale offers. Several occasions are coming one after another. To get joy and celebration in every home. Navratri, Diwali, Christmas and New Year are time to rejoice with loved ones. You have your shopping lists ready for this festive season. Many times you spend more and end up in debt trap. Here are some tips for you to ensure that festival season does not lead to huge debt.
How to Plan and Buy
Make out between needs and wants. You have to avoid things that you do not need. This will save your money. If you buy things that are not want ruins your finance. You need to make list of things to buy for this festive. This is right time to make sure that your expenses are under control.
While there are so many tempting offers during festival. Buy only what you can pay back with your income. But do not buy if you cannot afford to pay credit card bill with your monthly salary. To avoid overusing your credit card make list of all items that you need before you go for shopping. This is best way to avoid credit card debt is to stick to list.
If you stick to that list reduce chance of desire. Shopping is one of reasons behind increase of debt. If you save money for your festive shopping, you enjoy upfront payment discounts. Such discounts are not available if you opt for EMI schemes.
Is there real offer?
Check if there is real discount on offer. Everyone will attract with discounts. You may note down the price you intend to buy today. And compare price when sale is announce. There are many price comparison websites available. These websites will help you to compare price. Check 5 Steps to save money with credit cards
No wish to borrow
Financial planning suggests buying things out of your savings. But you do not save but seek instant fulfillment. In such situation it becomes necessary to borrow. You will use credit cards and pay your bills in full. Thus you can see festival offer on mobile and Accessories.
If you are sure you can pay back on time then use credit card instead of salary advance. Also, if you are not pay credit card outstanding before due date. It attracts 3 per cent interest per month plus late fee charge by bank. But if you pay on time you can enjoy up to 40-45 days of interest free. Thus you can check Amazon sale offer.
Thus, if you opt for salary advance then you need to pay high 2 per cent interest per month. With this you can avoid using credit cards. So you still need money you can go for personal loans. It will reduce impact on your finance. As soon as possible you try to pay down high cost. See SIP gift for siblings
Pick right Gift
You must pick right gift which will useful to person to whom you are gifting. It is better to go for financial gift. Even gold coins are good gifts as they are assets for receiver. Apart from this you can transfer money to your family members as gift. You can use it to your family members.
You can Enjoy Tax benefits
You can donate funds to Prime Minister’s National Relief Fund. Such as National Defense Fund get income tax benefit under section 80G of Income Tax Act. In Section 80G donations are eligible for deduct up to 50 to 100 per cent.
You can start saving in this festive season for next year festive. This will help you to build corpus. And you can achieve all your financial goals without much stress. As festival season near, newspapers, and TVs are fill with different offers.