In festive season , there are a lot of things it means - meeting friends and relatives, buying gifts , socializing , partying and all the fun . However , none of us want to end up in a financial mess after the festive season is over . It could be a huge credit card bill which cannot be paid off in time . It could mean that you have no money left for your regular investments just because you have spent more money than you actually should .
While your expenses will go up during the festive season and there is not much you can do about it , you can still keep it under control . We tell you some ways to avoid overspending in the festive season .
. HAVE A BUDGET :
The first and most important things to do is to have a budget . List down all the expenses you are likely to have , Whether it is buying gifts , eating out , going on a holiday and so on and figure out how much you will be spending . If you planned in advance and have a some cash to dip into , that is great , but in case you haven't , you would need to cut down on your spending
. TRACK YOUR EXPENSES :
Having a budget is half the battle won . Track your expenses and try to stick to your budget . Every time you overshoot a budget , it should act as a red flag . If you are spending more than your budget , but only some . If you overspend a lot more it will mean trouble .
. AVOID BUYING ON CREDIT AS MUCH AS POSSIBLE :
It is for moments like this a credit card is for , you would think . Which is true , just that you have to pay off your credit card dues in full every month . Every time you buy a gadget on EMI, like a mobile phone or a watch , that gets added up to your credit card bill . Now there are lot of buy now , pay later options . There are zero interest free credits up to a certain period and so on . Plus getting such credit is very easy , it takes almost no times and minimal paperwork .
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