Published by: CNBC-TV18.com
Festival season brings celebrations, traditions, and gatherings. Balancing enjoyment and financial well-being is crucial.
Align your spending with your financial situation. Avoid exceeding 30% of your monthly income on discretionary expenses.
This rule divides your income into three parts: 50% for needs, 30% for wants, and 20% for savings and investing.
A structured approach ensures a financially sound festive season.
Allocate 1-3% of annual income for the festive season to cover celebrations without straining finances.
If you haven’t saved for festivities, keep spending within 1% of your annual income to prevent overspending and financial stress.
Avoid debt during the festive season. Focus on sensible spending and reliance on savings rather than credit cards.
Avoid overspending during the festive season.
Incredible discounts can persuade you to buy unnecessary items. Buy what you need and avoid purchasing what you want.
Buy goods that have great utility and durability, such as electronic items that are significant for work.
Frivolous expenses on items during festive times can be avoided.
Don’t spend just because others are spending.
Take advantage of various digital payment modes that offer convenience and value for consumers.
Always go for a stress-free and rewarding experience.