Smart shopping tips to stretch your festive budget – Money News

Shopping smart during the festive season requires a balance between enjoying the celebrations and staying within your budget. Industry experts suggest you should start by setting a clear budget for festive shopping, including gifts, food and decorations. Maintaining this limit helps avoid overspending.

Then plan your purchases in advance. “Create a list of what you need and avoid impulse purchases by sticking to it. Take advantage of festive promotions and discount periods by comparing prices across multiple platforms before making a purchase. Look for cashback offers, discount codes and bundled offers to maximize your savings,” suggests Kamal Kumar, sales strategist and business transformation expert.

Consider purchasing items during pre-holiday sales as prices tend to rise around the holidays. Use credit card loyalty or rewards programs for extra savings or redeem points for discounts. Opt for free EMIs only for essential and expensive items to avoid unnecessary debt.

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“You also need to be mindful of buying quality over quantity – choosing durable products ensures long-term value and avoids the need for replacement soon after. This approach will help you stretch your festive budget without sacrificing fun,” adds Kumar.

Raghunandan Saraf, founder and CEO, Saraf Furniture, says the art of navigating festive shopping without overspending requires a strategic approach.

First, draw up a detailed budget that encompasses all expected expenses, from gifts to decorations. This provides a very clear picture for expenditure. Second, leverage technology to compare prices and set up price alerts for desired items. This will ensure you get the best deals possible. Third, consider spreading purchases out over a few months to avoid last-minute panic purchases that lead to overspending. Fourth, leverage the power of cashback and rewards programs – but not at the cost of spending more to accumulate points.

Lastly, “the desire for impulse purchases can be reduced by instituting a 24-hour rule for unplanned items. If the desire persists after a day, then maybe it’s worth buying. Remember, the spirit of festivals lies in the art of giving and sharing, and not necessarily in extravagant spending,” adds Saraf.

Siddharth Maurya, founder and managing director of Vibhavangal Anukulakara Private Limited, however, says stretching your festive budget doesn’t necessarily mean cutting costs.

Prioritize what’s important and reduce less important items. Then look for items you can make yourself, if possible. Decorations and gifts will be much cheaper. Third, plan to shop early or off-season for the festive season. This often spreads the burden of festive expenses throughout the year and provides better bargains.

Fourth, “for family or friends, consider the group gift option. This allows for higher quality gifts while keeping individual costs low. Finally, don’t underestimate the value of experiences over tangible gifts. Planning activities thoughtfully is often much more memorable than the expensive gifts themselves,” adds Maurya.

What matters most is the intention behind your actions, not their financial value. Implementing these strategies will ensure a memorable festive season without the burden of financial strain.