Money-Smart
Gold bars, gifts for the family, decorations, fireworks, sweets and dry fruits, redecorating your home and maybe even a holiday – the festive season is a time that personifies the term “money spent”. Whether you’re sitting on a treasure trove harbouring billions or you’re someone who depends on a monthly salary, this is when you’ve got to loosen your purses strings and dig into that safe. And considering that it’s festival time, it’s best to wipe out that frown at the thought of spending the green and do so willingly. In fact, if you plan your expenditures well, you won’t have a money issue to begin with. MensXP gives you essential money-smart steps that’ll help ease festive spending and ensure quality buys, too.
1.Have a Budget
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This is one of the most elementary money rules. You know how much you can afford and you should budget accordingly. However, almost everyone overlooks this rule because everyone is mental budgeting. Having a figure in your head and actually writing it down are two different things. Successful budgeting is about doing the simple things correctly. Jot down your financial goals about how much you’ll be able to spend on gifts, jewellery, decorations, fireworks, sweets, etc., and try and stick to your money limits. Additionally, always have a buffer amount within your budget because expenses are unpredictable. If you do the money basic right, you won’t break into a sweat and neither will your bank account!
2.Save Your Savings
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Investments and savings are savings for a reason. You save money for the future and of course, for a rainy day. Don’t ever dip into savings for festive expenditure unless you’ve been saving specifically for the festival. Make sure that your contingency fund is healthy and allow it to stay as is without making unnecessary dips.
3.Invest in Precious Metals
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No matter how expensive gold and silver are, they’re a smart investment. However, acing this investment depends on getting the timing of this investments right. While it’s considered auspicious to buy gold and silver during Dhanteras and Diwali, rates are usually at their all-time high during this time. If you have to, buy a few small coins during this time and buy the bars much before the festive season or much after. That’s when rates stabilise and that’s when it makes financial sense to buy the bars. You’ve got to remember that no matter what market sentiment is, gold and silver investments are long-term investments.
4.Gift Plan in Advance
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Whom are you gifting? What are you gifting them? These are essentials you should sort out a month before the festival. Once you have your gifts sorted, you’ll be able to tell if they fit into your budget in the first place. If they do, then it doesn’t affect your festival budget and if they don’t you can either change your gifts or alter your budget. Either way, it gives you time enough to make changes in advance, avoiding unexpected expenditure close to the festival. Additionally, when you plan in advance, you’ll be able to scout for the best quality and the best deals in your city. Options will allow you to figure out what best suits your budget and ensures that you do not compromise on quality either!
5.Buy Large Quantities
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Festival gifting is tricky because you simply cannot afford to miss anyone out. If you’re going to be sending out gifts in large quantities to business associates, colleagues, etc., it’s best to place a wholesale order. Its simple math, really – the larger your order, the higher your discount. So, in case of mass gifting, large quantities make perfect financial sense.
6.Make the Most of Festive Discounts
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Don’t ever balk at discounts. Festive discounts are a ruse to make you buy but in case your buys are essential, then the discount route makes perfect sense. What you get out of a discount, you wonder? Things you use for cheaper prices and larger quantities. Whether you’re a billionaire or not, discounts don’t discount the fact that you’re a smart shopper if you make full use of these offers. There’s no shame to shop when things are on discount; it’s a shame if you don’t make use of discounts! Remember, every rupee saved is a rupee earned and great deals help increase your earnings.
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