Ah, the joy of the Diwali festivities — lights, laughter, and an empty wallet. Hang in there; it's not just you.
The Confederation of All India Traders (CAIT) has declared that the retail markets in India achieved an unprecedented trade volume of ₹3.75 lakh crore during the Diwali festival. They anticipate further cumulative sales of ₹50,000 crore during the upcoming celebrations of Govardhan Pooja, Bhai Dooj, Chhath Pooja, and Tulsi Vivah.
As per CAIT's report, the distribution of festive expenditures during the Diwali season can be outlined as follows:
Additionally, Amazon has disclosed that its Great Indian Festival 2023 experienced a surge in customer visits, transactions, new product launches, orders, and savings, surpassing any previous year's performance. The online retailer highlighted that the remarkable number of customer visits reached an unprecedented 110 crore plus.
Suppose you find yourself recovering from the festive season hangover and staring at your bank statement in disbelief. Worry not! We've got your back with some practical tips to help you regain control of your finances over the next few weeks.
First things first, let's face the music. Take a deep breath and review your expenses. Did you go a tad overboard on those irresistible Diwali discounts? On flowers that could have been a simple text? On Swiss chocolates that could have simply been local mithais? It happens to the best of us. Embrace the reality, and don't beat yourself up.
Now that you know where the money went, it's time to prioritise. Categorise your expenses and identify areas where you can cut back. Setting a realistic budget that covers your essentials and leaves room for guilt-free spending is the way to go.
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We get it; those festive sales can be tempting. However, it's time to resist the urge for impulse buying. Before purchasing, ask yourself if it's a want or a need. Remember, financial recovery starts with mindful spending.
Now that you've splurged on expensive gifts and decorations, it's time to channel your inner DIY guru. Get creative with handmade gifts or crafty home decor for the upcoming festive season of Bhai Dooj followed by Christmas. Not only will you save money, but you'll also add a personal touch to your presents and surroundings.
Believe it or not, the festive season isn't the only time for sales. Keep an eye out for post-Diwali discounts and year-end sales. This way, you can still indulge in some retail therapy without burning another hole in your pocket.
If your emergency fund took a hit during the festivities, it's time to replenish it. Allocate a portion of your income to rebuild your safety net. This way, you'll be better prepared for unexpected expenses in the future.
Try FIT Rules: They allow you to automatically move money from your savings account to mutual funds or jars. Set a FIT rule to set aside a certain amount every time you shop or set a rule to round up your transaction amount to the nearest 10s, 50s, or 100s and invest your spare change in gold, equity or debt mutual funds. It's that simple to save!
Consider exploring side hustle opportunities to boost your income. Whether freelancing, selling handmade crafts, or offering your skills online, a little extra cash can go a long way in offsetting your festive season expenses.
Just like your body needs a detox after indulging in festive feasts, your finances need one, too. Cut unnecessary subscriptions, renegotiate bills, and declutter your financial life. A simplified budget can make a significant difference.
In conclusion, recovering from the festive season hangover is all about balance and a dash of financial wisdom. Remember, it's not about how much you spent during Diwali but how smartly you bounce back.