Smart Money Moves Debt Free Festival Season Festive Budget Diwali Shopping Credit Card Debit Cards Credit Limit Option No Cost EMI Financial Fitness Discounts CashbackIf you’ve already overspent, don’t delay taking action to regain control of your finances.

There are celebrations and festivities all year round in India – from Navratri, Durga Puja and Dussehra to Diwali, Christmas and New Year. Gaurav Jalan, CEO and Founder, says, “Our tradition embraces the joy of giving and giving. But this comes with additional expenses each festive season, which often leaves a hole in one’s pocket.” Therefore, one needs to pay attention and control their spending during this season.

No doubt, at this time of year we are flooded with offers and discounts, whether online or offline. However, experts point out that one should watch out for reckless spending. First and foremost, be aware of your financial situation, accept it and adjust your desires and expectations accordingly.

“If you’ve recently taken out a large home loan or emergency cash loan, avoid frivolous spending,” Galan says. “If your wallet is already tight, don’t plan an expensive week-long trip or spend money on expensive clothes. You should pinpoint spending related to needs and want to be sure. Tighten control of your expenses during this period.”

The key to managing money wisely is to set a meaningful budget for the season at the outset. Usually, people who don’t set a clear budget end up spending more than they can afford, which leads to them accumulating debt and then falling into a debt trap.

Gallan says, “One should make a list of items by their priority level and decide an approximate budget for each item. Don’t go overboard with shopping and spending to stay within the allotted budget.”

It is just as important to keep track of expenses as keeping track of your budget. Hence, he adds, “One should get into the habit of writing down each transaction, as well as the method of payment: cash, credit or debit card. This will allow one to monitor how much money they have saved or spent against a pre-set budget.” In addition, it may also be easier to use a money saving app to stay organized and track expenses if you are having problems doing so.

Having said that, if you have already overspent, don’t delay in taking action to regain control of your finances. Take stock of what you went for – this will mainly help in the formation of the revised business plan.

Galan says, “One should practice cost-cutting measures to get out of financial stress. Get rid of unnecessary expenses and stick to a budget that doesn’t break until you recover financially. Cutting costs will help you save more so that you can make up for the shortfall caused by overspending. Also, settle All debt in the form of credit card bills or personal loans you may have taken out, as soon as possible.”

Later, plan festive spending for next year based on what you’ve learned from this season’s mistakes to avoid drastic cost-cutting measures again.

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