How to manage your money while shopping this Diwali

It is a well known fact that when you go shopping during festive season, the expenditure tends to exceed the original budget. It is even worse when you do not have a list of things you need but come back with several unnecessary purchases.  However, this happens to most of us and there is a solution. We all manage a budget for groceries, education and vacations, but never for shopping. To break that habit this Diwali, here are a few small rules that should be followed for smart shopping.

Patience is must: During the festival of Diwali, shopkeepers and major corporates devise money saving schemes in order to attract more customers and increase sales. It would be a good time to make more purchases as there are many deals on offer. Compare the various deals available and make an informed choice.

Avoid being impulsive: Being impulsive is a common mistake people make. One should always remember that meaningless purchases only burn a hole in one’s pockets. While we all are tempted to buy everything we like, it is a smart move to stick to a list of things that are needed rather than wanted.

Search the best deal: Scout every shop during the festive season to get the best deals. Do not hesitate to bargain with shop keepers as usually, they have a margin to give discounts higher than already slated.

Prioritise: Once your shopping list is made, scrutinize it once more. Go through the list again to find out what items can still be eliminated. Learn to prioritise. Find out which item ranks higher in importance and urgency. This exercise will make you to spend on important items first, and if your budget permits, you can buy other products of lower importance.

Budgeting money: One should save money for shopping throughout the year. The best way is to save 20% of your income every month and keep it aside for shopping purposes at the time of festivals. Even then, one should allocate the money according to needs.

Best Viewed in - 1024 x 768 and above resolution, IE7 & above, & other popular browsers
Copyright © 2011 Flame. All rights Reserved