Tips for saving money for the holiday season
Advertising has always been around, but the advent of social media has really taken impulse buying to an incredible level. Constant messages about people on vacation, buying that new car, that new phone and all beyond the general announcements between these messages. This is called social media consumerism.
“Your mind needs to take a break, so take advantage of this holiday season to spend even more time away from social media and at least not make purchases that lose value quickly, like electronics,” explains Anshuman Narain, Vice President, CashBean, PC Financial Services.
He further adds: “No one will remember the shiny new toy you bought the week before. Instead, let that money go to a less glamorous investment vehicle. “
Industry experts say the holiday season is the time to be extremely careful with your spending and focus on creating discipline for yourself. Avoid shopping unless you really need this product to work.
Gaurav Jalan, CEO and Founder of mPokket, says: “It is extremely important to set a budget and then work backwards. One could also use the offers on e-commerce platforms and the economical offers available on quality products.
Additionally, experts point out, people should refrain from going to high-end stores, where they might be drawn into purchasing items that are not on their list. Coupons or loyalty cards can also be an option to gift and will ensure that you spend within your budget.
Most financial institutions also offer free discounts, rebates, and EMIs on credit and debit cards, as well as during the holiday season. You can check the promotions section of your bank’s website to find out with which e-merchants and outlets they offer such discounts.
Credit cards can save lives during the holiday season and, according to experts, can also help improve your credit score, as well as helping you collect reward points that you can then redeem.
Jalan from mPokket said, “With personal loans so readily available these days, it’s okay to borrow if there’s a requirement, but make sure you don’t take on more debt than you can repay. You have to keep in mind not to exhaust your purchasing power and stick to the budget.