4 Tips to Reclaim Your Financial Health Post Diwali Shopping Spree
4 Tips to Reclaim Your Financial Health Post Diwali Shopping Spree
After a week of splurging on not-so-necessary items, it's time to balance our budgets and take control on our financial health.

Festive shopping, heavy discounts and easy EMI options have let most of us set our pockets afire on Diwali. After a week of splurging on not-so-necessary items, it's time to balance our budgets and take control on our financial health. However, let's not spoil the after-taste of the festive season by worrying about empty bank accounts or sky-rocketing credit card bills. Here are 4 financial hacks to reclaim your monthly budgets uncomplainingly:

1. Cut Short Your Budget

Plan your monthly budget and cut short expenses that are either not too urgent or not necessary. Strike-off any eating-out plans, mall trips, or Friday night parties for one month, the amount you’ll cut off from here will become your saving and help in compensating bills.

2. First Things First

Your old EMIs on home loan and car loan, EMIs on any consumer durable loans taken recently, monthly rent, children's school fee, etc are some expenses which cannot be avoided. Therefore, prioritize these payments first and then make budget for the rest of the month.

3. Don't Ruin Your Savings

Do not withdraw your savings in a panicky situation? Savings are built over time and you must avoid withdrawing them to meet monthly expenses. Rather, be patient and figure out a solution without touching your savings account. And, if you must withdraw money from your savings account, try to build it again in the months to come.

4. Review Your Festive Spending

Lastly, review how much did you spend this Diwali and what you could have avoided reasonably. This will train your mind to be wary of unplanned or unmindful spending in the near future.

What's your reaction?

Comments

https://wapozavr.com/assets/images/user-avatar-s.jpg

0 comment

Write the first comment for this!