Diwali 2023: Things to keep in mind when shopping for the festival

During Diwali, joy arises from sales and purchases, making it a much-awaited occasion for customers, e-commerce platforms, businesses, and merchants. The festive shopping fervour begins early, with Dhanteras marking its official start. Diwali is synonymous with indulging in great shopping, feasting and celebrations for some. If you make major purchases during Diwali, consider doing so by adopting the principles of smart consumerism.

When shopping during Diwali, keeping your budget in mind is essential. To enhance your holiday shopping experience without exceeding your financial limits, consider following a few key principles. By following these smart shopping mantras, you can make the purchases you want on a limited budget, doubling your enjoyment of the festival.

1) Make a clear budget

The initial strategy for saving money involves making a budget. Creating a budget for your holiday shopping allows you to define your spending limits and allocate funds wisely. With a budget, expenses can stay within your capacity. So, plan by determining how much you will allocate for basic household items versus expenses like candy and celebrations.

2) Prioritise purchase items beforehand

During Diwali shopping, prioritize essential items over non-essential items that might tempt you. Resist allowing momentary desires to overshadow practical needs. Achieving this balance ensures that rational decisions prevail over impulsive ones. Once you commit to a predetermined shopping list, consider it a step toward effective money-saving practices.

3) Keep an eye out for discounts

Discounts promoted by companies or e-commerce platforms may not be as substantial as they seem. Amidst the clamour of online shopping deals, it is essential to do thorough research before cashing in on any deal. Avoid impulse purchases and make informed decisions. Holiday discounts are also prevalent on debit or credit cards, so be aware of promotions applicable to your cards. If you have multiple cards, compare their offers to maximize your savings.

4) Avoid taking out loans

Minimize the use of loans, especially for purchases that seem cheaper at first. A closer look at loan interest rates and processing fees often reveals that perceived savings decline. Wherever possible, opt for credit card EMI options instead of loans, as this approach can help you save money in the long run.

5) Explore local markets

Go the traditional route and explore local markets to save money. Physical market visits can reveal competitive prices compared to online options. It is beneficial to decide what to buy and where to buy it. Keep an eye on your favourite stores or websites and track ongoing deals. Awareness of promotions and offers allows you to make informed decisions and secure desired items at profitable prices.