Festivities And Finances - Strategies For a Perfect Balance
21 Sep 2023
Festivities And Finances - Strategies For a Perfect Balance
While the holiday season offers a wonderful chance to indulge yourself and your loved ones, a bit of financial prudence cannot hurt. Reckless spending in the festival season may leave you burdened with unnecessary debt, diminished savings, and a misalignment of your financial objectives. Here is a strategy to strike the right balance between finances and festivities.
Strategies for the Perfect Celebration
1. Prepare a budget
Prepare a shopping list with spending limits for this season's purchases. This helps you find discounts, prevents impulse buying, and ensures you stay within your budget during festive sales.
2. Invest first, spend later
Prioritize saving and investing from your bonus, before moving on to the festive shopping list. Consider replacing material gifts with financial actions, like starting a mutual fund SIP with a specific goal for your family's future financial security.
3. Do not compromise other funds
Maintain a separate fund for spending during festivities to avoid compromising your household expenses. Never dip into your emergency fund for holiday costs.
4. Debt repayment is important
Budget some funds to pay off existing debt and steer clear of acquiring new debt during the holiday season.
Mutual Fund Investments are subject to market risks, read all scheme related documents carefully. The information provided is generic in nature and is for informational purpose only. Please consult your financial advisor before taking any decision.
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The contents of this article/infographic/picture/video are meant solely for information purposes and do not necessarily reflect the views of Bank of Baroda. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Bank of Baroda and/ or its Affiliates and its subsidiaries make no representation as to the accuracy; completeness or reliability of any information contained herein or otherwise provided and hereby disclaim any liability with regard to the same. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Bank of Baroda or its affiliates to any licensing or registration requirements. Bank of Baroda shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
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