FESTIVE SPIRIT VS FINANCIAL STRAIN

Festivals can be heavy on the pocket but, if you plan in advance for the fun times and choose to celebrate wisely, you can make this wonderful time all about joy.

- By Kalwyna Rathod

Be it Dussehra, Diwali, or year-end celebrations, costs can mount rapidly in the form of shopping for clothes, sweets, gifts, decorations, and whatnot. This magical time should not, however, be about worrying over finances, but rather about bonding with loved ones and creating lasting memories. Here is some expert advice to help you avoid financial stress.

PRE-FESTIVE PLANNING

Shreya Jaiswal, a Mumbai-based chartered accountant, finance content creator, and Founder and Managing Partner - Fawkes Solutions, shares her tips.

CREATE A REALISTIC BUDGET

Shreya recalls how a friend came to her in January this year, panicked about her ₹85,000 Diwali credit card bill. That's when she realised that most people don't budget properly for festivals. “I begin planning from July, the start of the year's second half, because emotions run high during the festivities themselves and rational decisions become tough,” she reveals. “Tracking my own family's Diwali expenses over five years, I noticed a consistent 30% jump from what we initially planned each time. The issue isn't overspending, it's underestimating costs. So, if our budget is ₹1 lakh, I always add 30% more. It keeps things realistic and stress-free, while letting me track savings in advance,” she says.

PRIORITISE EXPENSES

“Growing up in a humble household, we always had to intentionally prioritise festive expenses since income rarely matched our desires. The principle is simple: list all possible expenses and identify what truly matters. It's not about cutting joy, but cutting what won't be remembered. If your budget allows it, spend freely; festivals are meant to bring happiness. But, if you're watching finances, avoid impulse buys that often lead to regret later. Diwali doesn't need extravagance to be memorable; it just needs to be meaningful for your family.”