TREADING THE FINE BALANCE BETWEEN SPENDING AND SAVING

It's easy to go overboard with your expenses during festival time. Take stock of your spending and saving accounts to strike the right balance

- Meghna Maiti

Diwali is among the biggest of festivals that Indians celebrate, but it is actually the culmination of a series of festivals that starts with Onam, Raksha Bandhan, Janmashtami, the Navratras and Durga Puja. This year, the festive season started early when Chandrayaan-3 reached the moon on August 23, 2023, according to Prime Minister Narendra Modi.

When it comes to festivals, Indians go all out to add colour and zing to the celebrations. From shopping for new clothes and home décor to indulging in sumptuous feasts and exchanging gifts, the expenses can pile up rather quickly.

This year is expected to be no different. According to the India Consumer Sentiment Index (CSI) report by Axis My India, a consumer data intelligence company, 23 per cent of respondents plan to shop more during the festive period as compared to last year and 28 per cent intend to maintain their spending habits at the same level as before, indicating that the consumer sentiment will remain stable.

Like every year, Celine M. Dass, 72, who was a shipping coordinator for a consortium of shipping companies before she retired, and her husband, Hubert A. Dass, 73, who worked as a logistics and operations manager at a Dubai-based retail company previously, now both settled in Mumbai, are already planning to celebrate Diwali with sweets, décor and more. Despite being devout Catholics, they have always embraced Diwali with their neighbours and family friends.

To ensure they can fully enjoy and participate in the festivities, Celine and Hubert have set up some budgeting practices over the years.

Now retired, they consistently save and allocate a portion of their income from investments to spend on festive buying. They also go for Diwali offers to get the most out of discount sales during the period.