Diwali may be a festival when we welcome the goddess of wealth into our homes. But more often than not, we end up spending much more.
Is it possible to shop even as we save?
Shopping and saving need not be the oxymoron that it appears if we choose to be money-wise. The trick, according to experts, is to set financial goals and to plan the purchases.
A little bit of long-term planning will help to keep the financial portfolio on track. "It is never too early to start saving. You get the benefit of the power of compounding,'' says Sanjay Khatri of Krushna Finance, a leading mutual fund distributor.
During Diwali, the urge to splurge is usually triggered by the bonus. "We need to start thinking smarter. The bonus is a big chunk of money that should be invested in products like fixed deposits, term plans or systematic investment plans (SIPs), etc,'' advises Anirudha Basu, COO, Investment Yogi FinAdvisory Services.
Incidentally, the idea of investing is an inherent part of the festival as it is customary to purchase some metal, preferably gold or silver, on Dhan Teras celebrated two days prior to Diwali. "While men prefer to purchase gold coins or Gold Exchange Traded Funds (ETFs), women prefer buying gold jewellery. The jewellery purchase too is an investment for the future,'' says Sandeep Kulhalli, VP-marketing and retail, jewellery division, Titan Co.
In order to maximise your savings, you should take advantageof the many deals offered by jewellers during Diwali such as free gold coins with purchases or a discount on making charges.
Realty is another sector that makes for good investments in the festive season as builders offer discounts and freebies. For instance, this Diwali a leading builder has offered to pay the stamp duty and registration on behalf of the customers that could lead to savings of about 5% which works out to about Rs 3-5 lakh.
Many builders also offer discounts as part of the pre-launches during Diwali. "Buyers can get anything from 10-20% discount on the final price in this festival period,'' says Wali Chaudhary of Pyramid Property Consultants.
Be it expensive electronics or the less costly items like clothes or gifts, a little planning could help to save a lot of money. Draw up a list of the necessary purchases and the desirable purchases. Be a `Smart Shopper' and do your homework well. Compare the various deals available offline and online before making the required purchases.
As Diwali is the biggest festival, discounts could be as high as 40-50% against the regular 25-30%. Savvy customers are waking up to the many deals available this festive season. "We have witnessed a spectacular growth in sales across categories,'' says Sandeep Komaravelly, senior VP, marketing, Snapdeal.com.
This Diwali be a smart shopper and invest wisely and you could end up with more laxmi (wealth) after the festival.
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