The festive season is approaching, starting with Navratri, followed by Diwali. This is a time when people shop extensively, both online and offline. Retailers offer various schemes and discounts to attract customers.
Often, we make impulsive purchases due to these tempting offers, only to regret it later when we see our money slipping away or a hefty credit card bill arriving.
Here are five tips to help you avoid overspending during the festive season.
Don’t Get Caught in Festive Sales Gimmicks
During festivals, companies use numerous strategies to boost sales, such as limited-time deals, special offers, and exclusive stock sales. These tactics are employed by both physical stores and e-commerce platforms.
According to Harshil Morjaria of Value Curve Financial Solutions, “It’s crucial to avoid falling for pressure tactics. The best approach is to set a budget beforehand and stick to it.”
Be Wary of Fake Discounts
Many e-commerce platforms increase product prices just before offering “huge discounts.”
Customers, hoping for a bargain, often buy these items, only to realize later that the product is available elsewhere for the same or lower price. Always compare prices at different places before jumping on a discount.
Prioritize Quality Over Discounts
Retailers often give massive discounts, especially on old stock, which can go up to 70%. Customers rush to buy these discounted items without realizing that the product might be outdated or discontinued.
Such products can be hard to repair due to a lack of available parts. It’s better to focus on quality rather than just low prices.
Avoid “Buy 2, Get 1 Free” Offers
Festive seasons are filled with offers like “Buy 2, Get 1 Free” or cashback deals linked to specific debit or credit cards.
These deals, especially common with electronics, often tempt people to spend more than necessary.
For example, you might buy two shirts to get the third free, even though you originally planned to buy just one. Additionally, it’s hard to tell whether the offer price is inflated or a genuine deal.
Watch Out for Hidden Fees
While shopping in a hurry, hidden fees such as shipping charges, handling fees, and payment processing costs are often overlooked.
It’s important to carefully review these fees to avoid unpleasant surprises after making a purchase.
