This is the festival season in India. Dasara and Deepavali Festivals are near for celebrations. People are eagerly awaiting to celebrate including plans for spending to buy online/offline. There will be high spirit among the people for looking into opportunities on how to spend and enjoy during the festival season. At one end, there are job losses/loss of income/economy loss that has hard hitting at the consumer population due to Corona Pandemic situations and on the other end, it is general tendency of the consumers to think, why cant celebrations can be undertaken as usual as all these days had been done, people have forcibly saved money in view of several restrictions in the ongoing pandemic situations. But, at this juncture when festivals are nearby, people need to think or give some thought process, whether, lavish spending money is required and whether such grand celebrations can be postponed for moment to survive the pandemic period to sustain savings and better utilize the same in the future or to create financial security.
In this regard, below aspects may be looked into before taking any decisions and have your wise choice, which could influence on the personal finance of the self/individuals/family to balance and sustain till the economy and security of employment really take off overcoming pandemic period.
Before purchase anything, think twice, whether your purchase really makes the difference to you or to your family or is it for show off or exhibit for short term pleasure.
Think of your family’s or household finance situations under the current situations before planning for big purchases.
Take control of shopping emotions
For any big purchase, think of upcoming days on your career/job salary/income influenced by the pandemic effect on your working industry/sector and any probabilities.
Its not wise to spend on credit cards/wallets/any cards for the sake of discount/voucher/grand promo Ads.
Think whether lifestyle is so important in the current situations
Consider any investment plans or emergency fund allocation which results as shock absorber in future to sustain emergency conditions. For those, who are not hit by pandemic, give more cushion to your security needs.
Before any purchase of new product during festival season, just think for few minutes, whether similar or same product was effectively utilized or been used so far in your wardrobe/in your household and is it a need or wants!
Don't undergo social pressure for any purchases as the other dont know your situations.
The ability to self control on spending is one of the principal elements in the Personal Finance.
Considering the above, think as many times before taking any big decisions during this period that would influence on one’s or family’s personal finance savings. Money Saved is Money Earned.
This is my personal opinion, the readers need to evaluate their own situations before having grand spending celebrations this year in the nearby festival days. This doesn’t mean celebrations to be totally in mute condition, the scope of celebration is as you think and collective decisions contribute for secured survival in future for the cause of self and family happiness.
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Regards, Madhu Kumar C, Personal Finance Enthusiast & Micro-Investor and Environmental Engineer, Bangalore.