Festive season coming soon, are your finances ready?

For Indians, festivals are just an excuse to shop. Buying gold, new car or planning an international trip, the festive season comes with list of expenses. 

Amid all the expenditure, you need to start planning the finances now! What is interesting during the festive period is "discounts and offers" which can help you in going overboard with expenses. 

Ajit Narasimhan, Category Head - Savings and Investments, BankBazaar.com, said, "The first step is to make a budget and stick to it. Budgeting is at the heart of money saving exercises. Take stock of how much money you have by calculating the amount left in your account after deduction for EMIs and other utility bills."

At the same time, it is important to plan your Credit Card expenditure too by deciding how much Credit Card debt you can manage in future. Once you have zeroed in on an amount that you can spare for your festival shopping, stick to that budget.

Next, make a shopping list. Make a note of all the things you want to buy right from clothes for family, crackers for kids, furniture for home, gifts for friends and relatives, among others. 

"Once you are done with the shopping list, start purchasing only the items mentioned in the list and refrain from impulsive buying. If you stick to your shopping list, the chances of overshooting your shopping budget will be smaller," Narasimhan added.

Check for the best deals when you shop. Do a thorough market research to find the best offers available. It is not necessary that the best deals are only online. You may actually get some really good offers offline in stores and showrooms as well. 

Try to get your hands on discount coupon codes when you shop online as it will save you a great deal of money when you add up all the small savings on each and every purchase.

So, keep your shopping bags ready and grab all the offers this festive season.

ALSO READ:

• Even with "zero" savings, you can enjoy post-retirement life with Rs 2 crore, this is how
• Already in 20s? Start saving early for post retirement life
• Five personal finance lessons from Game of Thrones that you must not miss
• Have multiple loans? This what you need to look at before closing them