Money Talks, And My Wallet Says…Enjoy!

Any festival seasons always ends up in making extra hole in the individuals pocket. Owing to the sentimental element that is attached to festival celebrations, most people tend to spend more than what their pocket allows. People tend to spend more during festivals on gifts, restaurants meals, decorations, and travel etc. Usually the expenses at the times of festival increases due to various factors. While the income remain the same, there is a surge in demand for particular foods, sweets, clothing, and decorations, during festivals which can lead to price increases due to market dynamics. Many people tend to overlook the importance of having a financial plan in place for managing festival expenses, which hampers the festival spirit.

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Festival times are generally expensive due to the basic economic principle of supply and demand - during festivals, the demand for goods and services like food, clothing, travel, and entertainment significantly increases while the supply remains relatively the same, leading to price hikes as sellers can charge more due to high consumer interest. For example ;

Festive sweets snacks and clothin often see price hikes because of increased demand for specific ingredients.

Festivals often involve large family gatherings, leading to increased spending on food, gifts, and travel to meet relatives. Many cultures associate grand celebrations with festivals, creating an expectation to spend significantly on festivities to maintain social standing. While demand spikes, the available supply of goods and services often doesn't scale up proportionally, resulting in shortages and higher prices.

Money on My Mind

Owing to the mood that prevails before the onset of the festive season, there is a real possibility of going overboard with our expenses. It happens with every culture, be it Diwali, Dushera, Eid or even at Christmas. We often ends up spending more than what our budget allows. To avoid such burden, aying down a realistic budget is of paramount importance. This will ensure that any extra spending for festivals does not hamper our monthly investments for our other financial goals.

Recently, I have been part of a Christmas Eve celebrations with friends. It was 6 of us and planned to organise a mini get-together. It was suppose to be one man affair, but we planned it in such a way that it did not cost anything extra to anyone. We have distributed the expenses with each one assigned some expenses to bear. While I was assigned to bring drinks, others were asked to arrange food, travel and sweets and bill payments. It was a genuine combined effect and finally we ended up with minimal burden to our pocket. It reminded me of my office Christmas parties, where we used to have "pot lunch", the concept was unique and amazing.

Likewise, To manage expenses during a festival, we can plan ahead, track our spending, and avoid impulsive buys.

• Allocate specific amounts for different categories like food, gifts, decorations, clothing, and entertainment to avoid overspending.

• Instead of buying expensive decorations, consider making our own #diy or repurposing old items. Minimize eating out during the festive season by preparing meals at home, which can significantly cut costs too.

• Avoiding unplanned shopping sprees and take time to consider if you really need something before buying it.

• List down essential items you need for the festival and focus on buying those first, rather than splurging on unnecessary items. Compare prices across different stores, look for discounts and sales, and consider buying in bulk if possible.

A little smart work before the start of the festival simply adds fun to the ocassion. However the growing trend of exotic lifestyle, and putting ourself ahead in the race of competition with others make us to feel the excess burden. An expensive lifestyle significantly impacts a festival budget by reducing the amount of disposable income available to spend on festive activities. A simple lifestyle is always meaningful and mindful where people enjoy with most of the available items.

I have been doing it since many years, I create a provision for each festival and create a little reserves. I hardly feels any burden, but enjoy every moment.

Peace!!

Namaste @steemflow

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