Loan Management Tips
1 February 2023
Another year has gone by and ’tis finally the season to be jolly. It is that time of the year again when people buy gifts for loved ones and also make important purchases for themselves that they may have been putting off for later this entire year. Stores are decked with holly, tinsel, and holiday wreaths as they gear up for Christmas and New Year sales. But for customers, this also means spending a lot of money, oftentimes too much to fit into our budget. So what are the best ways to save yourself from debt this festival shopping season? Let’s have a look.
This not only includes making a list of all essential purchases but also estimating how much money you would need for the shopping. Compare this with how much money you can afford to spend and how much you can feasibly borrow without going to a large debt.
Pretty much every store puts up Christmas and New Year sales and exclusive deals during this season. For example, the e-commerce giant Flipkart is offering a 10% instant discount on SBI credit cards and in addition to various other product-specific discounts. Amazon too is offering 10% instant discounts on HDFC bank cards.
E-commerce websites also offer no-cost or low-cost EMI options that can help customers pay over a longer period. For some gadgets and appliances, there are exchange offers available that can help lower the costs if you exchange your old gadget for the same, provided all conditions are met. Moreover, online wallets such as PayTM are also offering cashback and discounts on various purchases if payment is made via these wallets.
The same product may not cost the same in all stores. Therefore, comparing prices across all major stores is a good way to get them at the lowest price. While comparing prices, also factor in the discounts and cashback offers available due to the payment methods. Keeping track of these prices and offers can help customers reduce the overall cost of their purchases.
Many stores offer loyalty points or reward points that can be used for future purchases. Reward points are also offered in many credit cards and debit cards which can be redeemed for various offers such as Amazon or Flipkart gift cards or mobile recharges. Make sure to make use of these while they are still within their validity period.
Instant credit options such as Fibe offer a great way to get hassle-free and affordable credit via an online application process. EarlySalary also has special personal loans such as shopping loans for Amazon and Flipkart. There are low-cost EMI options available and repayment options are flexible, allowing customers to make purchases while the festival shopping season discounts still last. Fibe users may also have access to exclusive discounts during the Amazon sale.
Like everything else, the holiday shopping season also requires adequate planning if one intends to manage their finances well and not fall into debt. And the end of the year is the perfect time to jot down your financial plans. After taking all these steps to save big during the sales, customers must still keep a record of the same and compare it with the budget initially planned. Analyzing your savings will also help you to figure out what worked and what did not and consequently help you make better shopping decisions in the future as well.