Before you can fix your finances, you need to face them. Take a moment to go through your recent transactions and calculate how much you actually spent. Be honest about those little splurges — the decorative lights, the extravagant gifts, or that “too good to miss” deal online. Don’t beat yourself up; awareness is the first step towards recovery.
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Do A Smart Expense Breakdown
Sort your festive spending into three categories: needs, wants, and regrets. Essentials like puja items and basic sweets fall under needs. Luxuries such as designer wear or imported snacks go into wants. And those random last-minute buys that now seem pointless? They belong in regrets. This simple audit helps you recognise your spending patterns and identify what triggers your festive splurges — social pressure, emotions, or pure excitement.
Trim Down Unnecessary Costs
Once the festival dust settles, decluttering your finances is just as important as cleaning your home. Go through your bank and credit card statements for auto-renewing subscriptions — OTT platforms, gym memberships, or apps you rarely use. Cancelling even a few can free up a surprising amount of money over the year. Redirect that money towards paying off debts or rebuilding your savings.
Rebuild Your Safety Net
If your emergency fund took a hit during Diwali, it’s time to restore it. Aim to save enough to cover at least three to six months of living expenses. Start small but stay consistent — set aside a fixed amount from every paycheck. This cushion will protect you from future surprises and keep you from relying on credit in tough times.
Detox Your Debt
List out all your dues — EMIs, personal loans, and credit card bills. Focus first on clearing high-interest debts, especially credit cards, to prevent them from snowballing. Avoid hopping between balance transfers or new refinancing options that may carry hidden charges. Having a clear repayment plan not only eases financial stress but also strengthens your credit score over time.
Find Ways To Boost Your Income
If festive spending left your wallet lighter than usual, consider finding a side hustle. Freelance gigs, tutoring, selling homemade products, or providing digital services can bring in extra income. Even a small stream of additional earnings can help you pay off debts faster and rebuild your savings buffer sooner.
Revisit And Reset Your Goals
Post-festive recovery is also a great time to reassess your financial goals. Maybe postpone that vacation or adjust your short-term investments until things stabilise. Remember, financial goals aren’t set in stone — it’s okay to realign them based on your current situation. The key is to move forward steadily, not hastily.
Disclaimer: The information provided here is for general informational purposes only.
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