Shopping or Investing: What Should you Choose this festival?

Figure out what you need first and plan accordingly

Now a days festival celebration light is on. On the other hand, discounts and gifts on purchases are attractive everywhere. These can be used to buy essential items. But unnecessary spending can be a threat to financial planning. Money Management skill is important here

A new car should be bought. the house should be repaired. We think a lot when we celebrate like this. At the same time, we are influenced by others. Figure out what you need first and plan accordingly. It should be fully implemented.

Understanding Money Management

Moreover, money should not be wasted on temporary attractions and necessities. If you want to buy a car, you should have a plan. How much to borrow? How much to pay from hand? To what extent is the flexibility to pay in installments. In which bank to take the loan. Take a decision after thinking a lot. The decision to buy a new house is the same. The fact that it is not possible now should be acknowledged.

“If you buy what you don’t need now, you will have to sell what you need”

Warren Buffett’s

Warren Buffett’s words should always be remembered. If we buy things that we don’t need just because they are cheap, it may not be of much use except to fill up the space in the house. You will have already taken the thing you really need. These rebates can be used when an old item breaks down or to exchange it for a slightly better one. Decide what to buy, what not to buy, not just you, but all family members together. This will ensure that unnecessary expenses are not incurred.

Choose our preferred way to buy what we actually need

There are many fintech companies that lend at the last minute of asking. Borrowing is easy. But many calculations are required to solve it. There are installment methods and credit cards that make it easy to buy what you want without the need for rupees. In all these we can choose our preferred way to buy what we actually need. But if you act as if you have to buy something, there will be complications.

Learn the mantra of controlling wasteful expenses. | Money Management

Use festive bonuses and other gifts meaningfully. Can be used to pay off expensive debt. This will give you financial peace throughout the year. These can be used to take a term policy or a health insurance policy. These amounts can be invested in short term debt mutual funds. Next year you can buy the things you want with the same amount. If the emergency fund is low, divert this fund to it. To be financially successful, you have to learn the mantra of controlling wasteful expenses.