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Balancing between 'wants' and 'necessities' can be a fine line to walk especially if you don't plan finances well in advance.

By V. Viswanand

With the onset of the festivities, comes various kind of expenditures. While many are for personal consumption, most households also plan key investments during these times be it in real estate, gold or any other form of financial value. Therefore, balancing between 'wants' and 'necessities' can be a fine line to walk especially if you don't plan finances well in advance. To ensure you loosen the purse strings in the right way, follow these simple tips to ease spending and maximize savings.

Evaluate expenses
Having a 'special' budget allocated for the festive season can help you estimate your spending threshold. While it is important to save for gifting, shopping and other kind of expenses incurred, ensure an additional amount is kept aside for emergency spends including medical/health or unforeseen incidents such as an accident etc. Always exercise discretion while spending - not everything is a necessary purchase, therefore prioritize key requirements over secondary items in your list. This will also lead to lesser financial challenges and stress

person holding money Having a 'special' budget allocated for the festive season can help you estimate your spending threshold. | Photo by Alexander Mils on Unsplash

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