Wondering how to spend Diwali Bonus? Here are fabulous 14 best ways

Diwali the festival of light is around the corner, and you must be rolling up your sleeves to welcome the much awaited Diwali Bonus. Yes, it is that time of the year when you get extra money as bonus which brings a lot of joy and happiness to you. However, spending the same needs a bit of planning so that you can truly enjoy it and avoid not so important impulsive buying.

Here are few ideas on best ways to spend your Diwali bonus.

Prepare a list
First thing first, you should be ready with a list of items to purchase this Diwali to prevent impulsive shopping. Make sure you include only the most essential gifts or items to purchase. This will let you save much more money from your Diwali bonus.

Be ready with a budget
It will be a good idea to fix a budget defining how much money you would require for Diwali shopping. Having a budget in place would prevent extra expenditure that usually happens because of alluring Diwali offers.

Look for best discount offers
During Diwali, many brands offers huge discounts to attract customers. It would be a good idea to keep a close watch on these offers and map it according to the list of items you were planning to purchase. Don’t forget to compare discount offers before making a purchase decision.

Make the most of online shopping sale
Many people still don’t know how to make the best use of online shopping during festive season. You can bag a lot of branded products at dirt cheap prices online and can save a major chunk from your bonus.

Juggle between specific Credit card to get extra discount
There are many banks which provide special cashback offers and extra discount on making transactions via their card. So before you go ahead and make the payment, always check beforehand to save extra.

Safely ignore EMI offers
EMI offers are usually a great benefit for dealers and not customers. One should not carried away by attractive offers on brands and products. Since interest will be high, we would recommend you to stay away from EMI offers.

Jewellery offers
During Diwali time, you must be thinking to buy jewellery. You should definitely check out gold price and offers given by different jewellery brands before making any purchase.

Buy in bulk
Buying in bulk can let you strike a nice deal on gifts you wish to distribute this Diwali. Bulk buying gives you a upper hand in negotiations, always.

Plan in advance your Diwali vacation trip
If you are planning to visit some place on Diwali vacation with your friends or family, make sure you plan that well in advance. One very good way of saving money would be to skip contacting the travel agency for organizing your travel plan, instead plan it yourself. No doubt it will eat up a bit of your time, but you will definitely be saving more money which you can rather spend on something else.

Negotiate well. Real well.
Negotiation is a skill which can let you save a lot of money over the period of time. These skills are can be developed with time and with the help of your partner in doing so.

Avoid highly cost branded products
Not every time a high cost product is good in quality. Do your research well in advance before you proceed to buy any item. Be simple, don’t get lured by big brands and the price tag of the product. Opt for medium range brands to save money but at the same time picking the right product for yourself.

Clear your expensive loans
To reduce the burden of your existing loan, it will be a good idea to pay your expensive loan from Diwali bonus. Invest a portion of your Diwali bonus in your loan repayment, this will give you more savings in long term.

Increase your insurance coverage

If your risk coverage is less, you can purchase a good term plan by taking some money out from your Diwali bonus.

Invest for tax saving

Another very good idea is to invest some money out of your Diwali bonus for tax saving. You can explore Best ELSS for money investing.

We will leave it upon you to decide, after all you are the best judge of your finances.

However you wish to spend, you should aim to strike a right balance between your immediate need fulfilment and long-term financial needs while spending Diwali bonus.

Hope festival of Diwali brings a lot of joy and love in your personal and financial life.

Happy Diwali in Advance!