paragraph on festivals are to share , not to splurge
Answers
Explanation:
A festival is an event ordinarily celebrated by a community and centering on some characteristic aspect of that community and its religion or cultures. It is often marked as a local or national holiday, mela, or eid. A festival constitutes typical cases of glocalization, as well as the high culture-low culture interrelationship.[1] Next to religion and folklore, a significant origin is agricultural. Food is such a vital resource that many festivals are associated with harvest time. Religious commemoration and thanksgiving for good harvests are blended in events that take place in autumn, such as Halloween in the northern hemisphere and Easter in the southern.
Navratri, Diwali and Christmas and many more festivals offer us many opportunities to splurge, egged on by bumper online sales, jaw-dropping discounts, and other offers to lure buyers. However, many times individuals go overboard with their festive spending and end up in debt trap, the likes of which can grip you till the festival comes next year. Personal finance experts tell DNA Money readers the common pit-falls of festival spending and the ways to side-step such financial problems.
Stick to an honest list: The most important thing that goes hand in hand with saving is planning. Make an exhaustive list of everything you would like to spend on—cloths, accessories, furniture, consumer durables, crackers, gifts for friends and relatives, and more. Once you are ready with your shopping list, start purchasing only the items mentioned in the list. If you stick to your shopping list, the chances of overshooting your shopping budget will be smaller. The convenience of buying practically everything through credit cards or funding through a loan, tends to make us buy things beyond our budget, which eventually leads to huge credit card bills and EMIs.
Chartered financial analyst Amar Pandit, founder, HappynessFactory, says, "We strongly recommend listing out the things that you require and budgeting for the same, based on surplus money available. We also recommend doing proper cash flow planning, and arriving at surplus funds that you have monthly. This will help you understand your EMI paying capacity, so that you do not buy more than you can afford, and get stuck in a debt trap."
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