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Exchanging gifts, buying something new for our dear ones and homes are part of the festivities. But, many a times, people end up overdoing it which can impact other financial goals.  

Here are the three things to do to avoid overspending during the festival season: 

Make a budget: First, make your gift lists and a budget. A simple math will tell you how much you can spend and accordingly, it becomes very easy to decide how much to spend on each articles, said Shweta Jain, certified financial planner, founder, Investography, and author, My Conversations with Money. 

“Now, if the gifts are meant for only family members then you can decide whether you want to spend it all on clothes, gifts, toys, home etc."

Even in that case, keep a budget handy so that you do not overspend on articles that you do not need. Make sensible buying options. 

Keep a tab on your favourite brands: This is actually a very effective way of keeping your spending within the budget.  

“Follow the brands you want to buy, because there are festival discounts galore," Jain said. Apart from the festival season, several brands also offer discounts  other times of the year. Small buys during such times for festival purpose can help you save a lot. 

“But it's important to stick to the budget and to the list," Jain added. Since, the prices are low, we often overbuy justifying them as ‘value for money'. This needs to be avoided at all cost. 

Keep some room for a buffer: “We tend to over spend and then feel guilty. Festivals are all about indulging," Jain said adding, “so, there is no need to feel guilty for overspending during this time of the year."

 The best way to tackle this, Jain explained, Keep a buffer of 20% in your budget so that even if you over spend it doesn't impact your lifestyle or other goals.

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