Festive savings plan: How small steps can help you prepare for next year’s celebrations

For most of us, the festive season always brings joy, a reason to spend money, buy good stuff, and celebrate, but it can also leave a dent in our wallets.

By cultivating a small but consistent savings habit now, families can look forward to next year’s festivities without financial worries. Experts emphasize that the secret is to begin early and integrate saving into daily routines.

The first step is to make a savings goal and decide how much to save each month. Jetaish Gupta, founder and director of Adore Group, emphasizes that even a small portion of regular income can make a big difference. He suggested that instead of using the full bonus or gifts, received from the company, for short-term pleasures, you must try save 10% or 15% of your monthly income into a mutual fund SIP or invest in recurring deposits. "Developing a habit of monthly savings not only helps build a festival fund but also supports achieving larger goals like upgrading your home or paying off loans more quickly," added.

The other best way is to automate savings. Aman Gupta, director of RPS Group, advises setting up a separate account or a low-risk investment where money is transferred automatically. “The essence is to avoid procrastination and start the savings for a reasonable time in advance,” he notes. This ensures that funds are ready when festive deals appear, allowing families to make higher down payments and reduce their dependence on loans.

Families can also use festivals as checkpoints to review their finances. Shiv Garg, director of Forteasia Realty, says even small actions like saving a festive bonus or avoiding high-interest purchases can help build a valuable fund. Cutting unnecessary expenses during celebrations frees up cash for long-term goals.

Ultimately, your aim should be to enjoy festivals annually in the same spirit. Therefore, it is essential to have a clear plan and disciplined savings strategy to ensure you can participate every year, both emotionally and financially.