by Ms. Harshala Chandorkar, CIBIL
Gifiing is an integral part of celebrating the festive season.
Indian people tend to go on a buying spree with plans to spend on buying home appliances, cars, plot of land, houses and other electronic goods during this period.
Among these, quite a few are purchased on EMIs ( equated monthly installment ) through credit cards & loans. It is, therefore, critical to have a planned festive budget in place to enjoy the festivities while staying within your means.
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| Ms. Harshala Chandorkar |
Try these tips to help you keep your finances intact & shop smart this festive season:
^ Set a limit for your money so that you spend cautiously.
^ Make a list of all the people you need to buy for, and determine a spending cap for each person to help you stick to your budget.
^ Choose appropriate gifts that allow you to stay within your spending caps and make a list of your gift ideas.
^ Have a back-up plan so that if a particular gift idea isn't available, you've got a another option in mind within your budget.
^ Do shop around to find which store is offering a better discount. Take some time to do some research.
^ In case, you are planning to buy a new flat - house, car, or / electronic goods on loans, make sure you know your credit eligibility. Access your CIBIL (Credit Information Bureau (India) Limited) credit report & score before planning to avail loan for these high end purchases so that you are well aware of your credit standing & eligibility for the loan.
^ Great offers from credit card companies will also be available. Use credit cards wisely this festive season & ensure you pay your bills on time.
^ By accessing your credit report regularly, you will be able to keep a track of your credit history & this may enable you to access credit when they actually need it. A good credit score and a healthy credit report may be a key to faster & better loan and credit card deals, which will add colour to your festive purchases.
About the author..
Ms. Harshala Chandorkar is Senior VP (Consumer Relations) at CIBIL
these are great pieces of advice ... quite simple .. at times quiet easily forgotten ...
ReplyDeleteits nice to see all of them in your short and sweet article ...
happy festive season to you
thanks .. urs
N Noorie
Having a plan when you go shopping is such a important thing we have to do. I also agree that we need to set a limit for our money so that we spend cautiously.
ReplyDeletelou
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