The Hindu Festival of Lights evokes joy, celebration, and a time of auspicious spending or investing. And with some careful planning, Diwali devotees can avoid overspending yet still ensure family and friends receive thoughtful gifts.
Since it's common to have dozens of people on your gift list for the celebration of light, it's easy to overspend and overextend credit that has lingering financial effects, U.S. Bank District Manager Ashrita Prasad said.
"Every year my husband and I start on New Year's Day and set a budget for how much we will spend on Diwali in October. It's a great time of year to set your goals so you're on the right path for saving up and buying gifts in the months to come," Prasad said.
Here are 10 tips for managing Diwali this year.
"If you are making an investment during Diwali, there are many types of spending to consider and even perhaps purchases you have been putting off that you may want to make," Prasad said.
For instance Diwali is a blessed time to purchase a car to replace an ageing model, buy gold jewelry, open a college savings account for the kid, take out life insurance policies or buying airline tickets to see family back home in India or wherever you hail from, Prasad said. All of those are bigger ticket items and, for most families, planning ahead for them is essential and potentially rewarding.
Prasad uses her credit card to book her airfare so that she accumulates points for other spending.
"People are in such a celebratory mood for the holiday, and with a little planning, the spending during the season can be joyous as well," she said.
Shera Dalin is a member of U.S. Bank's public affairs and communications team.
U.S. Bank is celebrating Diwali across the country. For example, stop by the bank's booth at the following Diwali Melas: Oct. 7 in Minneapolis and Pleasanton, Calif., Oct. 8 in Rolling Meadows, Ill., and Oct. 21 in Artesia, Calif.