Finance

Tips to Manage Your Finances Around Festival Times

Every time the festival season is in full swing, you may become a little reckless while spending even without realising it. With the Chinese New Year and other major festivals just around the corner in Singapore, this may be a good time for you to learn a few financial tips to save up during the festival season. A disclaimer before we begin – you won’t have to cut down on fun!

Domestic and foreign travel is becoming increasingly expensive. If you add cost of accommodation and food, you may end up facing a situation that may be a little too precarious for your liking. With a proper plan and the necessary determination to cut down on unnecessary expenses, you’ll be able to manage your finances better during this festival season.

Points to Keep in Mind

The following are some of the ideas that you should follow if you want to be in total control of your finances during the festival season:

  • Set yourself a daily budget: You may have emptied your pockets within the first few days during the previous festival seasons or seen friends do this. Setting up a separate festival fund will help you keep the expenses within the budget. That’s not all! You’ll also have to set daily spending limits. Calculate the approximate costs you’ll incur if you visit certain places, live concerts, shows or shops, and allocate funds for the day accordingly.
  • Check the prices: It’s foolish to blow all your money on a two-hour concert! However, that doesn’t mean that you should stay out of the festival circuit or mood. If you check the right websites at the right times (especially if you’re an early bird for an event), you may be able to get hefty discounts. To enjoy music or a special performance, you don’t need to buy the most expensive ticket. You can buy a more economical one and still have a great time. A lot of events and shows in Singapore and abroad provide free entry for visitors. Try to be at these events more often than not.
  • Minimise the transport costs: While most festival and event venues in Singapore are near MRT stations that make travel convenient and cheaper, you would still do well to chalk out a travel plan to optimise travel time and cost if you want to travel to multiple locations. This advice will make more sense if you’re abroad. Public transport may not be as convenient or cheap at other places. So, find out more about the transport system of the place that you’re visiting and compare the rates before setting out on your journey. If you’re abroad and need to make frequent long-distance travels, it’s best to make the travel bookings and arrangements in advance.
  • Put a lid on impulse purchases: When you’re in the festival mood and have money to spend, controlling your urge to make impulse purchases may be tough. However, the cumulative effect of these expenditures on your financial condition may be significant. Hence, stop splurging on expensive kits, souvenirs available outside venue events, dresses and other items that you can do without. If you still want to buy things to gift, do your due diligence. Compare the prices online and offline and visit multiple brick-and-mortar shops to get the best price.
  • Find the best deals online: If you visit a website like CupoNation Singapore, you’ll find hundreds of best deals, coupons and discount offers on travel tickets, hotels, shops and restaurants. Find out the most appropriate ones and use them to minimise your expenses during festivals.
  • Credit card offers: Many of the top credit card lenders in Singapore have already started running exciting promotions since the beginning of the New Year. You can learn more about them here. Don’t forget to check out the special benefits, features and promotions. You can save a lot if you use the right card for the right expense during a festival season.

To minimise your expenses during a festival, you don’t need to turn Spartan. All you need is a bit of planning and smartness. Now, you’re sorted for any festival!

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