Diwali 2023: How can millennials be more financially wise this festive season? Here are 4 ways

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You can already feel the nip in the air. The festival of Diwali is fast approaching and you can already sense a feeling of celebration in the air. With this festival being one of the most luminous and in line with many other festivals synonymous with happiness, wealth, and prosperity, many millennial investors sense a strong urge to spend money on things or resort to frivolous spending.

This might be discouraging to investors, particularly those who are still accumulating capital. However, keep in mind that impulse purchasing can easily derail your financial goals. Opting for prudent financial choices rather than splurging during festivals can bring immediate benefits to individuals and families while also securing a more promising future for them. The following reasons explain why.

Consider these guidelines for making prudent financial choices amid festive occasions:

Prior to embarking on expenditures, establish a budget for your festival-related expenses. This proactive approach will assist you in adhering to a financial plan and steering clear of unnecessary overspending. 

Initiate the budgeting process by gauging your income. Evaluate the anticipated funds you will receive during the festival season, encompassing salary, wages, bonuses, and any other income sources. Subsequently, enumerate your expenses, encompassing items such as gifts, food, travel, decorations, and other associated costs for the festival season.

In the next step, allocate your expenses thoughtfully. After compiling a comprehensive list of your expenses, categorize them into distinct groups, which may involve gifts, food, travel, decorations, and other relevant categories. Establish priorities among your expenses, recognizing that not all are of