4. Plan out the non-committed expenses

While preparing our monthly budget, we normally account for spending in the form of EMIs, children's teaching and other customary household expenditures. We are likely to overlook planning for non-committed spending like shopping for clothes and gifts, travelling costs, spending on Diwali and other festive celebrations, outings with friends and family during this time.

If we don't plan efficiently, we are likely to end up overspending during the festive season. One must also refrain from unnecessary credit card use during this period.

5. Home parties

Instead of queuing up in front of expensive restaurants on Diwali night, plan a house party where all your friends or relatives can get together and have fun together. Suggest a potluck party where all the party guests can bring in their own special dishes and make it a mouthwatering treat for everyone.

By implementing these simple ideas you will not only save a lot of money, but also ensure that you do not find yourself in a pile of credit card debt. Besides, Diwali is all about spending quality time with your loved ones, so as long as you see bright and shining faces around you, it's always a happy Diwali.