The much-awaited Independence Day 2021 shopping offers are here. Flipkart Big Savings Day and Reliance Digital India sale is available till August 15 and August 16, respectively. Croma has also announced Independence Day offers. Next week, Amazon India and others may announce Raksha Bandhan sale and shopping offers. These companies are offering attractive deals, cashbacks and discounts across categories.
In these COVID-19 times, and amid job and income uncertainties, you need to be cautious when it comes to spending money. But for those who have just got their first job, there is a need for extra prudence. That doesn’t mean you shouldn’t spend. Here are some smart shopping tips to make the most of the Independence Day Sale.
Plan your shopping and stick to a budget
You must plan the purchases ahead of the sale by checking the offers on the website or the app in advance, because deep-discount deals move quickly.
Some deep-discount products are kept for lightning deals during the shopping days. These products are available for a few hours or until stocks last. To buy products at deep discounts, set up notifications of on the shopping app in advance. Whenever a sale is announced, you will be notified and then you can pounce on it if it’s within your budget.
But that doesn’t mean you should buy things that you do not need. “Avoid the revenge shopping syndrome taking over after procrastinating shopping for the past year-and-a-half due to the pandemic,” says Harshil Morjaria, a certified financial planner at ValueCurve Financial Solutions. Make a list for shopping, maintain a budget for each of the items and stick to it. Skip the product while shopping if the discounted price is not within your budget.
“When making a big-ticket purchase, consult your family members as well. You will be surprised how useful the opinion of teenagers can be in deciding on consumer electronics and tech products,” says Raj Khosla, Managing Director and Founder of MyMoneyMantra.
Compare online rates with offline discounts
As Independence Day Sale and festive offers from e-commerce websites have grown over the past few years, offline retailers have also begun offering mid-year sales, festive offers, end-of-season sales, etc.
“These days, offline retailers are forced to offer discounts or match the price of products that Amazon, Flipkart, etc. offer. So, research thoroughly, as it may pay rich dividends when you step into a showroom for purchase,” says Khosla.
Also read: Easy ways to avoid revenge shopping after unlock 2.0
Decode the offers before buying
Flipkart is advertising discounts of up to 75 percent on televisions and appliances. Similarly, Croma is advertising up to 40 percent off on mobiles and accessories. The catch here is that such discounts may be applicable only on high-end products or on limited inventory for flash sales. “Such deep discount offers seem good in promotions to gain buyer's attention, so they end up with bulk shopping going beyond the budget, which is not required,” says Morjaria.
Use cards, reward points for additional discounts
During the Digital India Sale, users with HDFC cards will get a 10 percent instant discount with debit and credit cards. The maximum discount will be Rs 3,000 for using HDFC cards to make the payments. Similarly, Standard Chartered Bank, ICICI Bank, HDFC Bank, SBI Card, HSBC and Yes Bank have partnered with Croma to offer instant cashback, which varies with the bank and minimum purchases.
Banks that have partnered with Croma are offering instant cashback on purchases of over Rs 10,000-Rs 1 lakh on credit cards. “You should make the purchase only if it’s essential; do not overspend just to get the benefit of instant cashback,” says Khosla.
Also, check if you can redeem reward points on credit cards or discount coupons for additional benefits while shopping on the e-commerce website.
Also read: Covid-19 crisis: 5 ways to trim your expenses and free up cash in your budget now
Examine No-cost EMI schemes while shopping
Amazon, Flipkart, Reliance Digital and others offer a No-cost EMI (equated monthly instalment) option on purchases of consumer electronics, readymade garments, etc. Remember, No-cost EMIs are not free. “These EMIs make the product appear very affordable, but you may be incurring a 15-24 percent interest cost. A No-cost EMI becomes available to you by sacrificing the 4-5 percent cash discount offered by a dealer,” says Khosla.
For instance, you may buy a Rs 60,000 worth smart TV at a No-cost EMI of Rs 10,000 for six months. But, the Rs 4,000 to Rs 5,000 discount from the dealer will vanish into thin air. “You should avail a zero-cost EMI only if you are unable to make a cash purchase,” Khosla says.Disclaimer:
Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd that publishes Moneycontrol.com.