Budgeting can become especially challenging for South Asian families during the Christmas season, coming so soon after the celebrations and expenses of Diwali.
With Diwali often involving gifts, gatherings, travel and festive shopping, many households find themselves already stretched when Christmas arrives. The close timing of both festivals means families may have less time to recover financially, making careful planning and prioritising even more important to manage costs without compromising on the joy of either celebration.
Speaking to Asian Voice, Monica Kaur from the Money and Pensions Service (MaPS) said, “Diwali and Christmas can be expensive times of year, and if you celebrate both, it can be tricky to manage your finances. My first tip is to be open about what you can afford. Recent MaPS research found only half of people (52%) feel comfortable talking to their families about money, but talking about what you can afford during these occasions can help. Plan the menu together, making suggestions of who brings what. Try to have this conversation early to ensure everyone has time to plan.”
“My second tip is to agree on the costs for gifts. Diwali and Christmas are important times for families to come together; it shouldn’t be a time to worry about money. My final tip is trying not to feel pressure to overspend. Your loved ones will still love and care for you, no matter how much money is spent on gifts. Try not to compare yourself to others and enjoy spending time with your families during this special time. If you are worried about money during this time of year, you’re probably not alone,” she added.
