Buying gold without putting stress on your pocket requires a smart and strategic approach. Here are some key ways to do it:
1. Set a Budget & Stick to It
- Determine how much you can afford without affecting your essential expenses.
- Avoid impulsive purchases and stick to your financial plan.
2. Buy in Small Quantities
- Instead of buying a large amount at once, consider purchasing smaller units like 1 gram or 5 grams.
- Many jewellers and online platforms offer gold in fractional amounts.
3. Opt for Gold Savings Schemes
- Many jewellers offer monthly gold savings plans where you deposit a fixed amount every month.
- At the end of the tenure, you can buy gold with your accumulated savings, sometimes with additional benefits.
4. Invest in Digital Gold
- Platforms like Paytm, Google Pay, and financial institutions allow you to buy digital gold in small amounts.
- No need to worry about storage or making large one-time investments.
5. Explore Gold ETFs & Mutual Funds
- Gold Exchange-Traded Funds (ETFs) and gold mutual funds let you invest in gold without the burden of physical storage.
- You can start with as little as ₹1000 or less.
6. Consider Gold Bonds (SGBs)
- The Government of India issues Sovereign Gold Bonds (SGBs), which allow you to invest in gold and earn interest.
- These bonds have a maturity period but offer tax benefits and no storage worries.
7. Look for Discounts & Offers
- Many online and offline retailers offer discounts on making charges during festive seasons.
- Compare prices across different sellers before making a purchase.
8. Avoid Buying on Credit
- Using a credit card or taking a loan to buy gold can lead to high interest costs.
- Always buy with available funds to keep your finances stress-free.
9. Consider Pre-Owned or Antique Gold
- Some trusted jewellers offer pre-owned or antique gold jewellery at lower prices.
- Ensure purity and authenticity before buying.
10. Buy Hallmarked Gold Only
- Always check for BIS Hallmark certification to ensure purity.
- This protects your investment and ensures you get the right value.