Three money lessons learnt this Dussehra

Three money lessons learnt this Dussehra

On the auspicious occasion of Vijayadashami it pays to begin with a disciplined approach towards your money matters, if you have not done so already.

Dussehra is one of the major festivals in Hindu tradition. It’s considered auspicious for new beginnings in family and finances. And to facilitate such rituals and associated formalities, celebrations, we often incur unnecessary expenses. Once we deep dive into our finances post Dusshera celebrations, we realize the implication of such expenditure on our personal financial life. So, how about revisiting our goals, evaluating our misses and converting them into instruments for materializing your eventual goals?

To get started, consider the following points that concern your financial health-

1.Get that debt away Like we’ve discussed above, Dusshera expenses can influence our financial health more in negative ways than positive irrespective of their religious and emotional entitlement. Once we have burnt all those crackers, and done with the brouhaha of festivity, we are startled to see the repayment figure on your credit card statement. But let us take it on our stride, let’s focus our energies in the repayment of such debts and sooner we clear it, better it is on us. Such steep rate of interest and high cost can only have evil impact on our credit score.

2.Put on the gear of self-discipline We all know that there is no overnight policy that can make us rich save windfalls which are rare to come by. So, the only way of accumulating wealth is by self-discipline; being financially upright and responsible. Particularly, if you are the breadwinner of your family, financial discipline is a must. And yes, it is not only limited to taking care of the current needs of your family but to protect their future as well. Learn to have minimum overhead costs, live in less than what you earn and don’t bother if Mr/Mrs Neighbour has got a swanky new car.

3.Get the right financial diet To protect our finances, we should have enough life, health and asset-related insurances. But again, do not go overboard with insurances and draw a fine line to allocate funds for investments as well. People are often so caught up in their daily work that there’s not much focus on having a balanced portfolio. Easy way out is to find our family’s insurance needs first and then, the extra can go into investments for maximizing gains.

The one very important aspect of Dussehra is to do away with the past and get a new grip of life. So, instead of fretting over the misses that took place this Dusshera, look ahead to implement the lessons learnt to prevent your finances from bad expenditure. And if you need help, look out for a financial advisor who may help you rebalance your financial planning for a safe and secured tomorrow.

Happy Investing

Source:Moneycontrol.com