Deal Your Finances Right this Navratra

Deal Your Finances Right this Navratra

Navratra season is just around the corner and this is the festive seasons’ first celebration to gear up for. This marks the beginning of the festive season and finally welcoming the winters. But apart from all the fun, excitement and dancing, what is it that should be done when it comes to handling your finances? Your money is something which should never be compromised at any cost and it’s during this season when everyone tends to take their finances lightly. We will tell you why this shouldn’t be the case and how it can impact your future.
SELF-DISCIPLINE – We celebrate nine day festival of Navratri by fasting and giving up on our favorite meals. This process needs a restraint and an ability to not give in to the temptations. Similarly, financial planning can be effective only by making small sacrifices that are a trade-off for our future’s security. Planning for financial security is imperative and discipline is the only doctrine to achieve it.
REAP THE SWEETNESS OF WISE INVESTMENTS – No Indian Festival is complete without a box of tempting and delicious sweets. These festival savories carry some special and sweet lessons too! Unless you have gone horribly wrong with your investments, chances are that you have made a neat kitty of gains. If that is the case, just as you reward yourself by indulging in some sweets this Navratri, do give yourself a small reward by booking partial profits and perhaps buying that smartphone you have been eyeing for so long or take a long cherished vacation with your family.
NEW BEGINNINGS, A FRESH OUTLOOK – Decisions on financial matters cannot be taken on impulsive and are best made when already planned. Early financial planning can bring in a windfall of benefits in form of full power of small savings with the incremental value of compounding. Irrespective of your past financial decisions, make this Navratra an occasion to begin planning your finances.
SAY BYE TO EVIL OF BAD DEBTS – Just as you clean out your homes on the eve of Navratri and Diwali, and rejoice in the tradition of playing Garba, pledge to clean out the burden of bad debt that is impacting your CIBIL Score negatively. Make a list of all the things you can do to clean your portfolio and think of ways to repay your high-cost debt first. Cleaning your portfolio maybe a tough task, but make a pledge to embark on this journey this Navratra if bad debts are weighing you down.
GET RID OF BAD DECISIONS – Navratri is the correct occasion to keep a track on your budget and finances. You need to make sure that your negative investment decisions are not repeated in the coming future. Whatever be the intensity of the bad financial decision, the essence is to let the bad be burnt so that good can prevail in our financial plan. Let there be a “Shubh Aarambh” for the coming financial year starting this Navratri.

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