India is a land of cultural diversities and celebrations. Every celebration has a unique story and history attached to it. Dussehra also has many such inter connected tales associated with it. Dussehra is a festival of new beginnings in many ways. In the context of money and finance, it means putting behind all your financial bad habits and marching ahead with greater financial confidence. Some of the bad habits can be enumerated below:
GET RID OF FINANCIAL DECISIONS: – Bad decisions do not fall under a single category. Their effects are also many. Like the ten-headed Raavan, they can wreak havoc in many ways. Make new decisions that will yield rich returns for you and your family. For instance:
- REPLACE AN EXPENSIVE INSURANCE POLICY WITH A COST EFFECTIVE ONE
- SELL ANY INVESTMENTS TO CURB FURTHER LOSS.
- GO FOR A HOME LOAN WITH A COMPETITIVE INTEREST RATE
START LIVING WITHIN YOUR MEANS:- Living beyond one’s means is one of the biggest evils of modern day living. It involves losing the ability to distinguish a want from need, getting addicted to hoarding of material possessions that have little use and in general leading a full life of presence. As you celebrate Dussehra, invoke your inner strength and slay the demons residing within you. Say no to financial habits that are inauthentic and start practicing financial authenticity in the following ways:
- Do not make a purchase or invest in property to make a personal statement of wealth or create a false impression of opulence.
- Make your own customized budget and start investing wisely.
- Do not equate lavishness with generosity. Gift your friends only with items with what you can afford.
REPLACE BAD SPENDING HABITS WITH GOOD ONES:- Bad spending habits are responsible for the poor financial health of families and households. They also reduce you to emotional wrecks when you realize that you are neck deep in debt and your credit card bills have escalated overnight. Let go of the crippling money habits and embrace new ones in the following ways:
- Make purchases while keeping a track of your long-term financial goals.
- Purchase items that genuinely make you happy.
- Do not splurge on items to get rid of boredom and loneliness.
- Keep a track of all the expenses that you incur and exercise control when you feel that you are spending more money than what your budget allows.
- Avoid making payments with debit or credit cards and use cash instead.
Dussehra is the time to burn the evil and herald new beginnings. As you celebrate the festival with your family and friends, let go of everything that was holding you back and surge ahead with greater dignity and grace.