India is the land of cultural diversities and celebrations. Every celebration has a unique story and history attached to it. The festival Dussehra also has many intertwined tales associated with it. Dussehra is considered to be the festival of new beginnings. In the context of money and finance, it means putting behind your financial splurges at bay and marching ahead with greater financial confidence.
Ways to Conquer Your Financial Demons This Dusshera
A few bad habits have been enumerated as below:
- GET RID OF FINANCIAL DECISIONS:
Bad decisions do not fall under a single specific category. Their effects are diverse. Like the ten-headed Raavan, they can wreak havoc in its own ways. Make new decisions that will yield better returns for you and your family. For i.e.
- Replace your expensive insurance policy with a cost-effective one
- Sell loss making investments to curb increased loss.
- Go for a home loan with competitive interest rate
- Choose a Home Credit personal loan for small investments.
- START LIVING WITHIN YOUR MEANS
Living beyond one’s means is one of the biggest evils of modern day living. It involves losing your ability to distinguish a want from need, getting addicted to material possessions that have little use and in general leading a full life of presence & show-off. As you celebrate Dussehra, invoke your inner strength and slay the demons residing within you. Say no to financial habits that are immaterial 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 items which you can afford.
If at you’re running out of budget and you’re charged with financial emergencies, then opt for an Instant Personal Loan. It helps to meet your monetary needs for wedding expenses, emergency medical treatment, small business investment, travel spending, higher education etc. Home Credit lends you quick cash loan upto Rs. 2,00,000 at 0-5% processing fees, depending on the loan tenure.
- REPLACE BAD SPENDING HABITS WITH GOOD ONES
Bad spending habits are responsible for 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 give you happiness
- 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 suitable time to burn the evil inside 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.
Additional Reading: Financial Lessons to be learnt this Diwali
