Dussehra marks the start of the festive season, but before you lose yourself to the festivities, feasts and familial bonding, spare a moment for your finances. After all, it is the perfect time to rid your personal finances of all evils and ensure that you take only the good with you into the next year. Take a look at 5 money lessons that you can glean from Dussehra.
Make The Effort To Weed Out Excesses
The nine days prior to Dussehra, known as Navratri, are viewed by many as a time to stick to a frugal diet. In the larger scheme of things, this is symbolic for not giving into temptation. Draw from this analogy and make sure that your finances don’t suffer because of impulse purchases, excessive spending or reckless use of credit. Instead, review your budget, see where you can reduce expenditure, and redirect money towards investments and savings instead. A little restraint now will serve you well in the long run.
Start The New Year With A Clean Slate
Whether it is Lord Rama’s victory over Ravana that you believe in, or Goddess Durga’s triumph over Mahishasura, Dussehra is the time to put aside your indiscretions and start afresh. Why not apply this principle to your finances too? Rather than thinking of the stock market crash recently and bemoaning your investment, take the time to review your finances. This Dussehra, discard all the unhealthy financial habits, and investments that aren’t bearing fruit and instead adopt ones that are going to be beneficial to your and your family’s future.
Stay Cool, Calm And Collected
Defeating Ravana to save Sita was a gargantuan task, and one that Lord Rama wouldn’t have been able to accomplish if he hadn’t been calm and collected. When it comes to your finances, this is the same approach that you must adopt. Making decisions in a hurry, or from a place of greed or panic will harm your finances more than it will help them. Making decisions based on logic and devoid of emotion will help you do what’s best for your money.
Have A Plan Of Action
To challenge Ravana without having a concrete plan in place would have put Sita’s life at risk. Similarly, if you take financial decisions without having a plan or financial goal in sight, you’ll be shooting in the dark and putting your future in jeopardy. So, don’t make financial decisions in a haphazard manner. Instead, have a watertight plan basis your short- and long-term goals and act accordingly.
Build A Strong Army
Lord Rama enlisted help from the Vanar Sena to tackle Ravana. By relying on an army, he strengthened his position. So when it comes to your finances, don’t expect one saving or investment instrument to get the job done. Focus on a mix and diversify your investment portfolio to achieve your financial goals successfully.
With these tips in mind, make the coming year your most prosperous one yet!
The writer is CEO, BankBazaar.
BankBazaar.com is a leading online marketplace in India that helps consumers compare and apply for credit card, personal loan, home loan, car loan, and insurance.