This Ganesh Festival Follow These 5 Major Financial Lessons for a Better Future!


The 10-day long festival of Ganesha is considered the time for prosperity and success. The arrival of Ganesha brings you joy, but do you know that it also teaches you about your financial and credit life? Here are 5 major lessons you should learn from this festival.

·         Begin today to create a long credit history
Lord Ganesha is the God of new beginnings. Let the arrival of Ganesha inspire you to start your journey towards building a strong credit life. A credit score of 750+ brings great benefits in your financial life. Loans are easily approved, you are eligible for best credit cards, and you can also negotiate loan terms with the lenders. All these advantages make it easy for you to take financial decisions.

Well, a good credit score is a part of your credit history. The longer the history, the better is your score. With a high score, lenders consider you a responsible borrower and you can get loans easily.  If you are looking at building your credit history, apply for a credit card. Ensure, you use it wisely, pay your monthly credit card bills on time. 

Related Read: Learn To Be A Smart Borrower This Festive Season

·        Inculcate a credit discipline

Ganesh Chaturthi is a festival where the preparations begin at least a month in advance. Right from the arrival of Ganesha till the day of immersion, every day and every step is carefully planned and executed. Like these preparations, preparations for building a credit score also requires proper due diligence and a disciplined approach. For instance, if you don’t pay your loan EMIs and credit card dues on time, your credit score will be hampered.To ensure a good credit score, you need to follow certain rules like paying your credit card dues on time, clearing your debt fast, and not exceeding your credit limit.

·         Create a budget for yourself
Organizing such a great festival requires chalking out a budget keeping in mind your spending capacity. The same applies to your credit usage too. For instance, if you plan to use your credit card to pay for your monthly expenses, you need to use your card within the credit limit provided to you. Stick to 30-40% of your credit limit; exceeding this percentage can have a negative impact on your credit score. Also, exceeding your credit limit is considered as a 'credit hungry' behavior by the lenders, and they may not grant you a loan. Use credit cards as per your paying capacity. Having multiple cards and not repaying on time can again affect your score. Create a budget for yourself so that you can use your credit wisely.

·         Keep an eye on every small detail: 
     During this festival, you want everything to be perfect. You arrange for fresh flowers, colorful lightings, delicious sweets, and are prepared for guests who will join the celebrations. You pay attention to every little detail pertaining to the festivities. Your credit report too needs special attention. You should avail your free credit report by CRIF every year and review it thoroughly. CRIF High Mark is one of the four RBI recognised credit information companies in India. Any wrong information can affect your score. So, monitor your report regularly to ensure all the information is correct and up to date.

Related Read: Common Errors On Credit Reports That One Should Be Careful About!


·         Preparing feast and prasad for ultimate satisfaction

Having  ‘Modak’, the favourite dessert of Lord Ganesha makes you feel happy, doesn’t it? You feel that Lord Ganesha has blessed you for the hard work you've put to celebrate this festival. Similarly, when you’ll follow the financial and credit lessons, you get your own credit rewards in terms of an excellent credit score. With a credit score of 750+, lenders will easily approve your loan and extend your credit limit.

So, now that you have learnt the financial and credit lessons from one of the most joyful festivals, Ganesh Chaturthi, implement them in your credit life and create a strong credit score.


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