5 financial lessons to learn from this Diwali
A lot of people make big purchases during this festive season and while that is considered auspicious, there are many other financial lessons that we take from this festival of lights!
Stay away from the evil shadow of ignorance
Ignorance is not always bliss! We must learn from the enlightenment and knowledge that a lamp symbolizes to get rid of our ignorance towards financial planning, expense management and wealth management. How long has it been since you have asked yourself questions like “what is my credit score now? What can I do to improve it? and why do I even need a good credit score?”. This Diwali, promise to learn more about the investment options you have and evaluate the expenses you are making. Bring in all the wisdom you’ve gathered through the year and get empowered with financial freedom this Diwali.
Preplan your goals just like Diwali!
Whether it is cleaning your home, planning for your vacations, or buying gifts for family and friends, Diwali preparations start occupying your time at least a couple of months before the real deal! If you can plan for a festival this diligently, why not replicate this to your financial planning as well? One should always have clarity about their investment plans and financial goals beforehand. Activities such as spending diligently from your credit card, being mindful of your debts and performing a regular credit score check on your account, not only helps you plan your other expenses in the meanwhile but also helps you chalk out the plan afterward.
Get rid of the clutter from your financial portfolio
Diwali is synonymous with cleaning each and every corner of your homes. Right from cleaning the fans to getting rid of things you don’t need anymore, decluttering our homes is what marks the beginning of Diwali preparations. Then why keep your financial portfolio isolated from this decluttering? This could bring in the positive refreshment your financial world has been missing the entire year. We often tend to get in a rut of investments. This time, you could spend some time evaluating the progress of your investments and explore new ways of investments which could bring you more returns. You could also clear off outstanding credit and get rid of any cards that you might not be used but still paying an annual fee for. This could help you increase your credit score as well!
Stay safe from crackers and financial dangers
We are surrounded by uncertain situations and the biggest example is the year 2020! You can come across uncertain dangers to your finances and yourself, anytime. Just as the firecrackers bring in a sense of thrill and joy, so do many financial moves. But have you evaluated which ones could be dangerous for you? Take time to evaluate the risks you must consider before making any choice, whether it is to invest in mutual funds or buy a car. Do your research and make a well-informed decision.
Know what you want and invest accordingly
Everyone plans to gift themselves or their family members something special on Diwali. We often spend the entire year figuring out something that they would need and surprise our loved ones. Similarly, every individual has different financial goals and plans which need specific attention. It is also important to notice that you have identified your short term and long term goals with appropriate strategies.
If you inculcate these learnings into your life even after the festive season, your financial world will always be bright and shining. Are you wondering where to begin? How about checking your CRIF Credit Score first to
know what parts of your financial portfolio needs work? CRIF is a Credit Information Company in India authorized by the RBI to provide personal & business credit score and credit report.
Comments
Post a Comment