The festival of Dussehra is celebrated in a big way all over India. It is historically considered a celebration of good winning over evil, and is believed to be a time of inviting luck, prosperity and new opportunities. So, what can the festival teach you about managing finances? As it turns out, quite a lot!
Here are 6 money management lessons you can learn from Dussehra:
- Identify the Obstacles – Knowing which evils stand in the way of wealth creation is the first step towards overcoming them. Overspending, debt and poor investment choices could all be keeping you from financial success.
Like the 9 days of fasting leading up to Dussehra, your budget may need to go on a fast as well. Figure out where you can cut down on excess spending, so you can save and invest more for the future.
- Beat Your Debt Burden – With high interest rates and attacks on your credit score, credit card debt is your worst financial enemy. If you have heavy debt from credit cards and loans, bring it under control with a debt consolidation loan.
Personal loans for credit card consolidation have lower interest rates, so use them to pay off expensive debt quickly. To keep this evil at bay, avoid the temptation of using your credit card for impulse purchases.
- Safeguard Your Money – You need to protect your wealth and keep it safe from harm. Making the right investments is a good step, so learn about basic investing principles and balance your portfolio to maximize gains at minimal risk.
Prioritize insurance plans for financial protection against various losses. Keep an emergency fund or personal line of credit handy as well, to protect your savings and investments when you face unexpected expenses.
- Work on a Battle Plan – If you charge into battle without a strategy, victory will not come easy. The same logic applies to financial success. You need a clear goal and a concrete plan of action to help you get there.
Review your short-term and long-term goals, investment decisions and portfolio. Think of each investment or savings instrument as an ally in your battle, and don’t rely on just one to help you beat financial evils!
- Be Financially Disciplined – Practicing self-discipline, responsibility and frugal living is a big part of Dussehra. If you apply these principles to your financial life, you can make your money last longer and grow faster.
Avoiding bad financial decisions and temptations, making the right investments and saving regularly will help you build a secure pool of funds for the future. To make this a reality, you need to be disciplined with your finances.
- New Year, New Beginnings – Dussehra heralds the end of the Hindu calendar year, with the new year starting on Diwali. Think of this as an opportunity to get a fresh start with financial planning and wealth generation.
The end of the year is the perfect time to throw out old habits and poor decisions. We all make New Years resolutions before January 1st, so why not make financial resolutions during the most auspicious time for new beginnings?
The stories and traditions of Dussehra can teach us all a lot about life in general, and finances in particular. Take these lessons and apply them to your expenses, savings and investments. And if you need a flexible loan for credit card consolidation or emergency funds, check out Moneytap!