Give a fresh Start to your personal finances this Dussehra

The Hindu festival of Dussehra is actually a tradition that denotes the victory of good over evil. While it calls for celebrations and is considered to be that time of the year when people take a fresh look at life in general, many also see it as an opportunity to implement the concept for getting a fresh perspective on personal financial matters.

The tradition of burning down Ravana – the evil one, by Rama – who represents all things good, also presents an opportunity for self introspection. It is a tradition that reminds us that we should also try and eliminate the bad in us and embark on a fresh beginning towards the good. This is also applicable to financial matters at the personal level. .
And here is out suggestion on how you can better your personal financial matters by taking a cue from the tradition of Dussehra this year.

Eliminate that bad debt

As we have mentioned earlier, Dussehra is an occasion where the good reigns over the evil. One of the financial stresses that individuals go through is debt that they keep paying up every month with no end in sight. So, this is the opportunity when you should think of ways and means to eliminate that bad debt (or a financial evil – if we can all it so).

Think about the credit card debt that is perilously close to reaching your credit limit and how that is killing your monthly budget plans. We suggest you to focus all of your energies and find out ways to get rid of such debt on a priority basis this year.

Give Yourself a Fresh Start for financial self discipline

Dussehra is also the time when we celebrate Lord Rama – the idol for ‘Dharma’, and a symbol of being upright and responsible in life. This Dussehra therefore, make you personal financial life become more disciplined in the same spirit by applying the same principles for your finances as well.

While self discipline is applicable to all chores in life, adopting it in your financial life can better the financial security for you and your family if you are the sole or the most important earning member of your family. Being financially self disciplined – not expending ruthlessly or without due deliberation of the outcome of an expenditure, can help to you take care of your family’s current as well as future needs in a much better manner.
This means that you have to save wisely and regularly, even while fulfilling your and your family’s current financial demands.

Think about how such financial prudence can help better your children’s future educational needs, the health needs for your family and emergencies for which we mostly remain unprepared financially.

Secure your finances

Dussehra is also a time to ponder upon the teachings of the Ramayana and that divine promise of protecting Humanity whenever it is at peril on Earth.  
One should also take a cue from this and be the saviour and protector of one’s own finances.
This essentially means that one should strike a balance between expenses for life, health and asset insurance.

Most get engrossed in making investments that they believe would give quick and good returns and neglect insurance. But by insuring, you are actually protecting yourself from expenses that you can easily avoid. This would protect your wealth through minimal investments while expending the surplus in instruments that can maximise your gains.

Make a new beginning

Discarding the old and embracing a fresh lease of life is also another message of Dussehra
One that you should apply to your personal finance as well.  
This Dussehra, give yourself a fresh start by formulating a proper financial plan both for the short term and for long term financial goals.

This is the right time to begin!
Hence, this Dussehra, celebrate with your dear and near ones as well as with yourself by taking a vow to apply and follow the principles and messages of this tradition.

Swarup Sridhar

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