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.

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.

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.

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 maximize your gains.

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.