The festival of Navratri celebrates the triumph of good over evil. This festival is celebrated to commemorate the defeat of Mahisasura by Goddess Durga.
We often draw values on how to lead our lives from stories. How about this time, ending of this Navratri marks a new beginning in our lives by defeating Mahisasuras of our financial lives? So, here are the Mahisasuras that we need to defeat.
1. Not Maintaining a Budget
“I Don’t know where all the money is going”.
This will be a very familiar and frequently used phrase in your life if you do not maintain a budget or keep a track of your expenses.
Especially during festivals where the expenses shoot up on shopping for festive clothes, sweets, jewelry by the end of the month you will end up wondering where you spent all your money.
Maintaining a budget will help you understand where you are spending your money. This way if you need to cut down on your expenses you will have an idea of where you are overspending or if there are unnecessary costs. This habit of budgeting can keep you on track and will make you think twice before spending more than what you need to.
2. Overusing your credit card
One swipe and you can buy something you can’t afford. These spontaneous purchases can land you into debt troubles. This one-time extravagant purchase which will give you momentary happiness can end up as a long-term financial burden. Spend within your limits by using your debit card. Keep your credit card to be used at times of emergency and nothing else.
3. Not planning for the unexpected
Do not utilize your entire income, always have some emergency fund. You never know what unexpected situation you might land in like getting hospitalized, loss of job and so on. Ideally, you should have a cash balance of at least 6 – 10 months of your regular living expenses.
4. Letting your money sit in your savings accounts
There are so many instruments in the market where you can invest to get good returns. Letting it sit in your accounts is as good as losing it, as it barely gives you any returns.
5. Have no financial goals or plans
Just investing your surplus money with no vision is not sufficient. Having a financial goal is vital, it gives a sense of purpose and leads to effective planning by helping you choose suitable instruments to invest in.
Learn how to identify your financial goals here….
6. Postponing important financial decisions
“I will do it tomorrow”. This phrase should be removed from your vocabulary. For, financial decisions are very important and procrastinating on them might cost you.
What are you waiting for?
Now that you know the hurdles on your path to a prosperous financial life, burn these habits to light your path towards a colorful Diwali and your future.