Diwali 2023: Everybody worships Lakshmi, the goddess of wealth, on Diwali. This indicates that the significance of riches and property is tied to this celebration. Worshipping Lakshmi merely once a year is insufficient if you wish to better your financial destiny and truly comprehend the value of wealth and property in life. You should make some financial resolutions for this on Diwali; they will be to your eternal advantage. Let’s discuss a few simple financial resolutions you can put into practise to live a wealthy and prosperous life.
Strategic Planning for Expenses
Develop the practise of creating a budget for known expenses. Though it may appear outdated, the practise of creating a budget and maintaining accounting is still advantageous today. Whether it’s an annual vacation, a weekend meal plan, or a Diwali celebration. You can get several benefits from creating and adhering to a budget before spending money on any of these.
Delaying Major Purchase Decisions
Put off making big purchase decisions for a while. Give yourself at least a month to think things through before making a big purchase. Stop yourself before you change the automobile, remodel the kitchen, or incur any other large expense. If the expense is truly necessary, even a month from now it will still be necessary. Many of these expenses will seem less essential to you than they did before a month, which may surprise you.
Regular Investment Habit
Invest any extra money you have on hand as a habit. One day before to your pay date, check your bank account. Every month, set aside a small sum, and use internet banking to invest the remaining funds. This recurrent investment can also be made with a SIP or reoccurring deposit (RD). Over time, such consistent investment may prove to be a significant source of wealth for you.
Excel Sheet Organization
List all your assets in an Excel sheet. Start this list with your house, jewellery, FDs and then add other things including all your equity shares and mutual funds. In this list, you should enter the cost, quantity, holding details of the property and if possible, the current market price. This document of all your assets will prove to be very helpful in your financial planning from making your will. Also, it will be very useful to your family members in any unfortunate situation.
Unused Account Closure Resolution
Identify those bank accounts that you no longer need. Many of us may have bank accounts in our names which were opened during some previous job, but stopped being used after changing jobs. Many times small amounts of money remain lying there for years. In today’s era when all bank accounts are linked to PAN and Aadhaar number, there is no point in having so many bank accounts. Maybe you have been thinking about closing them for a long time, but are not able to do so. So this time on Diwali, resolve to close all the unused bank accounts one by one, except one or two important accounts.