Diwali 2023: Millions of people celebrate Diwali, a colourful five-day festival of lights, for reasons other than only religion. It represents the triumph of good over evil, light over darkness, knowledge over ignorance, and hope over despair. But there are important financial management lessons to be learned beyond the traditional Indian festival’s spiritual significance. These are the main lessons in money management that the Diwali festival has to offer.
Diwali Planning and Budgeting
Everything related to Diwali, including apparel, candy, fireworks, and decorations, is planned and budgeted well in advance. Similar to this, budgeting and financial planning are essential components of personal finance management. In order to reach your financial goals, it entails keeping track of your earnings, costs, savings, and investments. A meticulously crafted budget serves as a guide for reaching financial autonomy.
Diwali Tradition of Debt Repayment
According to Indian tradition, Diwali is a good time to pay off debts and begin a new fiscal year debt-free. This is a really good practise when it comes to money. Early debt repayment can ease financial strain, raise your credit score, and provide a sense of relief. As with Diwali, every new year strive to start afresh financially.
Diwali as the Start of a New Fiscal Year
In India’s business community, Diwali signifies the start of a new fiscal year, which calls for fresh investments and regulations. Like them, investing and conserving money shouldn’t be put off until a particular occasion. Investing and saving consistently might help you build a safety net for your finances. Investing in the correct possibilities yields long-term benefits, as opposed to wasting money on materialistic items. Diwali reminds us that managing our finances is a constant process rather than an isolated event.
Approaching Finances Like Diwali Preparations
We need to approach our finances in the same way that we clean and decorate our homes, make new purchases, pay off debt, and start over around Diwali. Achieving financial stability requires proper planning, rigorous dedication to our financial goals, and regular assessment. Therefore, this Diwali, try to illuminate your financial wisdom as you light the lamps.