Make a better financial plan for Dussehra 2021

Dussehra is that auspicious time of the year that celebrates the victory of good over evil. The negativity fades away, a bright fortnight emerges and marks the beginning of ‘Diwali’ just after few weeks of Dussehra. So, if you are good at savings, it is a wise thing to plan your finances during Dussehra to manage the major festive expenses easily during Diwali and the rest of the year. Planning finances is always a good habit not only during festivals but also otherwise for wealth creation in the long run.

A couple of years were financially challenging since Covid-19 came in India and the mandatory lockdown was announced. After vaccinations, everything is getting back on track now and festivals are gradually being celebrated, Dussehra is the best time to save and plan your finances wisely to enjoy the festivals without any budget issues. It is truly waving off the negativity keeping the essence of the Dussehra festival alive.

As Dussehra and Diwali months arrive financial institutions, and NBFCs introduce many attractive promotional offers for availing loans just in time. In case your savings are low, apply for small cash loans that are easy to repay in a shorter tenure of not more than a year. By spending cautiously and investing wisely; a financial discipline can help to manage the finances. Dussehra is also a time to reminisce the teachings of Ramayana. It clearly states strike a balance between priority expenses, savings, health, and asset insurance.

Ways to Manage Finances Better During Dussehra
 

1. Budgeting is critical to manage expenses during the festive season. When you set a budget, it means you have control over your spending limit.

 

1. Spending should be tracked, especially during festivals. There is a long shopping list when it’s an occasion or a festival. If these expenses are not tracked, finance management can be disturbed.

 

1. Limit credit card spending. As there are many things on the list, limit your spending capacity while using a credit card. It can affect your credit score if not repaid on time with an additional interest rate. Find ways to get rid of such debt on a priority basis this year.

 

1. Festival promotions and sales lure customers towards attractive offers that result in impulse buying. This adds on to unplanned expenses and disturbs the budget that was well-planned in advance.

 

1. Investing during festivals is a good saving plan for the long term. If you have surplus money in hand, it is always wise to invest in gold coins or gold jewellery as an auspicious thing to do during festivals. In case of emergency later, this gold can be used as an asset to arrange instant money.

 
Overall, managing finances during festivals like Dussehra and Diwali requires some basic planning, control of expenses and timely investments. This would protect your wealth and maximise your gains. So, this Dussehra eliminates the negative aspects holding back your financial habits and rise towards prosperity.