25 October, 2023
Dussehra marks the triumph of good over evil. The blazing effigies of Ravana inspire us to do the same to our own vices and poor habits. While you take the time to reflect and discard personal evils, do not forget about your financial life. Use this auspicious occasion to review your money management practices and let go of bad financial habits. If you are confused about how to improve your finances during Dussehra, continue reading.
How to improve your finances during Dussehra?
If you want to apply useful financial tips during Dussehra, follow these tips:
Stop mirroring
One of the biggest and most common mistakes people make is mirroring financial decisions without enough research. It is easy to get swayed by the actions of those closest to you. However, every person has a different financial profile and varied goals. Thus, you should use this Dussehra as the perfect time to change your financial habits to match your capabilities and needs.
Avoid being goalless
To have a healthy financial life, you have to set goals. Take time to evaluate your life and what you want out of it. You can begin by taking stock of your income. Once you do so, set long and short-term goals. Doing so will give you an idea of what is achievable for you currently and what requires growth and planning.
Not setting SMART goals
Goal-setting can be challenging, and you might end up with unrealistic goals that leave you frustrated. An easy way to set goals is to remember the word ‘SMART’, which is an acronym standing for Specific, Measurable, Adjustable, Realistic, and Time-bound. Use this metric to set your goals, and you can begin building a financial plan for your future.
Not reviewing your finances
It is easy to go with the flow and forget to go over your finances periodically. Ideally, you should be doing so every month. Your review should include a perusal of your income and expenditure. This will help you understand how you use your money and your financial strengths and weaknesses.
Reduce spending
Another obstacle to you having a healthy financial life is over-spending. In today’s times, when shopping has become so quick and convenient, it can be easy to get carried away and spend money unnecessarily. However, these expenses can add up to a huge amount. Thus, take the time to review your monthly spending and identify areas where you can cut it down. Doing so will help you save money and apply those funds elsewhere.
Poor investment strategies
To grow financially, you should invest a portion of your idle income. While you might be aware of that and are making an effort, your investment strategy accounts for how well you fare. For instance, it is common to tend to invest in only one asset class as it seems familiar and simple. However, to optimise your investments, you should aim to put your money across asset classes. Doing so protects your investments from volatile market conditions and fluctuations. You can seek professional help to diversify your portfolio or invest in instruments like mutual funds that help you do that.
Ignoring advice
While your financial journey is personal, that does not mean that you know everything there is to know. It is wise to identify people who are capable of giving you sound financial advice. When required, you can rely on such people and take their opinions into consideration. Click here to read more about how a role of a financial advisor can help you.
Performance review
Your investments are futile if they are not yielding any results. To gauge how your investments are faring, take the time to review their performance at intervals. Whether monthly, quarterly or annually, doing so will help you see whether you have made the right choices. If not, you can alter your plans and make adjustments for better results.
Lacking an emergency fund
All your best-laid plans can be put on hold due to the unpredictability of life. Thus, it is imperative that you set aside a portion of your income each month to create an emergency fund. Ideally, you should not touch this fund unless absolutely necessary. So, if you are ever in a situation where you require money, either due to a financial crunch or a personal emergency, you can dip into this fund.
Not being disciplined
The cardinal rule for having a healthy financial journey is to practice discipline. It can be tempting to simply spend when you want or ignore responsible financial practices. However, remaining on a disciplined path can benefit you in the long run and reduce stress in the future.
Time your purchases
Another way you can save money and consequently improve your finances this festive season is by taking advantage of HDFC Bank festive treats.
HDFC Bank offers a host of exciting festive treats that you do not want to miss. These exclusive offer cover a wide range of products and services to enhance your savings this festive season. Here is a preview of these special offers*:
Enjoy up to 7.5% instant discount at Croma, every Friday with HDFC Bank EasyEMI.
Get up to ₹4,000 instant discount available with HDFC Bank Credit Cards and Credit Card EMI at Vijay Sales
Get up to ₹12,000 cashback with HDFC Bank Credit Cards, Easy EMI and Consumer Loans when you shop at Samsung Mobile.
Enjoy a flat discount of ₹1,000 and ₹2,000 on domestic flights and ₹2,500 and ₹7,500 on international flight bookings on Yatra. Additionally, enjoy a flat 14% and 12% discount in domestic and international hotel bookings on Yatra, respectively.
The festive season also calls for gift-giving. You can enjoy flat 20% off on HDFC Bank Cards when shopping at Ferns & Petals.
Now that you are more aware, use these financial tips during Dussehra and work towards creating a financial life that will serve you well in the future. Make sure you take this Dussehra as an opportunity to banish your financial ‘Ravanas’ and watch your financial life bloom.
*Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.