Diwali is the most prestigious festival that we celebrate every year. This festival is not just a festival of lights but a start of the fresh Hindu financial year. On Diwali, markets are decorated in such a way that even if you are not intending to buy anything, you will still feel attracted to the items. As a result, excessive spending is a common thing on Diwali. However, sometimes this may shake your financial budget to a great extent. Although festivities expenses are obvious, however, most people have overspending as a usual bad habit.
There are many more such bad habits that you may have that can disturb your financial stability. Let's discuss them and try to get rid of them this Diwali.
- Spending Unnecessarily
This is one of the most common bad habits that people usually have. But it is crucial to understand that unnecessary spending can put a bad effect on your savings as well as your financial health. So, it is better not to spend on items the expense of which is unbearable for you. This will save some part of your money that you can invest in generating a new source of income.
- No Budget Planning
For the financial health of your family, it is always a good idea to have a budget plan ready at the start of the month. This prevents you from running out of money. It can also help you plan some sort of savings out of your income which is really good.
- No Investment
For increasing your future income and bringing prosperity to your future life, making investments are important. Try to extract some part of your income from such investments so that you can have an extra income source in the long run.
- Relying on Credit Cards
A credit card facility is good when you need an item that you cannot purchase with a single swipe. However, relying too much on it and staying under the burden of credit card payments every time can prevent you from saving and effective budget planning. So, try to use a credit card only when it is highly necessary.
- Not Investing in Health Insurance
Health insurance can prevent you from heavy medical emergency expenses. So, not investing in health insurance can be a weak point in your financial planning.
- Not Investing Wisely
Making investments does not mean you should invest anywhere with blindfolded eyes. Investment should be made keeping in mind the future returns that it can offer. Wise investment planning can bring great prosperity to your future life.
- Improper Tax Planning
In most cases, people invest blindfolded in a hurry as a program for their tax savings. However, this may sometimes prove to be a long-term loss for you. So plan your taxes in advance so you have the right tax-saving investments in place.
- Shopping Every Then and Now
Shopping frequently can put you in great financial trouble. Instead of frequent shopping, create a list of things that you need for the month and get them according to your budget. This can help save a lot of your bucks.
- No Savings
Savings are crucial, especially in times like we faced COVID-19. So, it is important that you add a part of your monthly income to your savings. It can help you create an emergency fund for any crucial situation.
If you are not paying your credit bills on time, it may lead to a poor credit score. This can harm you when you crucially need credit card support. So to maintain your financial stability it is important that you maintain a good credit score.
Now that you know all about these bad habits, it is time to overcome them this Diwali. Eliminating these poor habits will surely bring prosperity and stable wealth to your home. With these thoughts in mind celebrate this Diwali with joy and Goddess Lakshmi will bless you with a prosperous new financial year.