5 Money Mistakes You Need To Eliminate This Holi

5 Money Mistakes You Need To Eliminate This Holi

Holi is the festival that celebrates victory of truth over evil and symbolises a new beginning too

Viral BhattUpdated: Sunday, March 17, 2024, 12:16 AM IST
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Holi is the festival that celebrates victory of truth over evil and symbolises a new beginning too. Let’s note down some interesting financial lessons inspired by the festival of Holi.

Burn that bad debt

Bad debts are the biggest evil. When credit card dues and recurring Personal Loans are not managed properly, they turn into bad debts. These can greatly ruin your financial planning and CIBIL score in the long term. So, burn those excuses and start saving to make yourself debt-free and eliminate late payment to avoid rising burden of debts.

Stop habitual overspending

A modern-day financial evil is the habit of overspending. Be watchful of your spending habits and curb unnecessary splurging. A sure shot way to break that paycheck-to-paycheck cycle is to inculcate a habit of saving. Try to have a cushion in your savings for up to six months. A disciplined approach and careful investment planning will help you save wisely and proactively.

Exorcise the ‘idle money’ evil

It is great to have a steady income. It is even better to save. But if those savings lie idle in your account, it means you are under-utilizing its potential. We have all heard the classic ‘make your money work for you’ advice. Yet, we still ignore the potential of safe investments. So, park your savings in safe investment tools like a Fixed Deposit (FD) or Recurring Deposit (RD) and ensure more returns on your savings. With careful planning with the help of a professional financial professional, you can also diversify investments into wealth building financial instruments such as Systematic Investment Plan (SIP), Mutual funds, Equity, Bonds, etc.

Do not procrastinate goals

It’s good to live carefree. But, when it comes to ensuring a smooth financial progress for you and your family, it is absolutely necessary to follow a ‘goal-based’ strategy. Having a financial goal, such as home ownership, or your child’s college fund, or retirement planning greatly reduces the financial stress and sets you up for a smooth ride over the crucial junctures along your life’s journey.

Reign in endless subscriptions

The most common modern day financial monster in our lives are the mounting subscription fees. From gyms, to clubs, to set-top boxes, to web streaming platforms and more; the list of subscription expenses is endless. In such a scenario, it is wise to review your recurring expenses time and again and get rid of unnecessary expenses. A monthly expense tracker can help you track these expenses and greatly contribute to your savings corpus in the long run.

Money management can be intimidating for most of us. However, with prudence and discipline one can easily set a system that works well for us. Holi is a festival that embodies the victory of truth over evil and is celebrated using colours with friends and family. This is an ideal time to dump the habits that contribute to financial evils in your life and embrace a prudent approach to make your future bright and colourful.

So, as you set out to celebrate Holi with your friends and family; don’t forget to set ablaze these financial evils from your life and have a rewarding financial year ahead.

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