Diwali, the festival of lights is here, and it is time to celebrate and enjoy rituals and festivities with joy. Dhanteras, a day before Diwali, marks the beginning of the festival. ‘Dhan’ means wealth and ‘tera’ means thirteenth as the auspicious day falls on the thirteenth day of Kartik month according to Hindu calendar.
Kubera, the God of wealth is worshipped on Dhanteras, and it is believed that buying utensils, gold and silver makes Goddess Lakshmi shower more of these things.
Naturally, it comes with spending and buying new items – gadgets, gold and silver coins, vehicles, utensils, gifts…the list is endless. With big e-commerce sales, attractive offers, unbelievable discounts flooding the market, people are lured to splurge their money on shopping and make some horrible Diwali shopping blunders. No wonder, why Diwali and Dhanteras have increasingly become synonymous with overspending.
Even before the advent of Diwali, people start planning for shopping to their heart’s content – making a shopping list in advance, looking for the best deals & offers, strolling through various e-commerce websites to checking the sale price, and visiting malls and shops.
With festivities in full swing, it is okay to pamper our loved ones, going on a shopping spree, purchasing new apparels, home appliances, and gadgets. After all, it spreads joy and smiles everywhere.
But how far is it right to spend the entire Diwali bonus or budget on materialistic things? Can happiness be gained only through worldly objects? The auspicious day of Dhanteras is meant to bring wealth and prosperity in our homes, but on the contrary, several times we end up spending more than the limits and regret later. We purchase loads of items we don’t really need which later stale in our storerooms.
Buying gold and silver coins and ornaments is the most common way to spend Diwali budget, but if we consider the investment purpose, there is no special benefit.
With tempting deals flooding everywhere, many individuals purchase gadgets for the sake of only availing a good discount. With heavy discounts going on, some people rush into a hasty decision of buying a vehicle. All these sinful joys only make a large portion of your hard earned money go down the drain.
If you actually wish to bring prosperity for yourself and your family members, drive your money to something which boosts your financial grounds and provides a security cover for your loved ones. Make smart financial choices that lead you to reap the returns in future.
Here is a list of a few things you can do to build your wealth, secure your family and bring prosperity home this Dhanteras.
Reserve a portion of your Diwali bonus and budget for Investment plans. Spend the rest wisely. Make a list of necessary items, like gifts, sweets. Spend your money first on purchasing necessary items. Splurge the rest on shopping items you wish to buy.
How to double your money on Dhanteras? By driving your money to the right savings plan, you can actually make this happen. I found a very interesting Quora answer on this question and it gives an extremely clear picture of how to double your money. A good wealth investment plan enables you to achieve your dreams to the fullest by doubling the total amount of premiums paid with a guaranteed lump sum return at maturity.
Insurance plans monetarily protect you and your family from unpleasant surprises and rainy days. A well planned life insurance plan offers life cover at an affordable price and secures the dreams of your family. If you haven’t got one, what can be more auspicious time than Dhanteras to purchase a life insurance plan? If you are looking for a wider coverage in lowest premium possible, a term insurance plan will be ideal alternative to make your financial plan foolproof. A term insurance plan guarantees the security of the future of your family and ensures that nothing comes in their way even in your absence.
You can also buy a have a health insurance plan and secure the health of your family members. If you already have one, you can think of increasing your coverage a little with your Diwali budget.
It is not a secret that mutual funds are one of the best ways to build wealth. With additional Diwali bonus and budget in hand, you can consider starting a new SIP or topping up your existing SIPs for a higher return.
Diwali and Dhanteras are meant to bring joy and happiness in your home, not the guilt of overspending. Before indulging in the sinful delight of shopping blindly, it is wise to consider your financial liabilities and plan your monetary plans prudently. This Dhanteras, gift your loved ones something valuable and sensible, the benefits of which can be reaped in the future and ensures lifetime happiness of your family!
Shubh Diwali, Have a prosperous Dhanteras with these financial tips.