The nine days of auspicious Navratri have come to an end. We have all worshipped Maa Durga passionately and enthusiastically during these nine days. Today, on the occasion of Dussehra, we celebrate the victory of good over evil. While we do this, we must also inspire ourselves to kill the bad financial habits inside us and take a step towards building a financially flourishing future.
Here Are The 10 Bad Habits to Triumph Over This Dussehra
Not Being Financially Sound
Most individuals do not understand the importance of creating a sound financial plan. Likewise, when people hear about new investment options, they invest in them without analysing their risk profile, time horizon and goals. All of this can be harmful to your financial journey.
So, the next time no matter where you invest, always make a defined investment plan according to your time horizon, risk appetite and financial goals. Also, remember not to invest in an investment option which sounds too good to be true!
No Emergency Fund
This is another common mistake most of us make in our lives. As we earn more, we tend to enhance our standard of living, which results in excessive spending and low savings.
While earning, you must always save at least 3-6 months of your income as an emergency fund. This will help you survive during uncertain phases of your life.
Diwali is just around the corner; by now, most of us have made a list of things we wish to buy! Well, there is nothing wrong with buying new things. But, do not spend money on items you don’t need immediately.
Using Credit Cards Everywhere!
If you use your credit card everywhere, we’re sure your bill will undoubtedly make you feel sick. Well, that’s because you have been swiping it throughout the month!
We usually max out our credit card limits and burn our entire salary on paying the bill. So, the next time, limit the use of credit cards and remember not to make impulsive purchases.
Not Paying Bills on Time
You will have to pay the penalty if you miss the due date. This penalty applies to all your bills, be it a credit card or electricity bill. So, always pay your bills on time after this Dussehra!
Paying Hidden charges
Before you sign any deed or document, always get clarity about all information like penalties and processing charges and sign only when you agree with the norms.
Don’t fall for random instant loan apps and take unnecessary loans. It will only increase your burden of repayment and lead to stress.
Picking Penny Stocks
While investing, this is a mistake that most beginners have experienced. Penny stocks may look lucrative as they are cheaper, and you get more shares at a low price. But, you must instead have an approach to buying fundamentally solid stocks with a vast potential of being profitable in the long run.
Not Starting a SIP
Individuals often dream of getting rich by investing a small amount. Yes, your money would grow, but you will probably not become as rich as you want. So, apart from investing in a lump sum amount, invest through a systematic investment plan (SIP). You can invest a small amount every month; this will create a snowball effect on your investments.
Fast and Easy Lifestyle
Watching – “Bhook lagi hai?” notification on your phone may tempt you to order a quick meal. But that’s not healthy. Just as you are trying to become financially sound, you must also make equal efforts to follow a healthy lifestyle. So, after this Dussehra, eat healthy while aiming to become wealthy!
This Dussehra, let’s pledge to destroy all the evils (bad habits) and fill our lives with health, wealth and happiness.