5 personal finance rules to keep in mind this holiday season

Festive images and sounds fill the air. When I look out my balcony, accent lights are on in most apartments. Those bright, colorful lanterns will glow past Diwali, sometimes into the new year. They literally hang on every balcony. Year after year, How We Celebrate is an example of how much family finances have improved relative to the average urban household.

Older writers like me can't help but take the nostalgia journey. But looking back at the 1970s, we offer some interesting insights into how far we've come; And the dangers of trying to go back and misinterpret the feelings of the Atmans are absolutely dazzling. In those days, festivals put pressure on family finances. An annual bonus was announced around Diwali. It depends a lot on this payment. Shopping for clothes was a ritual that included searching for bargains and extracting treasures from cheerfully discounted chests. Waiting anxiously at the tailor shop, and so sad for the poor, was normal. Cookies were popping in large groups of friends, so everyone could have fun. We compete for the front yard with the most waste paper. The sweets were made in dalda, it is easily called ghee. Desi ghee was the name of the pure version. It was also popular to use Clay diyas, Navratri fasting systems, to decorate with dolls that were stored and reused each year, and to purchase those occasional household appliances.

Much has changed now. The clothes are bought habitually; Nobody expects a festive occasion. Tailors are a disappearing tribe, because they are willing to wear basic clothing. Nuts and dried fruits are widely used, with little to worry about at exorbitant prices. Zero percent consumer loans are the norm, with everyone buying appliances and trading them for gifts. Festival treat meals are made to order, year-round, so kids don't have to wait for festivals to arrive to eat them. Furthermore, quantity rationing is not the norm. We have moved to more exorbitant outlays on jewelry, decor, and expensive purchases like property. All events, from Karva Chauth to Chhath Pooja, are now national and celebrated in great detail in all communities. Evidence of better purchasing power surrounds us everywhere. We still love good deals, but our penchant for spending has only grown over the years.

Increased health and environmental awareness is appreciated. Children do not want to make noise or air pollution that makes cookies explode. Many are haunted by the anguish caused by the sounds of pets, the elderly, and the infirm. There are regulations on when cookies can explode. Dalda has moved to make room for plain margarine, and families are paying exorbitant prices for the real stuff. The most health conscious consumers avoid sweets and sugar and stick to basic healthy options. The urban middle-class urban middle family doesn't seem to show stress or tension when it comes to festivities and celebrations. Some Personal Finance Ideas for the Holiday Season - Here's a list:

First, make sure your expenses match your income. It's a good idea to keep a percentage allowance, so you know how much you can realistically afford. If in the last three months of the year 10% of your annual income is spent on holidays, rest assured that it will not affect your long-term goals. Mentally draw this line, buy your family for the decision, and enjoy spending as a reward for yourself and your family. Having an overall budget is a good way to keep expenses from compromising other financial goals. We also hope it will motivate conservative spenders to spend their money bravely.

Second, make a mental distinction between experiences and material things. When you remember the dussehra celebration earlier, you are unlikely to remember what that expensive glass bowl you bought on your dining room table looked like. It is very likely that it has already given way to something else. But you will remember how you forgot the raspberries in the fridge; How you found your long-lost friend and he called you; How I won the family card game; And how much I laughed when her husband forgot her glasses. What seems like torture usually becomes the most common family history. Gather those experiences; Don't let things take your money and your attention.

Third, remember that there is a limit to appreciation and acceptance by outsiders. What looks like appreciation can be filled with jealousy that you haven't defined yet. Much of the waste in personal finances comes from trying to impress people who don't matter as much in your life. You may miss meeting true friends, if all that you like is surrounded by people who will praise and please you. It does not equate to the enjoyment of spending money on things and people just with the intention of influencing. Your money has better uses.

Fourth, be nice to those less fortunate than yourself. In a country with so much income inequality, flaunting wealth and money is cruel to the underprivileged. It is good to be sensitive to these differences. It is better to open your heart and your wallet to bring a little joy to those around you. If donations help those you don't know, be sure to include those you do know. Give your employees a break and reward them to enjoy the festival with their families. Do your part to spread the holiday cheer.

Fifth, take a closer look at your unused treasures. the parcel of land that you have not visited before; that a one-bedroom apartment cannot maintain; Those expensive clothes that you no longer wear; Those jewels that you no longer imagine; And those artifacts and things that you filled your house with. If something is not part of your life and your daily joys, why bother to upload it? Find the time and the heart to drop everything. You may find better uses for reserved funds; Or you can find better things to do with your time and effort; Or you may find that "another time" that you are going to use will not come soon. Make the holiday season the time to clear the clutter.

Our joys come from unknown sources. The sources of our lasting happiness don't always cost money; Our sense of purpose in life may need to look beyond the monotony of everyday life. Making her a new life worth living is always your choice, and you can start at any time.

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