Remember these personal finance rules while you spend this festive season

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Festivals put a hardship on family resources back then. An annual bonus was planned to be revealed closer to Diwali. Buying clothing was a ritual that included bargain searching and gleefully selecting gems from clearance bins.

So much has changed in the last several years. Clothing is purchased regularly; no one waits for a special occasion. Tailors are becoming extinct as ready-to-wear clothing becomes the norm. 

Every festival, from Karva Chauth to Chhath Pooja, is now celebrated across groups in great detail. When it comes to holidays and celebrations, the average urban middle-class home appears to be stress-free. Here are some personal finance suggestions for the holiday season:

  • To begin, make sure your spending is in line with your income. Maintaining a percentage allocation is a smart idea so you know how much you can realistically spend. 

  • Draw a mental boundary, enlist your family’s support, and enjoy the money as a treat for yourself and your family. Having a comprehensive budget is an excellent strategy to keep spending from jeopardizing other financial objectives.

  • Secondly, distinguish between sensations and tangible objects in your mind. You’re unlikely to remember how lovely that pricey glass dish you bought looked on your dining table at a previous Dusherra celebration. 

  • However, you’ll recall how you forgot the ras malai in the fridge, how a long-lost buddy tracked you down and contacted you, and how badly you teased your wife when she forgot their glasses. 

  • What appears to be a calamity generally becomes the most often told family tale. Don’t let items steal your money or attention; instead, gather those experiences.

  • Third, keep in mind that strangers’ praise and acceptance have a limit. What appears to be gratitude might be tinged with envy that you aren’t aware of. 

  • Do not confuse enjoyment with spending money on goods and people just to impress others. Your money may be put to greater use.

  • Fourth, be kind to people who are less fortunate than you. An extravagant show of riches and money is harsh to the impoverished in a society with so much economic disparity

  • Fifth, take a serious look at the things you don’t use and get rid of them. That piece of land you’ve never visited; that one-room apartment you can’t keep up with and those pricey clothing you don’t wear any longer.

  • Why bother yourself with things that aren’t a part of your life or your daily pleasures? Find the time and the courage to let go of everything.

Our joys come from unexpected places, and our long-term sources of enjoyment aren’t necessarily financial. It is always your option to make a new life worth living, and you may start at any time.

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