This Diwali here is how you can revitalize your money matters

Jitendra P S SolankiIt’s Diwali and we all are waiting eagerly to celebrate this festival of lights. Most of us who stay away from parents get an opportunity to travel to their hometown, unite and spend a festival time with our family. Not only in India but world over the Diwali festival is considered to be the one where you pray for your financial wellbeing. This day we invite Goddess Laxmi to bless us. People with their laptop, cheque books, financial ledgers and many other valuables conduct Laxmi Puja at home and offices. The Indian stock market always holds a special Muharat Trading on the occasion of this festival. For Hindus this is one festival where we look at improving upon or start a new journey with lot of financial aspirations. Diwali is especially known for puja of Goddess Laxmi as she symbolizes the earth, wealth, prosperity and abundance. The image of goddess where coins flying from her hands is what depicts the Laxmi or Wealth and the puja is a belief that she will bring prosperity and wealth to our house. It doesn’t matter who you are- a business man, a politician, or a salaried person, the occasion of Diwali is for all to worship the Goddess and get her blessings for our financial well-being. When we talk about Goddess Laxmi we are talking about wealth i.e. our finances. We are praying to the goddess to lay her blessings on us so that we accumulate more and more wealth. But she alone cannot do the task unless we too bring actions leading to our own well-being. What You Should Do?Here is what you should be acting upon while you are praying to the Goddess Laxmi this Diwali:1. Change your habits: It’s no doubt that many financial troubles emanate from the habits you would have built for your financial health. You might be an impulsive buyer or a guy on high on lifestyle expenses which is actually the root cause of financial troubles you might be witnessing. Nothing changes till your financial habits see a change. Praying to the goddess helps only if you can bring the change within yourself and so why not do it this Diwali. 2. Strike work life balance- It’s no brainer that with hectic work schedule and work pressures we tend to miss a family life. Many conversations have revealed that how stress at work has taken a toll on our personal life. Your financial success also depends on how you bring a work life balance. If you have been going through that phase then it’s time that you start spending time with your family and there can be no better occasion then festival of Diwali. Also do start building an emergency fund. It helps in reducing tension.3. Care for elders: Your parents are the one who have given their life for your care. They have held your hands when you needed it. Now the time has arrived when they will need your support for spending their later years of life and yes financials are important. You cannot just neglect it and so in your financial affairs you need to allocate a budget for your parents care. Start savings to build a health corpus for your parents so that you do not get strained when in need. Health insurance for your parents must be in place, if not, get one.4. Dump the junks: There are mistakes you would have done while investing. You might hold the stocks which would have become junk or would be continuing with insurance policies which is no more meeting your objective. At one point of time you need to decide whether to keep them in your investing basket or dump them so that new opportunities can be created. My take is make this Diwali a special occasion to dump all the junks you would have been carrying. 5. Bring periodic assessment: The well-being of your financial health rely on how much you are able to accommodate as you witness changes in your financial situation. Cash flows, debt, income, assets all see a change as you progress in your life. There are events which change your financial life completely like getting married, having children, adding liabilities, children marriages, retirement, parents care and others. You cannot achieve it unless you review your financials periodically and so good time to bring it in practice if you have been avoiding it.Diwali is an occasion of celebrations with your family and meet friends or relatives whom you would have missed until now. Goddess Laxmi is there to give her blessings so that you can prosper financially in life. But as they say “God Help Those Who Help themselves” and so it’s necessary that along with prayer you lay your action plan to bring changes in your life to ensure the blessings of Goddess does not just get pass through.