Dussehra 2023: A Financial Lesson for Each Day of the Festivity – Part 1

Dussehra is celebrated all over India with pomp and fervor. The nine days before Dussehra is referred to as Navratri and each day is dedicated to an avatar of Goddess Durga. The festival celebrates the victory of good over evil. 

As you celebrate Navratri and Dussehra, why not also get your finances in order? Here are 10 financial lessons; one for each day of festivity. Let’s see what the significance of the day teaches us about managing our finances. 

This is the first part of a two-chapter series, which will give you the first 5 lessons. Watch this space for the other 5 and an exciting offer! 

Day 1: Trust Your Budget

The first day of the Navratri is dedicated to Shailaputri or the daughter of the mountain. Her lessons include rising to great heights by having faith in yourself.

Similarly, you need to trust the budget you made for yourself. Before you settle on your budget, research extensively and collate your expenses. Also, focus on your income to get a better idea of the disposable money in your hands.

Once you have it ready, don’t second guess it, stick to it. Your trust and belief in your judgment will help you follow the budget diligently. But, be sure to not be rigid and keep some room for minor changes depending on the situation you are in.

Day 2: Set Financial Goals

On the second day, Brahmacharini, the meditating goddess is worshipped. She teaches us to be focused and determined in our lives.

We can learn to set the right goals in our lives and strive hard to achieve them. Financial goals can be either short-term, i.e. under 5 years, or long-term, i.e. over 5 years. Ideally, you should set both types of goals before you start working on them.

Once you know what you are working towards, sticking to your budget becomes easier. It will also aid you in making better investment plans depending on the goal you have in mind. For example, investing or saving up for a small car will be much different from that for your dream house.

Day 3: Cut on Unnecessary Expenses

The third day of Navratri is dedicated to Chandraghanta, who is the destroyer of all evils. And when discussing finances, what is a bigger evil than unnecessary expenses?

So, the lesson for this day is to scrutinize your expenses and work on reducing them. If you don’t get rid of the habit of impulsive spending, saving up can be an arduous process.

Try to sit down with your bank statement once a month and track where your money goes. You are bound to find one or more areas where you overspend. Common activities like shopping, eating out, or partying too often might be holding you back from building your savings.

You can also make your job easy by using moneyview’s Money Manager app, which segregates expenses, and gives you a report. This app can be very helpful, especially if you use UPI or Debit cards to make payments.

Day 4: Be Prepared for Emergencies

The avatar that is worshipped on the fourth day is named Kushmanda, who is the creator as well as the power of the universe. She teaches us to have courage when faced with adversities.

The lesson you can learn is to be prepared for financial emergencies. You can only have courage if you are well-prepared for a situation. Courage without preparedness is of no use at all.

So, build an emergency fund comprising at least 6 months of your expenses. Keep separate funds for medical and other emergencies. Note that these funds should also be easily liquidable. 

This way, you will not have to worry about funds when you find yourself dealing with tumultuous circumstances. You will be able to focus more on getting yourself out of that situation, while your biggest worry has been taken care of.

Day 5: Help People Financially

The fifth day of the festivities is for Skandamata, who teaches the soft values of life like being understanding towards each other. 

What you can learn from her is to be polite and know your blessings. If you have extra funds or disposable income, don’t hesitate to help people who are in need. Be it a friend, family member, or just an acquaintance, help them selflessly.

When someone hits a financial low, they might find it really difficult to seek help, and their mental health might also be taking a hit due to the additional stress. If you offer your hand in support to someone who has nowhere to turn, you will be making good use of your extra funds. 

Summarizing it

These were the first five days of the Navratri, and the goddesses that each day is dedicated to. You can learn various money management skills from the lessons that each goddess embodies. 

If you have got this far, here is a festive gift for you. You can get 50% off of the processing fee for your loan this festive season. To learn more about the offer, please visit our website or download the moneyview app.

Keep watching this space for the second part of the Dussehra blog and more details about our offer!