Festive sights and sounds fill the air. As I look out from my balcony, most of the flats are illuminated with decorative lights. Those bright and colorful lanterns would shine well past Diwali, sometimes until the new year. They literally hang on every balcony. Year after year, how we celebrate is a demonstration of how much better family finances have become for the typical urban household.

An aging writer like me can’t help but travel nostalgia. But looking back at the 1970s offers some interesting insights into how far we have come; And the dangers of trying to back down, completely misinterpreting the Atmanirbhar sentiment. In those days, festivals put strain on the family’s finances. There was an annual bonus that would be announced closer to Diwali. A lot depended on that payment. Buying clothes was a ritual that involved bargain hunting and gleefully extracting treasure from discounted bins. It was normal to wait impatiently at the tailor’s shop, and be heartbroken over shoddy finishes. Firecrackers were burst in the group of big friends, due to which everyone had a lot of fun. We competed with which front yard had the most amount of paper waste. Sweets were made in Dalda, which was simply called ghee. Desi ghee was the name of the pure version. It was also common practice to decorate with earthen lamps, rules of Navratri fasting, dolls that were collected and reused every year, and the occasional purchase of appliances for the home.

Now a lot has changed. clothes are regularly bought; No one waits for a festive occasion. Tailors are a vanishing tribe, ready to wear clothes. Dried fruits and nuts are used a lot, no worries for their high prices. Zero percent consumer loans are the norm, and everyone buys and replaces appliances with abandon. Elaborate meals with festive gifts are made on demand throughout the year, so that kids don’t have to wait for the festive food. Nor is the rationing of quantities ideal. We’ve moved on to more ostentatious spending on big ticket purchases like jewellery, furnishings, and property. every event from Karva Chauth To Chhath Pooja is now national, is celebrated lavishly in communities. Evidence of superior purchasing power is all around us. We still love a good deal, but our tendency to spend has only increased over the years.

Growing health and environmental awareness is welcome. Children do not want to create noise and air pollution by bursting crackers. Many people are troubled by the distress it creates for domestic animals and noise for the elderly and sick. There are rules on when firecrackers can be burst. Dalda has gone all out to make way for pure ghee, and homes pay a heavy price for the real stuff. More health-conscious consumers stay away from sweets and sugar and stick to basic healthy choices. The typical urban middle class family does not show tension and tension during festivals and celebrations. Some Personal Finance Ideas for festive season – Here is a list:

FirstMake sure your expenses align with your income. It’s a good idea to have a percentage allocation so you know how much you can realistically spend. If 10% of your annual income is spent on festivals in the last three months of the year, make sure it will not hurt your long-term goals. Mentally draw that line, buy your family for the decision, and enjoy the expense as a reward for yourself and your family. Having an overall budget is a good way to prevent expenses from compromising other financial goals. This hopefully inspires conservative spenders to boldly spend their Pennies.

Second, Making a mental distinction between experiences and physical objects. When you remember the earlier Dussehra celebrations, you are unlikely to remember how beautiful the expensive glass bowl you bought looked beautiful on your dining table. It is quite possible that it has already given way to something else. But you will remember how you forgot to put the rasmalai in the fridge; How did your long lost friend find and call you; How did you win the family card game; And how much you laughed when your spouse forgot his glasses. What looks like an ordeal usually turns out to be the most repeated family story. Gather those experiences; Don’t let objects take away money and attention.

third, Remember that there is a limit to praise and acceptance by strangers. What looks like praise may be filled with envy that you haven’t recognized yet. So many personal finance extravaganzas find their roots in trying to impress people who don’t mean much in your life. You may miss out on identifying real friends if you only want to be around people who will admire you and make you happy. don’t compare joy with Expenditure Money on things and on people only with the intention of impressing. Better use of your money.

Fourth, Be kind to those less privileged than you. In a country with such high income inequality, the ostentatious display of wealth and wealth is cruel to the underprivileged. It is good to be sensitive to these differences. It is even better to open your heart and your purse to bring some joy to the people around you. If charities help people you don’t know, make sure you include people you know. Give your employees a break and a bonus to enjoy the festival with their families. Do your bit to spread the joy of the festival.

fifth, Take a hard look at your billboards that you don’t use. The plot of land you’ve never seen; That one room flat that you cannot maintain; Those expensive clothes you no longer wear; pieces of jewelery that you no longer like; And the things and the things with which you have filled your house. If something is not a part of your life and your everyday happiness, why the burden of carrying them with you? Find the time and heart to let it all go. You may get a better use of the money that is locked inside; Or you may find better things to do with your time and effort; Or you might feel that “any other time” you’ll be used to isn’t going to come anytime soon. Make the festive season a time to clear out the clutter.

Our happiness comes from unknown sources; Our permanent sources of happiness don’t always cost money; And our sense of purpose in life may require us to look beyond the monotony of everyday life. It is always your choice to make it a new life worth living, and you can start at any moment.

(The author is the chairperson of the Center for Investment Education and Learning)