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Hello everyone and welcome to episode 137 of the ET Wealth Wisdom Podcast
I am Tania Jalil
There is a slight chill in the air as October is far from November
At the same time the sights and sounds of the festival fill the air.
People around the society have started installing decorative lights on most of the flats.
We are well and truly in the middle of the festive season
As Uma Shashikant of CIEL writes year after year in this week’s edition of ET Wealth, how we celebrate is a demonstration of how much better family finance has become for the typical urban household.
The ordinary urban middle class family does not reflect the tension and stress of life when it comes to festivals and celebrations.
In this podcast we take a look at 5 personal finance rules that Uma Shashikant must follow this fest
First, make 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 festivities 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.
It hopefully inspires conservative spenders to spend their money boldly.
Second, make a mental distinction between experiences and material things.
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 pleasure with spending money on things and people just 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, keep a close eye on 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 may 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.
and on that note everything will be for this week
Come back next week for more money knowledge