Money Lessons and Lord Ganesh..!
It's time
to welcome India's favourite God. Lord Ganesha is known as Vighanharta which
means, the one who solves all your problems.
Unlike
many other festivals Ganesh puja is more of a community celebration; so you
will find Ganpati pujas happening in offices, community spaces, apartment
complexes and of course individual homes too.
Before
you get Ganpati home you need to make a lot of preparations to get your home
ready for receiving Him. The same is true about planning your finances.
1.
Financial planning..!
Before
you get the elephant God home you need to plan everything right from where to
buy the idol to what you want to wear for the occasion. The key is to plan
ahead and not wait for the last moment.
Have a
clear estimate about the amount required for various expenditures (food,
entertaining guests, decoration, idol etc).
Do keep
some buffer of 5% to 10% as expenses do
tend to shoot above what you had planned.
Planning
ahead gives you sufficient time to look for options and get the best deal and
the most favourable rates.
Waiting
for the last minute creates panic and then one ends up picking the first
available option due to lack of time.
This may
often prove to be an expensive yet not so effective thing to do.
2.
Involve your family..!
Festivals
are a great way for families to connect and bond so instead of outsourcing &
buying everything it is a great idea for the family to come together & participate
in the preparations.
The
family members can divide the work among themselves or they can decide to
prepare together as a team. So whether it is making prasadam for
offering to Ganesha or / decorations and lighting, everything can be managed
in-house as long as it is planned ahead.
Making
sweets & savouries at home is a healthier option; involving the children in
the family in decorations will instill a sense of belonging and understanding
about the festivals.
The rangoli may
not be perfect but it will definitely carry more meaning & devotion.
 |
| Rajiv Raj, Co - Founder, Credit Vidya.com |
Often
quite a number of families within the same housing complex or vicinity
celebrate the festival.
Thus they
can get together and can decide to go and shop for flowers, sweets, decoration
things together or one could do for others too.
This can
help them save time, money and of course you can use the expertise of each
other.
Similarly,
financial planning with the help and expertise of one's family can help one
bond strongly with her / his family and shape up the best plan for investing
money.
3. Have a
budget..!
The
biggest mistake one can make is not to stick to the budgeted expenditure.
If it
turns out that you are spending more on one thing then it is important to
reduce the amount spent on something else. This way you will still maintain
your budget.
As stated
above do have some room for overshooting the budget but let this be only 5% to 10%
of what you had planned.
Making
last minute plans & changes is highly avoidable in any department of your
preparations, including financial planning.
4. Invest
as per your needs..!
I
personally feel festivals are about gratitude for what you have and not an
occasion to display your wealth.
So,
giving into the temptation of having the flashiest decoration or the best idol
is avoidable; this not only goes against the ethos of the festival but can also
be a huge financial burden.
So when
you go about your preparations don't get carried away by what is available in
the market; rather stick to what you need.
Ditto,
when you plan to invest your money for achieving your financial goals.
If you
are among those who find it hard to resist temptation then don't go shopping
with the credit card in your pocket.
Carry the
required amount of cash with you when you go shopping so that there is no way
you will give in to temptation and indulge yourself and then regret later.
So here
is wishing everyone a happy, healthy and prosperous Ganpati puja; may the Vighanharta take
away all your worries.
Have a
great celebration with your loved ones.
About the
author..
Mr. Rajiv
Raj is Co – Founder at CreditVidya.com
The
author is a credit expert with ten years of experience in personal finance &
consumer banking industry and another
seven years in credit bureau sector.
Mr. Rajiv
was instrumental in setting up India's first credit bureau, Credit Information
Bureau (India) Limited (CIBIL). He has
also worked with Citibank, Canara Bank, HDFC Bank, IDBI Bank & Experian in
various capacities.
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