India is home to diverse cultural festivities and religious carnivals, and none is more enchanting and gripping than the country-wide celebration of Navratri. True to its traditional ethnicity, Navratri is about Goddess Durga’s nine nights’ long battle against a demon. And the tenth day, known as Dussehra or Vijayadashami, celebrates the triumph of good over evil.
This is also the perfect time for you to revisit, introspect, and take control of your finances. You can take inspiration from Navratri to work on self-discipline, and get rid of debts to eventually improve your personal loan eligibility. Learn to save money and stay informed about your finances for consistent growth in your life.
Navratri can teach you basic virtues of life which can help you turn your financial situation around. Here are nice financial lessons that you can learn from the Navratri festival.
Be disciplined about finances
Managing your hard-earned money with caution is crucial. Not only do you save money, but it also helps your financial credibility which increases your chances of getting a personal loan.
Stop creating new debt
By engaging yourself in a regular budgeting exercise, you will not exceed credit card limits, avoid debts, and pay off your bills on time. All these hugely influence the personal loan interest rates that you will be offered whenever you seek a loan.
Plan and set goals
Start planning your finances for the next 2-5 years. Assess financial prospects and take a personal loan accordingly. In this way, you can buy a house, pay off important debts, fund educational expenses, or get yourself a new car while ensuring that interest rates stay low.
Use extra income with caution
Loans are the most convenient loan instruments for salaried individuals. If you have a regular income and are supposedly due for a hike in the coming days, then make use of the disposable income by accommodating a higher EMI every month. Utilise the personal loan EMI calculator available online to make smart decisions.
Stay focused on your plans
After making plans for your financial future, don’t get distracted otherwise you can lose track of your finances. Follow strict financial discipline so that your creditworthiness stays consistent, and boosts your eligibility.
Diversify your portfolio
While ensuring a regular flow of income, engage yourself in investment planning and building a creative investment portfolio with loans and credit cards. Look for opportunities to invest in the market.
Increase your financial knowledge
Use this time to teach you that you still have so much more to learn. Conduct extensive research and acquire a deeper understanding of the market and your own investments. Review them from time to time.
Take loans responsibly
Banks and financial institutions offer festive loans during Navratri with low-interest rates and processing fees, and you should apply for one if you have immediate big purchases to make. It is, however, advisable to not go overboard with the shopping as the loan needs to be repaid on time to avoid debt traps.
Seek advice from experts
The market can behave unexpectedly and investments can go wrong, so it is in your best interest to seek professional financial advice from experts regularly.