By Arul Prakash B
The Festive season has started. Starting from Dasara it moves on to Diwali, Christmas and a wonderful New Year. This is a really great time to enjoy. We get holidays, bonuses, gifts and much more. Along with this happiness, a few measures can make our life better. Here are 4 simple steps that will make our life better.
1.Plan ahead:
Festivals are the times when we get together. Festivals are not only amazing times to enjoy but also an auspicious time to start great things. In this quicksilver world, we don’t have time to spend with people. But festivals are special occasions where you can spend time with family and friends. When you are with your family and friends, take some time to discuss the future.
2. Include everyone:
During this discussion, include everyone in your family and ask them to share their future desires/wishes. Your son may want to pursue Engineering, your wife may want to go for a foreign trip. Everyone is unique, so are their wishes. This is the purpose of including everyone in this discussion. Another advantage is that everyone in the family will know about each other’s wishes.
3. Bring it on a piece of paper:
While discussing the future, take a sheet paper and write everyone’s wishes. It may seem awkward, but once you note it down on a piece of paper you will be able to see the big picture. If you know there is so much to do, you will not spend more on pleasurable things.
4.The tricky step:
Once you know the future plan, you can start saving for the same. You can take the help of a financial planner in this process. One of my friends has told me what he plans to do after receiving a bonus or an unexpected lump sum amount. He will spend 30% for household purposes i.e., for buying a new TV or other necessities, 30% for pleasure i.e., for going for a picnic or buying a costly mobile for his son or something which makes others happy, save 30% for the future and contribute the final 10% for charity like an orphanage or an old age home. It is his way of doing things. You can think of similar proportions and decide how much you can spend on certain things accordingly.
By following the above steps, you will not only enjoy the festive season but also make some productive executions during this auspicious time. So, you will derive personal satisfaction from the way you spend your bonus and other gifts. Hope every one of you will follow this and may god shower his blessings on you on this great occasion.
The author is Arul Prakash B, a PGDM in Finance was an Independent Financial Planner and Director of Pushpak Financial Planners (http://pushpakfinancialplanners.weebly.com) Investment Planning, Risk Management, Portfolio Management, Tax Planning are his area of interest. He has passion for Personal Financial Planning. He can be reached at pushpakfinancialplanners@gmail.com
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