Burn away the effigies of your financial demons this Dussehra with 5 simple financial planning tips

livemint.com:

Today marks Vijaya Dashami, a festival with diverse interpretations and unique celebrations across the Indian subcontinent. For some, it symbolizes the triumph of the noble Rama over the formidable demon king Ravana, highlighting Rama’s valour and unwavering compassion. Others commemorate this day in honour of goddess Durga’s conquest over the buffalo demon Mahishasura, signifying the restoration and safeguarding of righteousness and virtue in life.

There is a demon in each one of us. There is hardly anyone who can boast of life sans demons, especially financial demons that ruin the chances of amassing enough for a financially secure future. Numerous individuals fall prey to behaviours that lead them into financial difficulties, even when confronted with unfavourable situations. Such behaviours may encompass:

Slow to earn; quick to spend. This is a habit that has destroyed so many families and caused so many of them to experience financial ruin. In today’s age of modern technology, spending money has become more convenient than ever. With a simple card swipe, mouse click, or smartphone tap, we can effortlessly disburse thousands of rupees.

Nevertheless, the process of earning money has not grown any simpler. This underscores the significance of practising mindfulness when it comes to our spending patterns and ensuring that we do not exceed our financial means. Regardless of the simplicity with which money can be spent, the process of earning it is not becoming any more effortless.

As famously said by George Washington, “We must consult our means rather than our wishes", the need to save and preserve enough starts with the intent to have a budget in place. A budget transcends mere numbers on a page; it encapsulates our