Navratri 2023: 9 financial lessons that you can learn this festive season

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Financial freedom embodies the ability to lead life according to one’s preferences, liberated from financial restrictions. It denotes a state of financial well-being where you possess the means and flexibility to chase your dreams, sustain a chosen lifestyle, and realise long-term financial objectives without depending solely on conventional norms. While there is no one-size-fits-all approach to achieving financial freedom, there are certain financial mantras that can help guide investors who want to attain financial freedom.

In this article, we will explore nine financial lessons that can pave the way to your financial freedom. One of the fundamental principles of achieving financial freedom is to live below your means. This means spending less than you earn.

It's essential to create a budget, track your expenses, and prioritise saving and investing over unnecessary expenditures. A fundamental principle where one can spend less money than one earns, practise prudent expense management, and prioritise saving and investing for the future. This approach encourages a lifestyle that emphasises financial security in pursuit of long-term goals over excessive spending.

It involves budgeting, careful spending, and making informed financial decisions to ensure that expenditures remain lower than income, enabling you to save and invest for a more stable and comfortable future. Precedence should be given to one’s savings and investments before allocating funds for discretionary spending. This involves setting aside a portion of the income for saving or investing immediately upon receiving money and treating it as an essential aid in planning for retirement, emergencies, or other financial goals.