3 financial planning lessons to be learnt from Dussehra

The festival of Dussehra signifies the victory of good over evil. The mythological stories associated with Dussehra cite the importance of curbing our greed and destroying the evil intentions.

Whether it is the story of Lord Ram killing the demon King Ravan or Goddess Durga's victory over Mahishasura- the essence is the same. We often draw inferences from ancient treaties to conduct our life. Keeping up with the tradition of imbibing values from our ancient culture, we can get to learn a lot of lessons from Dussehra when planning our finances.

Here are 3 money mantras or lessons from the significance of navratri that one can ponder upon:

1. New beginnings, a fresh outlook

Vijaydashami is celebrated on the tenth day of the Dussehra and marks new beginnings for many endeavours. Analogous to this tradition we can start financial planning earnestly.

Decisions on financial matters cannot be taken on impulse and are best made when already planned. Early financial planning can bring in windfall of benefits in form of power of small savings, with the incremental value of compounding. Irrespective of your past financial decisions, make this Dusshera an occasion to begin planning your finances.

2. Self-discipline

We celebrate the nine day festival of navraatri by fasting and giving up on our favourite meals. This process needs restraint and an ability to not give in to the temptations.

Similarly, financial planning can be effective only by making small sacrifices that are a trade-off for our future's security. Planning for financial security is imperative and discipline is the only doctrine to achieve it.

3. Get rid of bad decisions

Dussehra is celebrated by burning the effigy of Ravan. This is symbolic to the victory of good over evil. In a similar fashion drawing analogy from this festival, we should get rid of our bad financial decisions. Review your portfolio and re-jig the same for a better financial plan than the one you have.

Expensive insurance can be replaced for cost effective and adequate policy. A home loan interest rate can be negotiated for competitive one. Or simply sell any bad investments in order to stop further loss. Whatever be the intensity of the bad financial decision the essence is to let the bad be burnt so that good can prevail in our financial plan.

Let there be a "Shub arambh" for healthy and prosperous financial health through the means of financial planning this Dusheraa

ArthaYantra provides personal finance advice online.
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