HOLI 2022– Colourful Financial Learnings!

It is time for Holi once again. People across the nation celebrate this festival of colors in diverse ways in various parts of the country. Holi is a two-day festival; the first day is known as `Holika Dahan.` On this day, people ignite various fires and gather around for prayers. Rangwali Holi follows the second day, where everyone applies color. This color festival is the most famous in the country, and it can lead us to several financial lessons, which we will discuss today.?

H- Happiness?

This festival is related to Happiness, harmony, and fun. Likewise, the person must always do financial planning around future Happiness.?

How to achieve Happiness in Financial life?

• Plan for Financial objectives that will assist you in fulfilling desires.
• Whatever you invest, the investment should be synchronized with the purpose you have set.
• Save some money for the future to handle the unexpected financial situation.
• "Simplicity is the key to Happiness" Purchase uncomplicated Financial products and remain away with the complicated ones.

O – Organised

It's said- "If you have a sound financial life, you have a proper personal life." So give a moment to manage your financial life to supply you with a happy life.?

How to be organized in finances

• File all the essential finance-related documents in one place
• These organized documents should be easy to access?
• Keep your insurance cards handy so that you can reach out quickly in case of any unexpected situation.

L – Liability Free

Holi is a festival where everyone is carefree and stress-free and enjoying the day to the fullest. Also, Being liability-free is the most appropriate emotion one can encounter in their financial life. Therefore, though life is full of ups and downs, we should take loans for different purposes.

How can one manage Debt?

• Make household and lifestyle budget towards the end of every month, which is to be followed in the subsequent month
• Keep aside CASH, yes, I mean cash only here in the first week and make separate packets for the expenses segregated while budgeting.
• This activity will help you make minor use of Credit cards, and the feeling of using excess money will also go away.
• Get rid of excessive Plastic money. We do not require 8-10 as each has unique benefits and rewards. Please think twice before spending on Credit cards, as most people who get trapped in Debt are the ones who are not paying their credit card bills and are moving on rotational credit with compounding interest as a penalty levied.

I – Individualistic

Holi is played in our particular individual way. However, some would like to enjoy and play with Gulal, Kewra, dancing, and many other ways.

Likewise, When we talk about Finances, We have our lifestyle, necessities, requirements, aspirations, backgrounds, and patterns of performing things. So, as suggested by the name – Personal Finance, it has to be individual of your own. So, this HOLI has a colorful and festive time and marks the start of a remarkable and Colorful Financial life.

This HOLI has a colorful and joyous time and marks the beginning of a beautiful and Colorful Financial life.