Lighten up your financial side this Diwali !!


Diwali is just round the corner and we all have our plans to celebrate it. In India, Diwali is the most awaited festival of the year.  It’s the time for shopping, getting that yearly bonus, celebrating, etc.  However in this celebration, one’s financial planning goes for a toss. One may lose control on their expenditure which will indirectly affect their future financial freedom.  If a few financial planning  tips are followed during the season , you will ensure you have a stress- free year ahead.

We at will enlighten you on how to spend your each day of Diwali keeping your finances in mind.


The first day of Diwali known as Dhanteras, the most common practice is to purchase physical gold, as it is believed it leads to prosperity. However before purchasing physical gold one should first decide whether they really require this physical gold, as it may lead to wealth tax liability. If purchasing gold is a must one can invest in gold ETF’s or a gold based investment.  Most people think buying gold on this auspicious day is very essential for their prosperity. However this does not mean that one takes a loan to buy gold as this day is to create an asset and not a liability. Thus on this auspicious day of Dhanteras first understand your finances and then decide if the gold is really required or not.

The second day is known as Kalichaudas,  a day to remove negativity from your investments. On this day one generally lets the negativity go out of their house. Similarly one should let go of the bad investments. Unnecessary purchases or spending on thing not required should be terminated. If one has realised that a certain SIP or investment will lead to nothing but a bigger loss in the future one should bare the current loss which is smaller than the one in the future. Changes need to be made for the betterment, one should check their current financial portfolio, whether a change in asset allocation is required or not. Negativity should not only be removed from your investments but also from your Insurance portfolio. Bad & unnecessary policies should be immediately discontinued. Also review your investments and insurance with your financial planner if there are any new changes required.

The third day is when Diwali is celebrated. It’s time for Laxmi puja and asking Higher powers for a financially prosperous future. If you want Laxmi i.e. Goddess of wealth to stay with you need to respect her. Similarly respect your investments & give them time to grow. Be in the right state of mind before making your investments. Do not listen random tips & trade. Sit down and jot down your goals and then start your SIPs depending on the time you have to achieve it. Take right decisions or consult a financial planner. A financial planner will not only give you correct advice for your investments but also help you with your insurance and how to achieve your life goals.

The last day is the Hindu New Year. With the beginning of a new year forget about your past losses and wrong investments decisions and start new financial practices. Take a resolution not to make bad investments in the New Year. Keep your current financial status in mind and make investment decision. New Year means new beginning and so one should take right decisions for their finances. Last but not the least this New Year appoint a Financial Planner for a new financially stress free year.


By Namrata Shah.

The writer is working with as a Financial planner.

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