How to Plan your Finances this Dhanteras

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Dhanteras is celebrated with great enthusiasm across India. People prefer to shop for gold and silver jewelry, utensils etc. on this day. Dhanteras is also regarded as an auspicious time to plan wedding dates, purchase cars and houses, start new business ventures, throw housewarming parties and more. 

Dhanteras, the thirteenth day of the waning phase of the lunar month in the month of Kartika marks the beginning of the five day long Diwali festival. In Hindu mythology, this special day is considered auspicious because Goddess Lakshmi emerged out of the milky ocean after the churning by both gods and demons. The day holds a special significance for people belonging to the trading community, as it is considered auspicious by them for making business deals. For quite a long time in the cultural and religious history of India, people strongly believe that doing and buying a few things on Dhanteras can open the gates to luck and prosperity. Here is a list of things to do and buy on Dhanteras to get lucky.

Auspicious things to do on Dhanteras

Dhanteras is good for starting any things that must grow progressively. You can start a new business or launch new projects on this day. This day is also a good one to start the constructions or renovations of homes and offices. During the Pradosh Kaal on Dhanteras that lasts for about two hours from sunset, it is good to perform Lakshmi Puja. This puja is extremely important for business community to invite luck and prosperity. Some people fast on the day of Dhanteras concluding it in the evening after Lakshmi puja. A ritual known as the lighting of Yamadeep is done on this day in the evening placing the lamp at the entrance of the house. This is said to keep the god of death away from the home.

What you can buy on Dhanteras 2021

  • The beliefs associated with Dhanteras have fueled the shopping mania of people. Almost all businesses do extremely well on this day as people throng at the shops to buy a long list of things that are believed to bring them luck and prosperity.
  • Buy silver or brass utensils and keep them in the eastern direction of your home.
  • Buying a broomstick on this day is said to ward off the poverty from home.
  • This is also the best day to buy electronic items like refrigerator, electric oven, laptops and mobile phones. Such things need to be kept in the north-east direction of the home.
  • Business owners can buy account books on this day and start a new account. You can also buy the stationery and tools required for your profession. Place these account books and stationery items in the western direction of the house. It is auspicious to place these objects in worship on this day.
  • One of the most auspicious items to buy on this day is a gold coin with the image of Goddess Lakshmi imprinted on it. This item can be worshipped on this day and kept in the safety locker or treasure chest.
  • Jewelry, silver coins, swastika symbol and cosmetic items are best bought on this day.

Dhanteras let us look at Wealth Creation Differently

Clearly, Dhanteras is about enhancing long term prosperity and well being. As you make a start to this Diwali celebration, here is what you need to focus on the wealth side.

  • Gold has been one of the best performing asset classes in the last 1 year as also in the last five years. Your gold investment should go beyond buying traditional gold jewellery and also look at gold as an investment avenue. That would imply buying gold in the form of ETFs or gold bonds, where the risk of face value loss is zero and the holding process is a simpler and economical.
  • Remember, the new gold is global investments. There are different ways you can invest globally, but one of the simplest ways is through global ETFs that are offered by most of the Indian mutual funds. They allow you to participate in global indices like the Dow and the NASDAQ sitting right here in India. Global equities have not only been a great asset class but also spread your investment risk.
  • One more point to remember is about making your financial plan. Most Indian families do not take this too seriously, but it is as an important pathway to your long term dreams and goals. If you have dreams of a peaceful retired life or of sending your children to reputed colleges in the future, you have to start off with a financial plan. You will be surprised how a little bit of planning and discipline can do wonders to your long term prosperity.  This Dhanteras; make a start towards a secure future.

Tips to plan your finances this Dhanteras

1. Set Long and Medium Term Financial Goals

This Dhanteras plan your finances and set short term, medium term and long term financial goals. A short term goal can be to buy an iPhone on EMI, a medium term goal can be planning for the finances for your next vacation and a long term goal can be to pay for your child’s education or wedding.

Commit yourself to these financial goals and start investing this Dhanteras so that you can have a bright future for you and your family.

2. Stay Covered

One of the biggest financial follies is not buying insurance or having little insurance coverage. Insurance is a must-have so ensure you have adequate insurance to secure yourself and your family against unforeseen circumstances, regardless of the probability. This will ensure that any future costs related to those who are dependent on you financially are adequately covered by insurance.

3. Buy a House with Home Loan

It is also a good idea to go for a home loan for your very own home this festive season as that will make you secure in the long run and will also provide you a home of your own. It makes sense paying EMI rather than paying rent and so you should go for that home loan also because you will get great offers this festive season.

4. Pay off Your Debts and Loans

Dhanteras is also an excellent time to pay off your debts and loans. This will ease not just your financial pressure but you will feel relieved and relaxed in your mind as well. This will also help you improve your credit score and become more credit worthy so that you are easily able to take loans when you need them.

5. Create Multiple Income Streams

An often overlooked aspect of financial planning is the importance of creating multiple income streams. It not only has the uncanny ability to build wealth and sustain it over the long term but also ensures that you don’t take a huge hit during life’s many unexpected events.

6. Have a Well-Stocked Emergency Fund

No matter how financially prepared you think you are, it’s imperative that you have an emergency fund in place to cover any financial surprises life throws your way. Being prepared with an emergency fund tucked away in a savings account or an easily accessible investment gives you the confidence to pay for any unexpected expenses while helping you to stay afloat.

7. Go for Gold

Gold is an excellent investment, but go for gold bars and coins and not just jewelry as the former don’t depreciate over time and you get the benefit of appreciation of gold prices.