Financial Wisdom in Diwali Celebrations: From Dhanteras to Bhai Dooj

1299

6 min read

Every year, people in India and Indians across the globe eagerly await the festival of lights, Diwali. It is undeniably the biggest festival in India, having immense significance. Like other festivals, Diwali also teaches us many lessons. These lessons are reflections of virtues, morals, peace, and joy, which we embrace in our lives. Diwali connotes the triumph of good over evil and righteous over wicked.

Along with the teachings of morality, Diwali signifies the importance of a balanced existence of moral and financial investment lessons, which are crucial for our existence. There are many key financial aspects to learn and imbibe from each of the five-day Diwali celebrations. As Diwali also marks the start of a new financial year as per the Hindu calendar, many key traditions of the festival revolve around monetary implications.

Let us understand the valuable financial lessons imparted by the Festival of Lights for the investor community and people in general.

Essential Car Insurance Tips for Your New Car on Diwali

Dhanteras – The Auspicious Beginning

Dhanteras marks the start of the Diwali celebrations in India. As the name connotes, ‘Dhan’ signifies wealth, whereas ‘Teras’ means the number thirteen. This is a day associated with the tradition of purchasing gold, silver, and other valuable assets. The day falls on the 13th day of the lunar calendar of Krishna Paksha every year and is also called ‘Dhanavantri Trayodashi’ and ‘Dhanatrayodashi’.

As hinted by the name, Dhanteras is regarded as an auspicious occasion for buying metals or assets. On this day, the goddess Lakshmi is worshipped by devotees for wealth and prosperity. Buying precious metals on Dhanteras is believed to bring fortune and good luck to people. Hence, this festival teaches a valuable lesson about saving and investing in valuable assets.

How to use festivals as triggers to make a prospect understand the need for Life Insurance

Choti Diwali (Narak Chaturdashi) – The Day of Clearing Debts

The second day of Diwali celebrations, called Choti Diwali or Narak Chaturdashi, is observed in the month of Karthik on the Chaturdashi tithi. This day is celebrated to rejoice in the conquest of goodness over greed.

In many parts of India, this day is marked by clearing old debts and planning new beginnings with fresh investments. Most business owners prefer to clear their accounts on this day. Managing debts responsibly is essential as it allows controlling credits through budgeting and financial planning. Hence, planning in a disciplined way with determination plays a noteworthy role in overcoming debts and having full control of your finances.

Here are some financial tips on how to plan debt repayment for the best monetary stability:

  • Try to create a comprehensive budget to diligently enlist the various sources of your income as well as track your expenses
  • This will help in identifying areas of expenditure that can be held back to devote more funds towards debt management
  • Choose either to pay off debts in parts – clear the small ones to start with and go for the bigger ones steadily. Or you can clear the huge amounts in one go.

Whatever way you choose, stay disciplined, as debt repayment and financial stability require patience and a disciplined approach.

Diwali – The Festival of Prosperity

The third day of Diwali is the auspicious occasion of worshipping lord Ganesh and Goddess Lakshmi. As per traditions, both these deities are associated closely with wealth and prosperity, denoted as ‘Shubh’ and ‘Labh’. Hence, people worship these deities on Diwali to have a fulfilling and prosperous life filled with affluence. As per the common belief that the goddess Lakshmi enters a clean and nicely decorated house, it is a tradition to clean and decorate homes during Diwali.

Similarly, the day marks significant importance in budgeting and planning for financial discipline and to clean any financial roadblocks. Budgeting is an excellent way to inculcate discipline in financial guidance and to allocate savings for particular goals. With a balanced budget, you can manage to fulfil needs with the available income while not deterring your focus to save for the future.

Since Diwali is a day to spend on yourself and your dear ones, ensure to make this an occasion for setting a budget for the different milestones in your life. This helps to avoid overspending and aim for a diversified investment portfolio to deal with future risks.

Govardhan Puja – The Art of Risk Management

Govardhan Puja is celebrated just after Diwali all across the country in reverence to the Govardhan Parbat. The Parbat is highly esteemed for saving thousands of lives from harsh weather conditions and rain. History has it that Lord Krishna lifted the Govardhan Hill on his little finger to protect his pupil from the wrath of Lord Indra, the god of rain and the regent of the heavens. Hence, the day is devoted to the worship of Lord Krishna and in preparation for ‘Chappan Bhog’ or 56 types of dishes to pay respect to lord Krishna and the mountain.

The story of Govardhan Parbat saving people during a time of difficulty teaches the importance of risk management, which empowers individuals and firms with the right tools to identify potential risks and mitigate them. Besides, risk management is also significant to base your understanding of your financial situation and to make sound monetary decisions. Estimate future expenses and verify risks while planning investments to make informed financial decisions.

Having financial safeguards is extremely important to ease unforeseen risks and emergencies. Hence, it is important to save for emergency funds as a part of healthy financial planning to sail through the tough times of income loss and unexpected expenses.

Bhai Dooj – Nurturing Financial Relationships

Bhai Dooj is a celebration observed a day after Badi Diwali, and it completes the 5-days of joyous festivities. Indians all over the globe celebrate this occasion with enthusiasm and fervor. The celebration portrays the close bond shared by siblings. This is an occasion when siblings exchange gifts and prayers.

This is also the time of family and sibling bonding and is a momentous occasion to discuss vital financial matters. Such discussions promote transparency and communication in a family and enhance the ties of kinship further.

Here are some tips on building a robust financial support system within the family:

  • Categorize financial goals and seek ways to achieve them as a family
  • Create a budget to accommodate needs as per monthly income and plan a way to allocate money for other purposes like investment and savings
  • Always track your expenses as a family
  • Make separate funds to pay off debts and bills
  • Keep track of account statements to avoid fraud
  • Communicate important matters to family and keep them in the loop

Popular General Insurance Companies India, 2024

Conclusion:

Diwali teaches several significant lessons on managing finances. Whether you are a beginner at investment or laden with financial burdens, Diwali is an occasion that encourages everyone to spend carefully and save logically to mitigate risks. It teaches us to make the right decision to support financial goals in the long run. These lessons should be imbibed and implemented in life to sync your objectives with your financial planning.

Overall, Diwali is a great time to enjoy as well as contemplate opportunities for financial growth and wisdom. So, let’s celebrate this Diwali with all the fun and frolic to have a sparkling time planned and secured with financial freedom.

Related Articles

Found this post informational?

Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.

Try PayBima Calculators –

Also, Check out the PayBima Guide and Glossary section –

Other Investment Products

Oct 30, 2023
SHARE THIS ON
Author Bio
Author Image

PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

Related Blogs

Would love to hear from you

Share your candid feedback. Your email address won’t be published, we promise!

All fields are required

Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800

Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).

Insurance is the subject matter of solicitation.

For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.

Copyright © 2024 Mahindra Insurance Brokers. All Right Reserved.

Get A Call Back
Get A Call Back