4 min read
Updated on Aug 08, 2023
Cleaning your house before an auspicious festival like Dussehra or Diwali is a much-called-for practice that we all follow. It cleanses and makes way for new beginnings, but what about the cleansing of your personal habits, typically the important habits such as your money habits? Have you considered sorting through those and cleaning out the bad ones? If not, then give it a thought this Dussehra and try to replace all your poor financial habits and look to replace them with healthy and proper money habits. In order to do so, you first need to identify poor money habits. Read on to know what exactly they are.
Everyone is quite aware of insurance and its importance. However, getting an insurance plan just because it’s needed, is a foolish thing to do. You need to first understand what coverage is available under each type of insurance plan. You need to assess your own requirements and finally, you need to locate the types of plans that would cater to your exact needs. Therefore, you should kill the practice of buying random insurance plans. Reevaluate all the insurance covers you have to ensure you have sufficient coverage. If you feel some alterations are needed, get them done at the earliest and stay protected in the best and the most comprehensive manner.
Another bad financial habit is to put all your eggs in a single basket. Never invest all your money in the same place. You may be risk-averse or someone may have told you to go for specific investments, but not diversifying your financial portfolio is a major blunder. Look for the different investment options and spread out your expenditures. Understand your risk appetite and then choose to get the best possible returns in the long run.
You have a great financial advisor who always guides you through your investments. But do you completely understand where you are putting your money? While it is good to have sound financial advice, do not blindly trust anyone who handles your money. Rather, take their advice and understand the investment platform before you lock in your money. In the modern world with the power of the internet, it is very easy to research and understand the various investment options. Read up, understand and then invest.
Have you been investing just because it is the right thing to do? Many people have this terrible money habit and if you do too, this is the time to kill it! You need to make some very specific financial goals and then invest accordingly. Create goals such as funding your child’s education and look for investment opportunities that would help to achieve that goal. Goal-based investments are crucial and as an investor, you need to implement this into all your investments.
Have you informed your family members about the investments you made? Does your spouse know where your term insurance document is kept? Is your teenager aware of the SIP you have for his secured future? If not, then you need to tell your family members all about your investments. After all, you have invested for your family’s well being and if something unexpected happens to you, they should be able to encash the investments and have the financial security you planned for. So give up the habit of financial confidentiality this Dussehra and be open about your finances with your near and dear ones.
The Final Word
Now that you know more about the typical financial blunders, stay away from them. Clean them out of your life and adopt some of the healthiest financial habits to stay one step ahead in the game. Understand your financial needs and then make the right choices and you will see a positive change in your financial life.
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.
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.
Girl child abuse, gender inequalities between boys and girls, and discrimination & violence against the girl child are some terms that many fortunate women living.
The presence of older adults in our lives is a blessing for us all. Senior citizens can be present around us as family members (parents.
Every year, on September 26, World Environmental Health Day is observed. The day was initiated in 2011 by the International Federation of Environmental Health (IFEH)..
20th August is a day observed globally as World Mosquito Day to reflect and spread awareness on this pesky yet deadly creature. This tiny winged.
Fathers are often strict in raising the kids as compared to mothers, but it doesn’t mean they don’t love them. Grab Father’s Day as the.
Every year June 13th is celebrated as International Albinism Awareness Day. It is a day observed by the United Nations to spread awareness about albinism disease.
A global day to raise awareness about the importance of conserving the environment for future generations. Learn how best to observe it and how you.
8th May is observed as World Thalassaemia Day, a global event that is observed every year to promote awareness about this genetically inherited condition. Let.
The World Health Organization (WHO) organizes World No Tobacco Day every year on 31st May. Let us understand the importance of this day in this.
The first Tuesday of May is designated as the World Asthma Day, an event of global healthcare that is organized to promote awareness of the.
Speak to our advisor
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 © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue