Financial Wisdom in Diwali Celebrations

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.

From Dhanteras to Bhai Dooj

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.

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.

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.

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.

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.

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.

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

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