How to spend your Diwali Bonus

(Last Updated On: October 5, 2017)

Diwali or Deepawali is one of the most important festivals of India. It is called the festival of lights and signifies the return of King  Rama (purported to be the seventh avatar (incarnation of the god Vishnu) after 14 years of exile during which he fought and won a battle against the demons and the demon king, Ravana. People lit their houses to celebrate his victory over evil (light over darkness). The goddess of happiness and good fortune, Lakshmi, also figures into the celebration. It is believed that she roams the Earth on this day and enters the house that is pure, clean, and bright.

It is also believed Goddess of wealth Lakshmi also comes on earth and hence you can expect wealth and prosperity.

While  Goddess Lakshmi might or might not enter your house, but one thing is true Indians splurge a lot of wealth during Diwali on Shopping buying new clothes, consumer electronics, gifts, sweets, crackers and it turns out the Diwali is the single biggest retail event for Indian businesses. It is estimated last year Indians spent Rs 250 Billion on  Diwali related shopping.

Sales All Around

Amazon Sale

Myntra Sale

How did you spend on  your last Diwali

As you get enamored by all the deals and discounts and start your Diwali splurge. Take a moment to reflect few things.

  1. How much did you spend on shopping and gifts
  2. What all did you buy
  3. In hindsight was all of it necessary
  4. If you had to do it all again or you will have something
READ  Personal Finance Wiki: Tips to improve your personal finance

5 +1Tips to spend your Diwali Bonus

  1. Treat it as additional Income just that it comes on Diwali
  2. Do not spend more than you earn
  3. Do not change your Savings pattern ( % to be save of Income).
  4.  Buy Gifts for now and Invest for Gifts in Future ( Delayed Gratification)
  5.  Discounts and deals are all good but buy only what you need. If you do not need something any deal on that item is a bad deal.

And finally, Buy fewer crackers and more diyas. Have a Safe and Bright Diwali !

 

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