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Oct
10

Money Matters: This Dusshera, Take a step towards better Finances

With the Dussehra festivities beginning today, people believe in looking at fresh perspectives and new beginnings in life. When we as a B- school looked closely at the history of Dusshera, we found that the festival offers some valid and relevant financial lessons too. By inculcating these lessons, you can also be a good manager in your daily life and improve your money related matters:

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  1.     From ‘Owing Money’ to ‘Owning Money’

Rama’s victory over Ravana is symbolic of good over evil. Similarly, get rid of your unproductive financial decisions and turn towards a better financial plan.Start with a reviewing all your debts, rework your portfolio and create a better budget plan. Practice the habit of planning a purchase/investment. Having a short-term and long-term financial goal in place is crucial, and this will help you curb debt. Be update on interest rates on all your loans and curb excessive expenses wherever possible.

  1. Discipline with expenditure

 There is a seemingly thin line between a want and need. Even Lord Rama lived frugally as per the need of the hour then, we can learn and inculcate the habit of spending within budgets to discipline ourselves to better our finances This Dusshera begin from learning how to say no to you instincts of ‘go and splurge’ . You need to ensure you are disciplined enough to start taking wisely calculated steps to reach your financial goal. Management teaches you to be realistic about your purchases or investments. Save shrewdly to have enough to invest for your needs like education, health, other emergencies and a comfortable post retirement life.

  1. Protecting your finances

On festivities like Dussehra we have been taught to believe that whenever evil prevails on earth, a savior emerges to protect humanity. Similarly, we need a savior to protect our finances. Here comes in Income Protection Insurances or Lifestyle Protection Insurance, it is possible to insure yourself against loss of income due to accidents, illness or redundancy. Start your research on such protection plans to make sure you have adequate insurance to protect you and your dependents.

At FIIB our expert faculty imparts excellent lessons in Finance as well as other subjects so that our students come out industry ready. You can also enroll in various MDP programs at FIIB to have a better understanding of financial planning.