Diwali is a very old festival which
is celebrated on the return of Lord Ram to Ayodhya after fourteen years of
exile. Diwali is celebrated on a new-moon day and the lightening of lamps
indicates the destruction of darkness and evil. For all Indians Diwali is one
of the most popular Indian festivals which is celebrated with lot of pomp and
splendour. “Lakshmi” The Goddess of Wealth is worshiped on this festival. It is
an important occasion for many reasons like the importance of human bonding,
celebrations in family, reunions of friends and relatives, etc.
This is an occasion not only for a
traditional reason, but also for its significance to organise all the financial
information. This tradition is equally significant for the business as well as
many business starts new account books on this day, in Stock exchange also
there is Muhurat Trading, a special occasion for the stock markets.
The Diwali festival also gives us a
great learning about money which we have tried to discuss as below:
1. Dhanteras:
Bringing home the “Wealth” –
The first day of Diwali, Dhanteras
(“Dhan” meaning wealth and “Teras” meaning the “thirteenth day”) falls two days
before Diwali. The day pays homage to Lord Dhanwantari who is associated with
Ayurveda and various healing practices for the good of mankind. This day
marks the day to make new purchases and investments and can also be referred as
start of financial wellbeing. This day is considered to bring good luck and
prosperity to the family. The popular belief is that any investment made on
this day will grow and multiply throughout the year. It is the day chosen by
most people to make investments in gold, silver, platinum or any other metal.
Regularly investing in precious metals, every year during this special
day also helps you in growing and accumulating wealth over a long period. Off
late, stepping aside from the traditional definition of investing in physical
metal, it is seen that many investors also invest in gold
ETFs, or financial instruments which is akin to investing in physical gold. It teaches us that “we
should keep on accumulating wealth regularly to achieve financial wellness.
2. Narak
Chaudas: To Clean the “Mess” -
The significance of this day is
grounded in the story of Lord Krishna's overwhelming triumph over a ferocious
demon named 'Narakasur', who kidnapped the 'gopis' This is the second day
of Diwali wherein every one cleans up their home/work place and remove all the
unnecessary things.
Similarly we should also check our
portfolio thoroughly to ensure that it is aligned with our financial goals
along with unforeseen/emergency expenses and also remove those investments
which are no longer required. It teaches us
that “we should identify and eliminate
the financial mistakes committed in the past” be it availing high
cost debt, wrong financial products purchase like endowment, ULIPs, etc.
3. Lakshmi
Pujan: Respect the “Money” –
This is the day when Lord Rama
finally returned home from exile and was welcomed with a glittering row of
lights radiating from every household. It also coincides with the Pandavas'
return from the forest. Lakshmi Puja is performed on this day. Lakshmi
is the Goddess of Wealth and her worship shows the respect of wealth and
to preserve it in a pious way. This teaches us that “We should do hard work with clean heart to earn so that goddess
lakshmi will stay in our home forever.” This day we also
play with firecrackers and exchange sweets and presents which shows to
celebrate happiness and share the joy of wealth with others. However we
need to be careful and should not indulge into show offs which could be very
dangerous.
4. Govardhan
Puja or Padva: Nothing is “Impossible”-
The fourth day is Govardhan Puja or
Padva. It is the day when Lord Krishna defeated Indra by lifting the huge
Govardhan Mountain. This teaches us “that
we can achieve everything if we believe in our self and put hard work.” This is also New Year for many communities in India
and symbolises a new start by overcoming past mistakes. We can start a new
financial plan and make new commitments to ourselves so as to come out of our
old perils and achieve new success in life.
5. Bhai Dooj :
To share with our “Loving Ones”-
The fifth and last day is Bhai
Dooj. On this day sisters invite their brothers for a lavish meal and perform a
‘tilak’ ceremony. Sisters pray for their brother’s long and happy life while
the brothers give gifts to their sisters. This teaches us that “we should share the things with our
loved ones” like employers
giving bonus/ESOPs to employees and employees promise to work hard to make
their company more successful. Bhai dooj occasion teaches us that everyone has
a role to play and if all of us do our duties with sincerity great success can
be achieved easily.
Diwali is celebrated on a
new-moon day and the lightening of lamps indicates the destruction of darkness
and evil. Everybody aspires for a good time, and spending for the same is
human. However we should remember that celebrating a festival or an occasion
should never be a onetime affair but should be done every year. Meaning
although spending now can add to the celebration, it may adversely impact the
saving potential thereby resulting in weak financial planning habits which in
turn may compromise the financial goals in the future.
The best financial practice on
this front is to allocate a budget for non-committed or discretionary expenses
such as a festival, occasion or a celebration every month/year and comply by
the budget. Strict adherence to the budget negates the possibility of
overspending thereby enhancing surplus which in turn leads to a higher
likelihood of celebrating these occasions regularly and not just one time.
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