We are almost at the end of 2021 and the upcoming holiday season is the perfect way to wrap this year up. It is that time of the year where schools are closed, everyone is in vacation mode, and plans are being made to relax and enjoy before the new year begins!
As fun as it is to celebrate, the festive season can actually be quite stressful but it is in these times that we find new lessons to learn.
We have put together 4 money lessons that you can learn from the madness of the holiday season. Not only are they easy to follow, they will also help you top your financial game throughout the upcoming year.
Take a look!
1. Prioritize Planning Ahead
The best part about the holiday season is the coming together of family, friends, and celebrations. But a perfect party is always the result of perfect planning. Imagine finalizing the decor or the food just the day before the celebration – it is a surefire recipe for disaster!
Similarly when it comes to your finances, you must also carefully consider all of your options, goals, and aspirations then plan them out. Whether it is deciding how much to invest, how much to save, what big ticket purchases to buy etc., proper management of finances is necessary. You can also take the help of financial advisors if this process overwhelms you.
There is also a tendency to overspend during the holidays (hello, impulsive purchases!). If this is something that you experience often, here are a few ways you can actually save more and spend less during the holidays!
2. The Importance of Family
There is nothing better than celebrating the holiday season with your loved ones. Ensuring their well-being and happiness is almost everyone’s goal. But, what if you could ensure this in a tangible manner?
Although life is unpredictable, we can safeguard ours and our loved ones’ well-being to an extent thanks to insurance plans. There are a number of options available today such as term insurance, life insurance, and health insurance plans.
So this holiday season, instead of just hoping for your loved ones’ well-being, invest in an insurance plan and guarantee that. What’s more? You can save on taxes at the same time!
3. Celebrate the Spirit of Generosity
‘No one has ever become poor by giving’ – Anne Frank
The holiday season is not just about celebrating and spending but also giving. One of the best ways to do this is by helping those who are underprivileged. The good news is that this does not have to involve a hefty sum and you can start off with a relatively low amount of Rs. 100 per month.
But, how does this help you financially?
Donating to registered charities can actually help you save on taxes as per Sec 80G.
Therefore, not only will you save on taxes, you can also enjoy peace of mind while also inculcating financial discipline by donating to someone in need rather than spending frivolously.
4. Put Yourself First
In our fast paced life, it is natural to feel stressed. We seldom stop to smell the roses and are constantly thinking about what’s next – the next salary, next vacation, etc.
In this regard, the holiday season can also be overwhelming which is why it is important to stop and take time to celebrate yourself first by indulging in activities such as taking a solo vacation, a trip to a meditation retreat, or splurging on some books/clothes (within limits, of course), etc.
While it is important to be financially stable and plan your expenses, you must also prioritize yourself.
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The holidays are not just a time for us to enjoy, celebrate but can also have deeper significance. There is a lot to be learnt from this season, including financial lessons.
Remember to stick to your budget, focus on what’s important, and take some time out to relax and enjoy the festivities.
What are some things that you have learnt from the holiday season? We’d love to know! Let us know in the comments below.