Dhanteras marks the onset of the auspicious festival of Diwali. People eagerly plan on buying new things to add new assets to their wealth. Due to this festival’s perceived fortune timing, almost everyone celebrating this festival plans their budget for it.
However, a good financial approach and planning are necessary to ensure that you celebrate the festival of light and good fortune smartly without burning a hole in your pocket.
Make smart gold investments
Gold is the most sought-after precious metal, and people prefer to buy it on this occasion. Gold is regarded as bringing good health and wealth into the lives of the acquirer. However, one should do their research thoroughly before making any investments in any precious metal, especially gold, due to its reputation as an investor’s favorite choice. First, it is essential to decide what form of gold you want to invest in. In today’s date, an investor has the option of investing in physical gold (jewelry, bars, coins) or digital form (sovereign gold bonds, gold ETFs). Digital gold gives the buyer more liquidity and ease of acquisition as compared to physical gold. Gold, when invested in tangible form can result in being more expensive due to rising making charges and storage costs.
Mr. Suresh Darak, the Founder of Bondbazaar said, “Traditionally, buying gold and silver symbolizes wealth, yet modern alternatives like SGBs, Gold ETFs, and Silver ETFs also offer secure investments. With gold and silver prices surging amidst economic and geopolitical uncertainty, bonds now present a valuable addition to portfolios, providing returns above Fixed Deposits with the flexibility to reinvest across assets as opportunities arise. Honoring Lord Dhanvantari, Dhanteras encourages both mental and financial well-being by balancing tradition with smart investments that foster lasting prosperity.”
Be clear about your financial goals
It is necessary to be aware of what your financial goals are, both short-term and long-term goals. Your short-term goals may include things like your monthly savings target, festive budget, and so on. Your long-term goals like investment portfolio and retirement planning should also be considered when making money-related decisions. This Dhanteras, make sure that you are aware of your goals to align your investments with them.
Create a budget for Dhanteras
The joy of the festive season often makes everyone an avid spender because this festival comes once a year. Regardless of the enthusiasm around this festival, it is a wise decision to make a budget for the festive season to ensure that you are spending your money wisely.
Avoid impulsive purchases
As crucial it is to make a budget for the festival and stick to it, it is equally as important to make deliberate purchases. Aim to make investments that would last. Be aware of your wants in contrast to your needs.
Shop wisely
With the festive season a lot of enticing offers come in the market. If you decide to purchase things online, make sure to research well on any offers that you can avail on your purchases.
Take expert advice
Dhanteras is considered to be the most fortunate day to make investments. People invest in various assets ranging from utensils to buying new vehicles, per their capacity. If you are someone who is planning to make heavy investment choices this Dhanteras, make sure you take inputs from a financial expert.
Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.