The Diwali festival is quickly approaching. We all enjoy Diwali as it is a wonderful festival to embrace; we get to see all of our loved ones; we enjoy the delicious faral; but above all, we look forward to the Diwali bonus. Some of us spend this money on Diwali gifts for friends and family, but investing it smartly might be beneficial in the long run.
- Clearing off existing debt. If you have any previous debts, such as payments to friends and family, loans for a home, a car, a personal loan, or any overdue credit card balances, you can use the Diwali bonus to pay them off and reduce your financial burdens.
- A very important way is to boost your emergency fund.
- One of the wisest uses of the bonus money is to purchase insurance coverage. Insurance protects both one’s future and the future of one’s family. It also helps you receive a reasonable amount when the insurance policy matures.
- Investment in gold is yet another option available for people during Diwali time. But rather then physically buying gold, buy gold through Demat (on paper)
- Use bonuses for financial commitments like investing in an apartment, and repairing or renovating can also be done. If there are no other liabilities one can save the bonus for a vacation as well.
These points can always help you, even if you haven’t received your bonus, so that you can use the money in a beneficial way.
The festival of Diwali represents the spiritual victory of good over evil, light over darkness, and wisdom over ignorance. Diwali lights symbolize a time to demolish all of our evil ambitions and thoughts and in the same spirit as the festival of lights avoid financial mistakes, seek good and wise investment opportunities, and prosper in life.