Time for a Financial detox ..

Diwali , one of the largest festivals in India is just over. Meeting people , giving and getting gifts and basically going through multiple sale offers and buying so many things that are not really required.. but hey we are human right ..

But now the time is over... the moment.. or many many moments have passed and now it is time for us to detox .. get a financial detox.

Here are some things that we should be doing now...

1. Take a look at our credit card bills... if you have many credit cards... then many credit card bills... remember the dates and pay them off...

   In full... so that there is no 36% charge of interest.... OR

Convert them into an EMI with the card company at a 12% interest rate.

2. If you bought goods on an EMI ... plan for them well. Ensure you have the funds for the first in the bank account you gave for direct debit... and also of course ensure that the other emi are paid on an ongoing basis.

3. Stop any more shopping for the next few months.  Yes , i know Christmas is coming and so will other sales.. but if you already bought a lot at diwali... no more excuses of shopping for the soul.

4. Stop and take a look at the damage done. Ensure it doesnt impact your financial planning and SIPs that you would have done.

5. Dont break your emergency fund to pay for all of this. That is not acceptable. Paying off using your emergency fund is a big mistake.  This is not an emergency !!

It is a good time. Soul is happy and so is family. Take an effort  to spend time with family and not money..

Detox.. its a good idea..