4 Simple Ways To Grow Your Money This Ugadi

.It’s the festival of Ugadi….The Hindu New Year…..  A very popular and important festival for you and the people of Karnataka, Andhra Pradesh, Telangana and even Maharashtra. Yugadi or Ugadi has been derived from the Sanskrit word Yuga which means age and Adi which means beginning. This festival has many names. In Karnataka it’s called Ugadi. It’s called Cheti Chand by the Sindhi community, Gudi Padwa in Maharashtra and Sajibu Nongma Panba Cheiraoba in Manipur.  This festival has immense significance in Maharashtra and is celebrated as Gudi Padwa. Gudi means doll and bamboo dolls made with mango and neem leaves, are placed at the entrance of homes.  

Ugadi is the day to clean your house, buy new clothes, and decorate the main entrance of your home with raw mango leaves. This attracts the Goddess Lakshmi who blesses your home with wealth and happiness. It’s the day to take an oil bath at dawn and make Ugadi Pachadi with raw mango, neem, tamarind and jaggery.

Then a visit to the Temple to worship and pray for wealth and happiness. Then it’s time for a get together with friends and relatives and of course….Shopping. Ugadi can be a great time to plan your financial goals. Want to know more on financial planning? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request on IndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets

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4 Ways To Make More Money This Ugadi

1. Learn to make a Budget

You can never save money, unless you make a budget. Making a budget is not difficult. Just take a notebook and write down all the income/salary you earn. Then simply jot down all your expenses. Your expenses….money spent on a vacation, movies, parties, eating out, buying mobiles and laptops, clothes and other electronic appliances. Your budget must include all spends….Even the smallest ones. “A small leak can sink a big ship”. If you neglect the small spends…..poverty could soon knock on your door.

So why not make a budget this Ugadi and save your hard earned money. You get an idea of your spending and can easily achieve financial goals.

2. Keep money for an emergency

An emergency can kill your money. You need to be prepared for an emergency at all times. Why not keep some money safety stored for an emergency? Simply create an emergency fund and keep some money stored in it. If you are single, the emergency fund should have at least 3 months of living expenses. If you are married, the emergency fund should have at least 6 months of living expenses.

Why not create an emergency fund this Ugadi? This money will help you in times of need.

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3. Learn to invest the smart way

Before investing your hard earned money, ask yourself the question. Why are you investing your money? What is the objective of your investment?

• Are you investing money to travel abroad?
• Is this money to buy a car?
• Are you investing for a great retirement?

The next question….How much time do you have to achieve your objective?

• You want to travel abroad within a year?
• You want to buy a car within 3 years?
• You plan to retire in 15 years?

Investing is quite simple. Putting your money in a financial product to get a higher return in the future. But….Investment carries risk. You get high returns at high risk and low returns at low risk. Invest in a financial product whose risk you can handle.

Give your investments the power of compounding this Ugadi. With the power of compounding the returns you get from an investment are reinvested to earn more returns. Invest at an early age and soon you will be on the path to riches.

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4. Protect your family with life insurance

Want your family to enjoy a high quality of life even in your absence? You definitely need life insurance. Avail a term life insurance plan which is a very simple life insurance plan. You pay a fixed sum of money called a premium to the insurer for a sum assured.

You pay this amount for a fixed time period called tenure or term of the policy. If you/policyholder die within the tenure of the plan, the life insurer pays an amount called the sum assured (death benefit) to your spouse and children (nominees of the term life plan). If you survive the term of the life insurance plan, you get nothing.

Give your family the protection of a term life insurance plan this Ugadi. If something untoward happens to you, your wife can still lead a decent life, your loans would be repaid and your children get a quality education and a great career.

Ugadi is the time to bring out the special flavors of life. Bitterness, Sweetness, Spicy, Saltiness, Sourness and the Tangy flavor. Bring out these flavors as you save, spend, borrow, invest and usher in the New Year. Be Wise, Get Rich.