Financial prosperity should be planned irrespective of occasions. However, as Diwali is considered to be one of the most auspicious occasions, many people prefer decision making for wealth management around this occasion.

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In view of this, let's see how one can plan their financial prosperity this Diwali:(Compiled by Pranjal Kamra, CEO, Finology):

Don't let urge take over financial sensibility

This is the time when people are generally lured by 'Festive Offers', discounts, etc. on consumer goods, gold, etc.

Also read: How to use your Diwali bonus efficiently

Before going for these offers it is wise to ask "Do I really need it?" If yes, then go for it, otherwise, avoid it and save money (or put it to some better use like investing). Don't let budgeting go for a toss due to external factors.

Learn, plan, strategize and then invest

It's more important to know 'what not to do' rather than knowing 'what to do'. Devote free time to enlighten oneself with financial knowledge and awareness.

This will help for the rest of life in achieving and maintaining prosperity, as any individual will be able to set sensible financial goals and devise ways to achieve them.

Keep a back-up, don't be overconfident

Sometimes things may feel so right that one may ignore the risks and challenges involved. And then, he/she may regret later (if things don't go their way).

The right insurance coverage or adequate emergency fund will be the saviours anytime. Financial decision making without back-up could be suicidal and may take up far away from prosperity. So, proper back-up(s) should be planned and kept to keep the prosperity goals intact.

Additionally, one great step towards financial prosperity and well being is to ensure that one is covered for unplanned expenses, suggests Anuj Kacker, CO - founder, MoneyTap.

"Saving for a rainy day helps to attend financial emergencies without impacting regular cash flow. Having a credit line readily available also helps along with savings," Kacker says.

Disclaimer: The views and investment tips expressed by investment experts on CNBCTV18.com are their own and not that of the website or its management. CNBCTV18.com advises users to check with certified experts before taking any investment decisions.

(Edited by : Jomy)

First Published:Nov 13, 2020 8:28 PM IST