The festival of Navratri represents the triumph of good over evil. Navratriis divided into three phases, each of three days – the first phase is dedicated to Goddess Mahakali, who destroys all the bad within and also around us, the second phase is dedicated to Goddess Mahalaxmi, who we worship to bring us of wealth and prosperity, and the third phase is dedicated to Goddess Saraswati, who inspires us and encourages us to increase wisdom.

Taking inspiration from these phases of Navratri, we can develop our own phases when it comes to our money habits.

Phase 1 – Destroy bad money habits
Goddess Mahakali is known to be destroyer of evil and imperfection in the world and to free people from the chains of ignorance. Our bad habits represent the influence of evil in us. The sooner we get rid of them the quicker we feel the restrictive chains of ignorance fall apart.

When it comes to investments, many people rush into them without having a proper plan or an idea of what to do. Another area where people fail to plan is their expenses. As a result, due to lack of proper planning their expenses are more than their capacities to invest. By following a disciplined approach, taking a step back and making a concrete plan, you can avoid these mistakes turning into habits.

The worst money habit that has become so ubiquitous these days is undertaking debt. It has become exceptionally easy for someone to find themselves in debt without going through a difficult process. It has become a matter of a few clicks to buy an expensive smartphone on supposedly no cost EMI. What people don’t realise however is that they are still borrowing and undertaking liability, even though it may not seem so.

In the first phase, let’s focus on getting rid of these harmful money habits that bring more evil to us than good.

Phase 2 – Focus on Creating and Increasing Wealth
Now that we got rid of our bad habits in the first phase, it is time we develop some good ones in this phase, which can help us create more wealth.

When we talk about wealth creation, one of the most important Goddesses in Indian mythology who we worship in Navratri is Goddess Laxmi. Goddess Laxmi is known to be the symbol of wealth and prosperity. It is commonly said that if we want to be wealthy, we must take care of Goddess Laxmi and keep her happy. And what better way to do so than savings and investments?

It cannot be stressed enough how important savings are in a person’s financial life. Savings form the backbone of a person’s financial strength and wealth. The more you save, and the earlier you save, the more capacity you have to multiply your savings. This is how you can harness the power of compounding.

Invest in schemes relevant to your financial goals. Identify your risk taking abilities and investment time horizon for making more accurate decisions while investing. Utilize your savings wisely and get involved in investments that can help you build wealth. Apart from building wealth, however, you must also invest in yourself. The skills you develop in your youth will help you progress through your career in the future, especially in the extremely competitive job environment. You can also look at improving your skills for better career prospects. And remember, it’s never too early to invest.

Phase 3 – Be Open to Learning New Things
The third phase of Navratri is about Goddess Saraswati – known as a Goddess of knowledge. We worship Goddess Saraswati and pray for knowledge and wisdom, but hardly take any concrete steps to practically achieve it. Taking inspiration from Goddess Saraswati, one must be willing to learn new things when it comes to their finances and money.

This does not mean simply studying the basics of finance but also doing research and acquiring a deeper understanding of the different investments you havemade, and where you can expand your current portfolio. Try reassessing your investment portfolio from time to time; see what new asset classes you are willing to invest in and if it is worth the risk that is involved.

If you think the world of investments is too overwhelming and the markets are too complex, take some time to learn about the concepts and philosophies of investment and how they can affect you and improve your monetary life.

When in doubt, ask the experts. They are here to guide you through your doubts and queries. It is for your own good to approach someone who expertizes in the field of investments rather than making costly mistakes by taking a shot in the dark.
Thus, on this auspicious occasion of Navratri, let’s take inspiration from the Goddesses and help ourselves to improve our financial lives, one phase at a time.