Today is the last day of Ramadan, the month-long fast Muslims keep as a gesture of gratitude and prayer towards the lord. While a lot of us are busy preparing a feast for tomorrow or maybe helping out our Muslim friends in doing so, there is something more to Eid-al-Fitr apart from the general celebrations and charity which are the essence of this festival.
Here are 5 money lessons that Eid teaches us secretly;
- BREAKING THE FAST
Breaking the fast is an obvious and certain thing post a month-long discipline observed. People, for the first time in a month, eat during the daylight and thank god for the strength he provided to accomplish the fast. There are a lot of kids every year who observe Ramadan for the first time in their life. Similarly, if you are like those kids who still have not started investing their money and are just fascinated by the power which grows your money multi-fold, this is the time you break the fast and start investing.
Observe a month of doing homework and exploring the options available. Try your hands-on mutual funds which have proven to be the most rewarding of them all. Select from the wide variety of funds available. Try out SIP way of investing if you wish to start small. SIP allows investors to invest in funds with as low as Rs. 500 and grow it to a number of their choice. Read more at https://www.piggy.co.in/blog/what-is-a-sip/
If you are not sure of how to go about it, take expert advice. get suggestions and advice on the hand-picked funds from the best-in-industry experts at Piggy Premier https://www.piggy.co.in/premier/
If you are already an investor but are the ‘start-and-forget’ type, this is the time you need to review your portfolio and be a little more generous towards your SIP. Remember the increments you have received in the last years, did you add some of its portion towards your investment? Or if you work in an organization that hikes your salary every 6-months or 1-year, did you mind dividing the hike equitably adding some portion to your investments as well? Although I want to hear a Yes, the answer would most likely be No.
This Eid, be generous towards your own investments and see your money grow. Try our SIP step-up feature which allows you to increase the amount of installment after fixed regular intervals. You can even check the maturity amount through a step-up calculator at https://www.piggy.co.in/calculators/step-up-sip-calculator/
- BI-ANNUAL REVIEW
The festival of Eid-al-Fitr falls in the month of June which also happens to be the 6th month of our calendar year. This marks the perfect time to review your portfolio and accomplish the bi-annual review of your investments.
Discipline yourself to have a look at your portfolio every Eid and stay in touch with your long-invested money. Also, this would beneficial while you file your tax and tax-return to know what all investments you have made in order to save taxes.
Now that you have made an investment or have already reviewed your portfolio, show gratitude towards the profits you have made. Eid-al-Fitr is more about showing gratitude to the Lord for bestowing us with the guiding holy Quran and providing us with all that we have.
Similarly, stay grounded if you have made great profits. Plan you can you use the profits. It can be used for buying a house or car or for gifting your spouse the mobile phone they have been eyeing for long or surprising your family with the long-due vacation. After all, they also have to be thanked for letting you save money for investments.
Another entity that needs to be shown gratitude to is the stock market which earned you such profits. The best way to do so is by re-investing all or some part of your profits back into the market so that it keeps growing while supporting your money.
- CELEBRATE WITH EIDI
Eidi is the best and most awaited part of the festival. Eidi is the name for gifts or money elders give to children as a reward for following the strict discipline of Ramadan. While you bestow gifts upon your family, do not forget to reward yourself.
Of all the hard work you do to earn money and keep up with the investments, this is the time after you review your portfolio, take out some returns to pamper yourself and your family. Pay Eidi to yourself and celebrate being the vigilant and regular investor.
This Eid, make sure you have worked your way towards creating wealth and celebrating the one you have already made. Involve family and friends and educate everyone around about the investments, let them be fascinated about how money grows like you used to be.