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A mother’s advice on how financial planning is important, especially because of the changing trends and patterns of festival spending.
The festive season is around the corner, and I couldn’t be more excited. We have been shortlisting Diwali gifts for friends and family; planning on hosting and attending Diwali parties and getting our traditional wear ready before the festivities begin. The whole family makes it a point to be together during this time to celebrate and welcome new beginnings.
My son, in particular, has a packed day where he celebrates Tamilian style Diwali with is maternal family followed by a Punjabi style Diwali with his paternal family. He starts his day by decorating the home with flowers, followed by the lighting of diyas and dinner with the family. His little sisters from both sides of the family join him in this exciting tradition. It’s also cute to see how they divide tasks and assign duties to each other.
While preparing for this year’s festive season, I realised how drastically things had changed from when we were kids. I recall that my parents had a bigger circle to give Diwali gifts, and they could manage everything, even in a smaller budget. Yes, I do realise that I need to factor in the rising cost and the diminishing value of money, but still, the gap is huge!
As a parent, I realised how these changes are an indicator of other changes we will need to plan for.
The variety of options have gone up now and perhaps also our disposable incomes, where we end up spending much more on luxuries as opposed to the bare essentials, that our parents focused on. Similarly, our children’s aspirations will also change to reflect what they consider to be essentials.
Our parents believed in getting together at home to celebrate all special occasions and festivals with home-cooked meals or even potluck sometimes. We now get food catered or ordered for any gathering of over ten people. We outsource this job so we can enjoy the evening as much as our guests.
When we were growing up, gifts were selected based on their utility and hence mostly ended up being utensils, serving dishes and other kitchen items. However, in today’s environment, we decide gifts basis attractiveness and brand. This is also supported by one of the research which shows that consumers are 12% more likely to spend on brands during the festive season.
With so many changes evident from the last few decades, one must also realise that our children will also see changes, once they grow up. Just like our aspirations and choices, our children’s wishes will expand too; and to meet those aspirations, we need to plan well in advance.
Festival celebrations are not the only part of life which will be affected by growth and inflation! Our children’s education goals and other aspirations will evolve too, influenced both by the child’s interests and the environment around them.
Just as our festivals have changed in ways we could not have anticipated; this change too may come as a surprise!
Therefore, we invested in a child plan – Smart Life from ICICI Prudential Life as soon as our son was born and recommend the same to you too. The plan will mature by the time our son is done with his schooling and is ready to pursue higher studies. As I’ve shared before, this is a step to secure your children’s future and help them in achieving their dreams.
The plan is an ideal investment tool because –
As the festival season approaches, plan the best gift for your children, and invest in the right plan, which is ideal for your needs, from the market leaders – ICICI Prudential Life. You can find out more details on the plan here.
Image is provided by the author
Prerna Wahi worked in the corporate world for 7 years. In the past few years,
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