Many people all over the world will be celebrating Diwali, also known as the festival of lights, which starts on October 31. It is a special time for many, as it is an opportunity to gather with family and friends, light the diyas (oil lamps), and eat delicious food and sweets.
“When I was young in India, we celebrated with different foods and sweets,” said Harpreet Johal, a TD branch manager in Hamilton, Ont. “But firecrackers were what we would be most excited about.”
For those who celebrate, the holiday can symbolize new beginnings and an opportunity to work on financial prosperity. Some people will do a big clean of their house during Diwali and might take time to "clean up" their finances as well.
Sonia Bassi, a TD branch manager in Surrey, B.C., says for her family, Diwali is a time to pray and show gratitude, but also a time to talk about wealth, how to preserve it, and how to stay on track financially.
Many people who celebrate Diwali traditionally mark the celebration by purchasing gold and silver as a way to build wealth and prosperity for the future. “You're really setting the stage for the year,” Bassi said.
Setting the stage could mean preparing to make a significant purchase down the road, Johal said, or developing financial habits that help you save, invest, or budget. “If couples are looking to buy a house in three to five years, for example, they might decide to put aside $500 a month to plan for that goal,” Johal said.
Working towards a future financial goal can sometimes require deepening financial knowledge. One way for TD customers to do so is to become more familiar with what tools and resources the Bank offers.
TD customers can take advantage of tools like TD MySpend to help track spending and set achievable financial targets, or learn about budgeting basics so they can work towards getting closer to reaching their short- and long-term financial goals. TD customers can also track expenses in real-time with the TD MySpend app.
“TD also has a Financial Health Assessment Tool where you add in your information, how much you make in income, and what you're saving and spending,” Bassi said. The tool provides tips and ideas for better managing spending and debt and planning for the future.
Investing can also be part of financial planning during Diwali. There are various ways people can enhance their understanding of TD investment products and strategies by checking out the informative hub, Investing 101: Investing Basics.
TD customers can also visit their local branch if they want to speak further with a Personal Banker about their financial planning. A TD Personal Banker can help by using TD Goal Builder to provide investment advice to help you work towards your goals, whether you’re saving for retirement, an education, a home, or another major purchase.