Krishna Janmashtami is a profoundly significant and widely celebrated Hindu festival when the community comes together to celebrate the birth of Lord Krishna. Known by several names, including Krishna Janmashtami, Krishnashtami, Gokulashtami, or Sree Krishna Jayanthi, the day symbolises unity and shared beliefs for Hindus across India and other countries.
Krishna Janmashtami brings with it a plethora of activities and expenses. In this article, we will explore the history and practices that occur during Janmashtami, as well as ways to effectively plan your finances for the festive expenses and implement healthy financial practices for your future.
What is Krishna Janmashtami?
A popular Hindu holiday, Krishna Janmashtami, is thought to be the day Lord Krishna was born in a dungeon in present-day Mathura, Uttar Pradesh. It is believed that Lord Krishna is the eighth incarnation of Lord Vishnu. Born to Queen Devaki and King Vasudev, scriptures describe him as the god of love, compassion, and tenderness. This year, Krishna Janmashtami will be on Monday, August 26th, 2024.
The story behind Krishna Janmashtami
According to belief, Queen Devaki’s brother, Kansa, became aware of a prophecy stating her eighth son would be the reason for his death. In response, Kansa threw Devaki and Vasudev into a dungeon and killed each child as it was born. However, he could not do the same for Krishna since Vasudev escaped with the baby. He crossed the Yamuna river carrying baby Krishna in a basket, leaving him in the care of his friends Yashoda and Nanda in Vrindavan.
Vasudev returned with Yashoda and Nanda’s girl child, born on the same day. He presented this child to Kansa in the hopes that he would spare her since the prophecy only referred to sons, not daughters. However, Kansa tried to kill this baby as well—she transformed into the goddess Durga and warned him of his impending death.
According to the epics, Krishna then grew up to kill Kansa, fulfilling the prophecy and saving the townspeople from years of tyranny. Thus, Krishna Janmashtami is a day that celebrates warmth, love, and beauty.
How is Krishna Janmashtami celebrated?
Krishna Janmashtami is celebrated in different ways across the country and globally. In most places, devotees observe a fast, wear traditional clothing in vibrant shades, and celebrate with friends and family. Many also adorn the idol of Lord Krishna with new clothes and precious jewellery and offer milk, curd, and maakhan after midnight. People also perform pujas to seek health, blessings, and well-being for themselves and their loved ones.
Devotees often decorate their houses with rangolis and flowers.Incense sticks, light fixtures, lamps, and floral decorations make Janmashtami celebrations memorable. Some also indulge in gold-plated decorations to enhance their puja rooms.
Finances and Krishna Janmashtami celebrations
Celebrations for Krishna Janmashtami can last many days. It is an auspicious occasion, and new ventures like buying a new house, renovating, or throwing large celebrations are common during this time. Here are some pointers, based on Lord Krishna’s teachings, to ensure you can celebrate the holiday stress-free and manage your finances in the future as well.
1. Practising non-attachment to wealth
One of Lord Krishna’s primary teachings was the importance of being detached from material objects like wealth. In terms of managing finances, this reminds you to make well-informed and rational decisions instead of being driven by greed. Lord Krishna emphasises the importance of not being attached to the material world, including practising non-attachment to wealth.
2. Emphasis on diversification
Diversifying your portfolio helps reduce risks and maximise returns. Investing in various asset classes, different industries, and geographical regions can help spread risk and optimise investment outcomes.
3. Balancing risk and reward
Lord Krishna’s teaching also emphasises steadiness and happiness. Regarding investments, it is important to balance risks and rewards. While high-risk investments are attractive and offer potentially high returns, they are also more volatile. Therefore, balancing your portfolio with high-risk and low-risk investments is important.
4. Setting clearly defined goals
In the battle of Kurukshetra, Lord Krishna repeatedly ensured that the Pandavas did not lose sight of their goal—conquering Adharma, represented by the Kauravas. Similarly, while planning and managing your finances, it is crucial first to have clearly defined goals in mind. This will help you invest accordingly, select investments aligned with your aim, and achieve your financial goals in time.
5. Avoiding undue risk and spending
In the Bhagavad Gita, Lord Krishna talks about how “knowledge is obscured by desire.” When investing, stay informed on market movements and plan your entry and exit accordingly without allowing anxieties or greed to affect your decisions.
Similarly, it is important to stick to your budget and targets when making other financial decisions. For example, for large festivals like Krishna Janmashtami, many expenses are bound to come up. Consider taking out personal loans to enjoy the festivities, refresh your home, or travel without worrying about overshooting your budget.
The bottom line
Krishna Janmashtami brings countless festivities and opportunities to participate in cultural activities. It is also a time for friends and family to spend time together. The auspicious occasion of Lord Krishna’s birth is also an excellent time to refresh your surroundings—renovating or redecorating your home, taking the time to travel, or refreshing furniture and cutlery. We hope the above points give you inspiration for financial planning.
Additionally, the festive season can put a strain on your bank account. If you want to refresh your home, buy a new home, or travel and celebrate care-free, allow Tata Capital to help you finance it. Our personal loans have attractive interest rates, flexible tenures, and an easy application process.
When managing your finances, it is also important to choose the right institution to help you achieve your financial goals. Tata Capital Wealth is a reliable institution with over 150 years of experience guiding our customers to their financial goals. Visit the Tata Capital Wealth website today or download the Tata Capital app to learn more!
22 August 2024
5 mins read
Previous Post
