Following the expenses incurred during Diwali, financial experts have offered advice to improve financial management. According to Kushagra Mohan, co-founder of Nixepa Capital Lucknow and a financial expert, a money detox means reviewing economic habits and improving the use of money.

7-day detox plan and budget rule

This 7-day money detox plan mainly involves calculating expenses and automating savings. The expert suggested the 50:30:20 budget rule for financial balance, under which monthly income is divided for needs, wants, and savings.

As an example of this rule, on a monthly salary of 30,000 rupees, 15,000 rupees are suggested for needs, 9,000 rupees for wants, and 6,000 rupees for savings and investment. Additionally, for emergencies, the goal should be to keep an amount equal to 3 to 6 months of necessary expenses in an emergency fund.