Money Saving Tips

Smart ways to protect your Financial Goals https://www.fundstiger.com/smart-ways-protect-financial-goals/ With the economy slowing down and many investment products failing to meet investors return expectations it is normal for the common people to feel unsure about the market. This could be a cyclical economic phase, but not having a serious relook at your financial goals and your investment portfolio at this stage may prove to be a costly mistake. The following measures will help you tide over difficult times. 1. Invest in Installments Investors may find it risky to invest when the market is volatile. Suppose you invest a lump sum amount, say Rs 1.2 lakh, in a mutual fund scheme at a net asset value of Rs 100 and the market falls thereafter this may negatively impact your entire investment corpus. So, the best way to invest during uncertain market conditions is by fragmenting the corpus and investing in instalments. For example, you may invest Rs 1.2 lakh in a liquid fund and...

Benefits of filing ITR on time https://www.fundstiger.com/benefits-filing-itr-on-time/ Taxpayers are required to file their income tax return (ITR) before the set due date of the assessment year (AY). The government normally gives a 4-month window for taxpayers to consolidate their income details and file their ITR every AY. If the returns are not filed by the given due date, you may face penalties or other consequences. Benefits of filing ITR Filing ITR is an annual activity that is considered to be both social and moral responsibility of every citizen of the country. Apart from that, there are many other benefits which are mentioned below: 1. Loan or Card Company may seek your Return If you are planning to apply for a vehicle loan (2-wheeler or 4-wheeler), house loan, etc., then it is recommended to file your returns as the loan company may request it. Consider filing your spouse’s returns too, if you want to apply for a loan as a co-borrower. In some cases, even credit c...

Money Mistakes to avoid in your 40s https://www.fundstiger.com/money-mistakes-avoid-40s/ The 40s are when most people reach a sweet spot in their personal finances with their incomes going up and expenses stabilizing. It is a time when people look at giving a decisive push to their saving and investment plan to meet many of the big-ticket goals which are not that far away. This stage of money life is also one where the ability to rectify mistakes is restricted because there is only limited time available to make amends. It is, therefore, the time to secure your financial health and pave the way to a better future. To be able to do that you should recognize some common errors that show up in your financial situation in the 40s that you should watch out for and rectify as soon as possible. 1. Overspending High consumer loan or credit card debt can hold you back in the 40s. The repayment is a drain on savings and takes away from the investments that you could otherwise make. Hav...

Home Loan Prepayment Vs Investment https://www.fundstiger.com/home-loans-prepayment-vs-investment/ Should I pay off my home loan or continue investing in the hope of decent returns? This is the most intriguing question which keeps playing on the mind of a large number of home loan takers, particularly in a falling interest rate regime like the current one. After all, when returns on investment avenues are not guaranteed or the current yields are all set to fall further, then doesn’t prepaying high-interest or longer-duration loans like a personal loan or a home loan seem to be a better option? However, is doing that a wise proposition? As opposed to the previous generation that used to save for years to buy their home, the current generation prefers possession of a house very early in their life, which has been made possible due to easy accessibility of home loans. A home loan is generally the biggest financial debt most people take in their lifetime. At the time of availing a lo...

9-Day Loan Mela Disbursed over Rs 81,700 CRORE https://www.fundstiger.com/loan-mela-2019-disbursement/ The Finance Ministry on 14th October said loans worth Rs 81,781 crore were disbursed during the nine-day outreach programme or loan mela organized by banks that began on October 1.Of these, new loans accounted for Rs 34,342 crore.” Further, Finance Minister Nirmala Sitharaman said the banks have sufficient liquidity, and efforts are being made to ensure that due payments are released to the micro, small and medium enterprises (MSME) sector by large corporates. In order to ensure liquidity for small businesses the banks have been asked to provide bill discounting facility to the MSME sector against payments due from the large corporates. According to returns filed by the large corporates to the Ministry of Corporate Affairs, as much as Rs 40,000 crore is due to the MSME sector, she said adding that all efforts would be made to ensure that MSMEs get their dues ahead of Diwali....

Beware of Lottery Fraud https://www.fundstiger.com/lottery-fraud/ In the recent past, there has been a spate of fictitious offers sent out to the general public. People have received phone calls, emails, SMS’s, whatsapp messages, and letters etc. telling them that they have won a lottery. They are subsequently requested to deposit money in a bank account in order to receive their winnings or have been asked to share their bank account details to remit the winning amount. Please note that such claims are false and your bank account details may be at risk. Types of Lottery Scams You may get an email stating you have won a cash prize for a lottery you have never entered. Usually there is a demand for fees (courier fees, taxes, customs duty, shipping, etc.) that need to be paid before the winnings are made available. Their quest will provoke an emotional reaction which in turn will make you send your bank details, address, credit card or personal information. These emails may ...

Diversify your Investment Portfolio https://www.fundstiger.com/diversify-investment-portfolio/ While choosing the asset classes, investors should know the risks and rewards connected with every investment class along with its features to decide if a single or a mix of asset classes is the right bet to meet their requirements. There can be various criteria to classify asset classes. For instance, as per the location or the markets, assets are categorized as domestic securities, foreign and international investments, emerging markets and developed markets. However, the popular asset classes in India are fixed deposits, equity mutual funds, debt mutual fund, and gold, among others. Investors diversify into different asset classes to suit their financial goals and objectives. However, while choosing the asset classes, investors should know the risks and rewards connected with every investment class along with its features to decide if a single or a mix of asset classes is the right...