Money Saving Tips

  6 steps to achieve Financial Goals What Are Financial Goals? Financial goals are savings, investment or spending targets you hope to achieve over a set period of time. The stage of life you’re in usually determines what type of goals you wish to achieve. For example, if you’re in college, it may be an easy short-term goal like saving for a new pair of shoes or something more challenging like saving for a car. On the other hand, a person with a growing family would have a long-term goal of going from renting a home to owning one. Saving for a child’s college education and saving for your own retirement are other popular financial goals. How to Set Financial Goals Here are six steps to setting financial goals. 1.      Figure out what matters to you. Put everything, from the practical and pressing to the whimsical and distant, on the table for inspection and weighing. 2.      Sort out what’s within reach, what will take a bit of time...

  3 ways Covid-19 will change our Investments Over the past six months, the wealth management industry has had to respond at several levels to fairly tectonic shifts in the way we do business due to covid-19. This period was characterized by responses at two levels—to ensure that business continued as usual and to manage client expectations as markets turned extremely volatile and unpredictable. We now need to start looking ahead, towards the opportunities and challenges that covid have presented us. As I do some crystal-gazing, I believe wealth practitioners will have to respond to three key themes. One, the shift to advisory services from distribution for a segment of the population. Two, changing investment patterns that reflect lower cost of investing for clients. Three, themes around sustainability and greater dependence on technology and digitization by wealth management firms. Shift to Advisory According to a recent study published by McKinsey & Co., Asia accounts for $3...

  Ugly outcomes of the govt’s waiver of interest on interest The Indian government is willing to bear the cost of the waiver of interest on interest charges on loans in the wake of the distress due to the pandemic. The proposal seems well thought and middle class borrowers would rejoice the move if the Supreme Court rules in favour of this waiver. The apex court is scheduled to hear the case today. But as there are no free lunches, there are no equal borrowers either. The upsides of the proposal itself pose a difficult endgame to credit discipline. We take a look at what the proposal means in five points: Saving the Banks The government has kept the benefit of the waiver limited to loans of up to ₹2 crore and said it wants to support only the small borrowers who are the most vulnerable. But this limit is borne more out of necessity to protect banks than to help small borrowers. If the compound interest calculated during the six-month moratorium period was waived off for all borrowe...

Prime Ministers Employment Generation Programme (PMEGP) The Prime Minister Employment Generation Programme is a Government of India-backed credit linked subsidy scheme. Under this scheme, beneficiaries can get a subsidy amounting to 15-35% of the project cost from the government. PMEGP is an initiative of the Ministry of Micro, Small and Medium Enterprises and is implemented at a national level by Khadi and Village Industries Commission (KVIC). As an entrepreneur, PMEGP can give you the financial assistance required to set up a new project. Read on to know more about the PMEGP scheme. Objectives 1. To produce employment opportunities in both urban and rural areas in India through the establishment of new self-employment projects, micro-enterprises and ventures. 2. To facilitate self-employment opportunities for widely dispersed traditional artisans/ unemployed rural and urban youth to the degree feasible, at their location. 3. To generate sustainable and continuous employment to rural ...

  Pradhan Mantri Jan-Dhan Yojana (PMJDY) “Pradhan Mantri Jan-Dhan Yojana (PMJDY)” under the National Mission for Financial Inclusion was launched initially for a period of 4 years (in two phases) on 28th August 2014. It envisages universal access to banking facilities with at least one basic banking account for every household, financial literacy, access to credit, insurance and pension. PMJDY has provided a platform for the three social security schemes viz. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), Atal Pension Yojana (APY) and Pradhan Mantri Mudra Yojana (PMMY). The Government has decided to extend the comprehensive PMJDY program beyond 28.8.2018 with the change in focus on opening accounts from “every household” to “every adult”, with following modification:     (i) Existing Over Draft (OD) limit of Rs. 5,000 revised to Rs. 10,000.     (ii) No conditions attached for active PMJDY accounts availing OD upto ...

  8 Things to keep in mind while opting for a pre-used Car Loan While the lockdown slowly lifts, the threat of the pandemic still looms large. In this situation many buyers with limited budgets are opting to buy a used car instead of a new car. By using their own vehicle to commute, they feel safer. However, there are several things that one needs to keep in mind while buying a used car. 1. Type of Car The first step is to identify the type of car you would like to purchase and its availability. If the car you want fits in your budget, you should also visit the dealership and physically check the internal and external condition of the car. 2. Availability of Finance Once you are sure you can afford the car, and then you can start looking for finance. Lots of financing options are available for used cars. Banks and other non-banking financial institutions cater to individuals looking to buy used cars. Online car aggregator platforms also have partnerships with various fintechs &...

  Beginners Guide to Investing in Gold With the stock markets swinging in the extremes this year due to the economic impact of the pandemic, most investors were prompted to find ways to hedge their portfolios. During this period, one asset started gaining traction Gold. If you have been considering investing in gold but are unsure about how to begin, here is a quick guide to acquaint you with gold investing in India. Why Should You Consider Investing in Gold? While people in India have brought gold over for various reasons, usually cultural or religious, it has found appeal as an investment option as well. Here are a few things that work in favor of gold: 1. Long-term store of value For centuries, gold has been the best store of value for the long-term (store of value is an asset that maintains its value without depreciating). The fact that it can play the role of money adds to its superiority and its outperformance of the currency value makes it attractive. 2. It will always have ...