Category: Financial Planning

When should one buy a life cover?

admin0 Comments
When should one buy a life cover?

Have you bought life insurance yet? If yes, that sounds wonderful. You have made the best decision of your life. But why did you get it? Did you buy the policy because you were told it is the best thing one should do or something one should get early? Or was it the tax savings part that persuaded you? If not any of them, was it the “returns”? I hope your decision was not based on “returns” or tax savings. Life insurance is not and shouldn’t be bought for those reasons ever. In this piece, we shall see why you …

Continue Reading

Three Investment Tips for Young People

admin0 Comments
Three Investment Tips for Young People

With the increasing reach and volume of information readily available online, it isn’t very hard for youngsters to keep pace with the various investment opportunities available in the market. And even with the uninitiated, a general awareness of the benefits of investing or keeping a part of income aside is likely to be found. Investment Guide For Young People Contrary to popular belief, investing isn’t just about how many times you multiply your wealth or the colossal returns you are able to generate. Those are important considerations for any investor, but your investing experience is most likely to improve if you invest …

Continue Reading

A Will is Willingly Necessary Right Now, More Like Yesterday

admin0 Comments
A Will is Willingly Necessary Right Now, More Like Yesterday

What is Will? Have you ever thought of the day when everything will be there but you? What will happen to the wealth you created for your family and loved ones in your absence? Would your family get the rightful share of your wealth per your wish, or will they have to fight a legal battle among themselves or others for the right to ownership?  Make a Will beforehand to avoid unnecessary complications after your death and fair distribution of your fortune as per your wish. Will is a legal document left behind for the family and for one’s nearer and dearer. Through this document, a …

Continue Reading

SIP – Small Steps towards Big Dream

admin0 Comments
SIP - Small Steps towards Big Dream

The Great Albert Einstein once said, “The Compound interest is the eighth wonder of the world. He who understands it … earns it, he who doesn’t …..  Pays it.” Investment through SIP or Systematic Investment Plan can do wonders through the Power of Compounding. It is an investment mechanism through which you can create wealth over the long term. Like drops of water make an ocean, an SIP can also help you build long-term wealth without bothering about the market’s ups and downs. It allows investing a fixed amount (as small as 500/-) on regular intervals like weekly, monthly, quarterly, or …

Continue Reading

5 major reasons you should keep an emergency fund

admin0 Comments
5 major reasons you should keep an emergency fund

In this blog, we shall discuss one of the essential habits that make for good financial health– an Emergency Fund. Assuming that you budget and account for every expense diligently, have you given thought to what would happen if things were to go erratic for a bit? After all, we shouldn’t discount the possibility of something terrible happening. Similar to how a physician would put it– “Prevention is better than cure”. If not more, financial health is equally vital as physical and mental fitness. What is an Emergency Fund? An emergency fund is, like the word says, an emergency bucket …

Continue Reading

Did you know you can save tax against interest paid on a home loan?

admin0 Comments
Did you know you can save tax against interest paid on a home loan?

Buying a home is a dream come true for many aspiring Indians. It is an achievement! Most of them do so by taking home loans. If you are one of those paying home loan EMIs, you should know that you can save a substantial amount of tax.  Home loan EMI has two components, and both are eligible for tax deduction under different sections of the Income Tax Act. Let’s see the exemptions available for principal repayment, stamp duty, and registration charges before we move into benefits available for repayment of interest. Section 80C of the Income Tax covers exemptions related to repayment …

Continue Reading

Trust – When should you think about it?

admin0 Comments
Trust – When should you think about it?

Do you find any of these your concern? Have a look. You take care of the family’s finances solely by yourself and your spouse does not take any interest to know how to handle those assets. The children are physically away from you and you do not like to burden them with the hassles of managing finance, but you are concerned about transferring the assets to them after your and your spouse’s life. You are single (or may become single at any point in life). You have enough money, but it concerns you, who may take care of you if …

Continue Reading

How can the 50/30/20 budgeting rule help you gain control of your finances?

admin0 Comments
How can the 50/30/20 budgeting rule help you gain control of your finances?

Budgeting is the cornerstone of your financial well-being. If you are aiming for financial independence, the answer begins with a budget. Budgeting is not just about noting down your expenses. A sound budget helps you shed light on bad spending habits and work towards your long-term goals. In this blog, we discuss an important budgeting technique called 50/30/20 (also called the 50/20/30 rule) and how it can help you bring more control over your financial life. What is the 50/30/20 rule? The 50/20/30 rule is a budgeting technique that can help you easily prepare and manage your budget. The straightforward …

Continue Reading

Why link your Investments with Goals – here are the reasons!

admin0 Comments
Why link your Investments with Goals - here are the reasons!

Mr. Saha, an Electrical Engineer, has worked in a Navaratna graded PSU for 20 years now. His level of income is sufficient to lead a respectable life in society. His children are brilliant and the elder one is already set on her path to archaeology. The younger one is now in senior school and aiming for going ahead with information technology. He has set in mind a few options for higher studies. Mrs. Saha took a break from her job 10 years ago, attributed to the transferrable job of her husband. Now the family is back in the city again …

Continue Reading

All you must know about Deductions under Section 80C

admin0 Comments
All you must know about Deductions under Section 80C

If you are a taxpayer, it is important to understand the various tax deductions that you can claim. Knowing the various deductions, you are eligible for and claiming them appropriately can help you reduce your tax liability and save more. In this blog, we discuss the list of deductions available under the most common section most taxpayers are well aware of – 80C. What are tax deductions? Tax deductions help you reduce your taxable income by deducting eligible investments or expenses from your income. These deductions are specified under Chapter VI A (Section 80C to 80U) of the Income Tax …

Continue Reading