Category: Financial Planning

Trust – When should you think about it?

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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 …

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

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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 …

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

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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 …

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All you must know about Deductions under Section 80C

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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 …

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Writing a Will? Here are 5 Things to Keep in Mind

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Writing a Will? Here are 5 Things to Keep in Mind

I don’t need a Will.  Estate Planning is for the wealthy.  I’ll think about it after my retirement.  I have registered my nominees. Everything is set in place. My daughter/son/legal heirs are mature enough! These are some of the common myths surrounding estate planning. Contrary to what many people might think, estate planning is essential for all. We tread within the uncertainties of life. Preparing a Will is about how you would like your assets passed down in your absence. If a person dies intestate (Without a Will), their assets are distributed according to their religion. The critical point to note …

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Why is Risk Profiling Crucial in Financial Planning?

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Why is Risk Profiling Crucial in Financial Planning?

What do you usually think of before investing your money?  If you have ever sought financial advice, you would have come across the term risk profiling. Financial advisors are keen to dig out and examine this vital area. So, what is risk profiling all about? Why not just invest your money to generate the maximum returns? Things aren’t that simple. There is a limit to the risk you will be willing to bear for those returns. What is risk profiling? The objective of any investment is to generate an optimal rate of return. But every investment involves a certain degree of risk. If there is a higher risk, a …

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12 steps towards a happy married life

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12 steps towards a happy married life

It’s a wedding season. A lot of preparations are happening around if there is a wedding in the family. From shopping, beauty treatments, cooking classes, grooming classes to honeymoon, all may be there on the to-do list. If you are one of the grooms or the brides-to-be, did you plan for your post-marriage life, in terms of money? If not, you may start it today, taking your spouse-to-be in confidence. This would probably be the most important factor for your happy life. Last but not the least, all the above exercises must be jointly done with the spouse and he or she …

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Gold prices are falling. Should you invest in Sovereign Gold Bonds?

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Gold prices are falling. Should you invest in Sovereign Gold Bonds?

Sovereign Gold Bonds are a more remunerative and tax-efficient way to invest in gold. But given the continuous decline in gold prices over the last 16 months, should you bet your money on the ninth tranche of SGBs that the Reserve Bank of India has started offering last Monday (10 January)?  The issue closes on Friday (14 January), and the issue price of the bonds – equivalent to the cost of 1 gm of gold with .999 purity – has been pegged at Rs 4786. The near-month gold contracts traded at Rs 47890 (per 10 gms) on the MCX.  This means that the …

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4 Steps to Basic Insurance Planning

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4 Steps to Basic Insurance Planning

Insurance Planning is a very crucial part of financial planning. Listing down your goals and investing for them assumes you will have a constant flow of income to save for them. However, various variables constantly affect your income and well-being. You shouldn’t ignore the possibilities of mishaps or unforeseen events, ultimately putting your goals and finances in a precarious situation. Unexpected events like the sudden passing of an earning member or medical emergencies can dent a massive hole in your finances, as the pandemic has proved. Insurance Planning helps you take care of the financial uncertainties that may arise in your life, which can either …

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6 POINTS TO CONSIDER FOR A NEW YEAR RESOLUTION ABOUT YOUR FINANCES

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6 POINTS TO CONSIDER FOR A NEW YEAR RESOLUTION ABOUT YOUR FINANCES

Are you making a resolution this new year? Is it a financial one? No? Okay, no judgements here.  Everyone wants more control and clarity over their finances, and well, you definitely might have thought about getting things in order but maybe never quite got the time to see it through. Yeah, with all the stuff we have on our hands, we wouldn’t dare to blame you. Resolutions about finances are similar to all the other resolutions you may have made over the past years in that it is a step towards a better you. What better time than now to renew and steer …

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