I’m a firm believer of the concept of tracking all expenses. If financial independence is the ultimate goal, then tracking expenses is first step which can lead us there. 50/30/20 budgeting rule is the foundation based on which the expense tracking tool will work. If you need to improve your personal finance, then start with…
We all know what is a fixed deposit, right? Many consider it as an investment option. But I personally prefer to refer to and use it as a convenient savings option. ‘Term deposit’ and ‘bank deposit’ are few other names of fixed deposits. What is ‘fixed’ in a fixed deposit? The tenure of the deposit….
What is Emergency Fund? It is a saving which is built to take care of unforeseen happenings of life. Hence such a saving, which caters only to unforeseen events, is categorised as emergency fund. It is that heap of cash which is used for managing unplanned urgencies like death, hospitalisation, car break-down, house repairs, penalty,…
Experts write billion words about investment. But it is surprising that how little is written about how to save money (comparatively). In fact, it is hard to find a comprehensive guide about “savings” on internet. But on the other side, the topic of investment is widely covered. It is true that investment of money is more…
One of the most underrated activity is ‘expense management’. We tend to focus more on income generation, and less on ‘managing expenses’. Why? [Read: About an Excel based tool which can budget & track expenses] The reason is perhaps simple. We tend to give more importance to things which are harder to get. Earning Money:…
You know, one can use clever tricks to save money. This way one can fool self, and save more. But why to resort to fooling self? Because most of us are better spenders of money; we can spend money more effortlessly. Saving money does not come naturally to people. We are psychologically better spenders than…
Is there really any available alternative to savings account in India? India has really evolved over the past 2-3 decades in terms of utilising investment options. Earlier people used to know only fixed deposits, NSC, KVP, Endowment plans etc as their investment vehicles. But now people do invest in stocks, mutual funds, real estate, gold…
Recurring deposits has potential to make us a millionaire. How? We all want to become rich, and recurring deposits can help us achieve this target. I have personally gone past a rough patch in my life because of scarcity of money. Since that day I continuously try to improve my finances. One investment vehicle that was…
FD are favourite investment vehicle, right? But is it possible to earn higher interest on FD investment? Fixed deposits (FD) remain one of the most trusted investments in India. People of all ages and all backgrounds loves investing in fixed deposits. But there are ways to earn higher interest on FD? FD promises a guaranteed interest….
I have been budgeting and tracking my expenses since last 8 years. There has hardly been any expense that has went unaccounted in these years. I love to keep my accounts absolutely updated. The best way to do it by budgeting and tracking all expenses. In last few years I have used many expense tracking software….
Where to park money idling in savings account? Savings accounts offer to low interest. Better is to invest it elsewhere. Where do you keep your savings? Majority do it in savings account. What are the alternatives available? Recently I came across a friend who works as a priority manager for a Bank. He handles variety…
