In a world marked by financial uncertainties and economic complexities, the pursuit of financial independence has emerged as a beacon of hope. It offers the promise of a life unburdened by monetary constraints. Financial independence is a concept gaining remarkable traction in recent times. It holds the potential to transform lives and empower individuals to…
The year 2020 was tough (COVID-19). The second wave in the year 2021 seems to be even more lethal. During these times, people have realized that good money habits can prove to be saviors. Whenever humanity comes under stress, people tend to resort to basics. Food, shelter, health, family takes priority. But to better manage…
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…
“What is the need of money management; after all we earn money only to spend it one day”. I was trying to be ironic. But I’m also sure that many will not find my statement ‘wrong‘. Read more about paycheck to paycheck lifestyle. Most of us actually earn money only to support our expenses of…
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,…
When I first asked myself ‘how to stop overspending money’, I did not realise that answering this question will be so difficult. [What helped: My financial planning calculator]. Why its answer was ‘difficult’? Because it required some ‘deep thinking’. Why?Because overspending is caused more due to psychological limitations. When we spend more, it is kind…
When you’ll Google the term “become debt free“, the search result will also display a query: “is it good to be debt free?“ This dichotomy related to debt has remained since ages. Why? For Banks, NBFC’s, government, and employers – loan (debt) strapped, EMI paying people are an asset. Hence they publicise debt as a…
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…
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…
How to create wealth from nothing? The stress is on the word “nothing”. Why? Because if one knows how to create wealth from “nothing”, doing the same with “help of something” will be easier, right? But there is a point about wealth creation that needs understanding at the outset. What is it? Wealth creation is…
Why it is important to plan purchase of air conditioner (AC) for home? One time cost of a typical 1.5T AC is not so high. It will cost around Rs.30,000. Though it is not cheap, but still people do manage to afford it. But the actual expense of an air conditioner is its operating &…
Advance tax payment is not only applicable to the rich Bollywood stars and Businessmen. Even a salaried person may require to pay advance tax. How a salaried person can pay advance tax? This is what we will see in this article. But before that, lets understand the conditions under which a salaried person may be…
