Personal finance this week: Plan well for the festive season to avoid debt trap
The week has brought good news for homebuyers, especially those stuck with homes in the Jaypee and Amrapali developments.
The festive season is setting in, starting with the arrival of Ganapati to be followed by major festivals such as Diwali. It is time to enjoy with family, travel and spending. However, like most things, spending should also be done in moderation to ensure liquidity even after the festive season is over.
It is very easy to be drawn in by the festive offers such as online sale, discounts, buy-one-get-one-free offers. However, a proper planning of spending would be advisable It is perfectly all right to treat oneself, but do not go overboard, say experts. Unplanned splurging may lead to a debt trap. Read our story on how to plan your finances during the festive season to evade being in debt.
The festive season is also one where many people plan their gold purchases. However, this year the festival period is also coming in the backdrop of simmering global tensions, especially between North Korea and the United States. There are other major global political events such as the German elections and the Federal Open Markets Committee (FOMC), both in September, which could have an impact on gold prices. In our story we tell you why gold could be heading for one of the choppiest period in recent times and whether you should invest in the yellow metal at this point.
Away from commodities, if you are planning to invest in equities, one of the safest modes is to put your money in equity mutual funds with a good track record. These funds are suitable for investors seeking long-term capital growth. The risk and return vary from scheme to scheme under equity mutual funds as they are either actively or passively managed by the fund managers. Learn the reasons why you should invest in equity mutual funds in our story.
The week has brought good news for homebuyers, especially those stuck with homes in the Jaypee and Amrapali developments. After meetings with home buyers and developers, the committee of three ministers appointed by the Uttar Pradesh cabinet has said that the co-developers will be brought in to complete the delayed projects and assured home buyers stuck in Amrapali and Jaypee projects not to pay any outstanding amount until flats are completed. It said Unitech’s proposal to surrender its lands is being considered. Read here to know the details.
Also, as we tell you in our story how the Confederation of Real Estate Developers' Associations of India (CREDAI), an apex body of private real estate developers, has offered to step in to find a solution to the unfinished projects where 45,000 homebuyers are invested.Of late, there has been a spate of train accidents - Puri-Haridwar Utkal Express derailed in Muzaffarnagar; Kaifiyat Express derailed in Uttar Pradesh and Nagpur-Mumbai Duronto Express that derailed 40 km away from Mumbai on Tuesday morning. We hope you never meet with such calamity. However, if you are a train traveler you should avail of travel insurance offered by IRCTC. It comes at a very nominal price but offers a decent cover. Read our story to know how to avail of this insurance facility and how much it will benefit you in an unfortunate time.