This week in personal finance: ‘Self-goals’ to avoid while managing money; use your credit card wisely

Define your goals and invest accordingly | Adopting a ‘why (goals)-how (process)-what (product)’ approach would be ideal. To develop this mindset, focus on goals and understand your risk profile before selecting products.

The 2018 FIFA World Cup is well underway and within the first few days there have been nearly half a dozen own-goals. Among the teams that have suffered include Australia, Egypt, Morocco, Nigera and Poland.

In the way that own goals mar the efforts of a team on the field, in the investing arena such mistakes are often committed by investors to their own detriment. There are mistakes committed by the investor that damage the portfolio like an ‘own goal’ damages a team’s score-line.

Here are a few self-goals you must avoid scoring while managing your money:

The stock market has not seen much action for some time. However, there is uncertainty with global trade war fears with US upping the ante against trading partners. In uncertain times, it is best to look for safe investments if you are the risk-averse kinds. If you are looking for a bit of returns and high liquidity, money market mutual funds could be a good option to look at.

A money market mutual fund is an open-ended scheme, which invests your money in ultra-safe and high-quality liquid instruments like treasury bills, commercial paper, certificates of deposits and repurchase agreements, with having less than one-year of maturity time period. These mutual funds especially, the liquid fund invests your money in very short-term market instruments with maturity of up to 91 days where you can actually keep your money for very short periods of 1-3 months and this can serve as an emergency fund.

Here are some money market mutual funds which are worth making an investment.

A home loan is one of the biggest liabilities one takes during a lifetime. However, a bad credit score can lead to problems in accessing a home loan. Getting the score is a must as it helps you in achieving your dream of owning a home with minimal trouble. Borrowing history of a person generally starts with the usage of a credit card. Non-payment of credit card dues could harm your credit history in the long run. Here are three mistakes associated with credit card usage that you must avoid if you intend to apply for a home loan.

Two-wheelers hold a special place in the owner’s heart. The first time you took it on the highway, road trips with friends, breezy night rides, such memories are long-lasting. These memories make it difficult for you to sell your two-wheeler.

However, when the time comes to sell your vehicle, you need to look at it practically and ensure that all the paperwork is in place. Read ahead to know what all you should keep in mind while selling your two-wheeler.

Here are 5 tips which can help you get a good price selling your bike after few years.

Nowadays, the ‘sandwich generation’ – those with dual responsibilities of caring for elderly parents and supporting children financially – has its task cut out. It becomes essential for individuals to identify resources available with them, and accordingly plan insightful objectives for life. Here are five financial planning strategies for sandwich generation to save and invest money wisely.