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personal finance

When an individual or a family unit plans to save or spend monetary resources over time, considering various financial risks and future life events, that term is called personal finance. While planning personal finances, the individual normally considers the suitability to his or her needs of a range of banking products or investment in private equity or insurance products. Also, the person even considers participation and monitoring of and- or employer-sponsored retirement plans, social security benefits, and income tax management. Through personal finance education, a family or individual can make rational financial decisions throughout their life regarding the financial management skills. However, personal finance differ based on circumstances of people like income, wealth, and consumption needs. Apart from this, taxes and finance laws also differ from country to country, and market conditions vary geographically and over time. Experts comment that the key component of personal finance is financial planning, which is a dynamic process requiring regular monitoring and re-evaluation. The whole process is divided in 5 parts: assessment, goal setting, plan creation, execution, and monitoring and reassessment. Among others, experts believe personal financial planning areas include: financial position, adequate position, tax planning, investment and accumulation goals, retirement planning, estate planning, delayed gratification, cash management, revisiting written financial plan regularity, and education planning. They also opine that personal finance should be taught in schools. More

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  • What's the minimum amount due on a credit card? Dec 01, 2022 05:05 PM IST

    What's the minimum amount due on a credit card?

  • Four changes in India’s banking landscape in December Dec 01, 2022 11:19 AM IST

    Four changes in India’s banking landscape in December

    From the launch of the retail digital rupee and a likely increase in the repo rate to a new rule to calculate the minimum amount due on credit cards, a lot is happening in December. Here’s what to watch for.

  • How will IRDAI's latest proposal on agent commissions play out for policyholders? Dec 01, 2022 09:38 AM IST

    How will IRDAI's latest proposal on agent commissions play out for policyholders?

    IRDAI has allowed higher agent commissions within the overall expense cap, modifying its August 2022 proposal to drastically cut commissions. Under the new proposal, commissions may not come down, but one can save on premiums by buying policies directly from insurers.

  • Gold rally: What investors should do with the yellow metal Dec 01, 2022 09:23 AM IST

    Gold rally: What investors should do with the yellow metal

    It is safe to say that the recent rally in gold and risk assets is on account of the anticipation that the Fed will be less aggressive going forward. However, for assets that come with a degree of price volatility, there are still downside risks of recession and financial instability after the massive withdrawal of liquidity and interest rate hikes.

  • Good times are here for debt funds Nov 30, 2022 07:59 AM IST

    Good times are here for debt funds

    The RBI is likely in the last leg of its interest-rate hikes and might start easing rates somewhere down the line. But higher portfolio yields on account of past interest rate hikes make debt funds suitable in the current environment.

  • What is an InvIT and why should investors have it in their portfolios? Nov 29, 2022 12:41 PM IST

    What is an InvIT and why should investors have it in their portfolios?

    InvITs list on the stock exchanges to raise capital for the purchase of a portfolio of operational infrastructure assets that are already producing consistent cash flows. It is like a hybrid product―with equity and fixed-income characteristics

  • What's the 50-30-20 financial plan? Nov 28, 2022 05:19 PM IST

    What's the 50-30-20 financial plan?

  • SIPs giving Mercedes a run for their money, says top executive of the luxe brand Nov 28, 2022 11:01 AM IST

    SIPs giving Mercedes a run for their money, says top executive of the luxe brand

    Mercedes India sales and marketing head Santosh Iyer said that the rising popularity of SIPs in India has resulted in a shift in the way people are spending their disposable income, with many prospective buyers opting to continue their SIPs as opposed to purchasing luxury cars.

  • The big, fat Indian wedding can be insured, but only the rich go for it Nov 28, 2022 08:38 AM IST

    The big, fat Indian wedding can be insured, but only the rich go for it

    Wedding insurance is a relatively untapped market and popular with mainly weddings that cost in excess of around Rs 50 lakh. It covers you against uncertainties beyond your control. But if you get second thoughts about your life partner and call the wedding off, the insurance doesn't offer any solace.

  • IRDAI eases investment and solvency norms, allows corporate agents up to 9 tie-ups Nov 25, 2022 10:02 PM IST

    IRDAI eases investment and solvency norms, allows corporate agents up to 9 tie-ups

    The insurance regulator said the amendments will promote ease of doing business and simplify the process of setting up an insurance in India.

  • Foreign banks hike FD rates for select tenures; check details Nov 25, 2022 11:43 AM IST

    Foreign banks hike FD rates for select tenures; check details

    Foreign banks are offering a higher rate of interest compared to leading private and public sector banks. These banks are offering interest rates as high as 7.25 percent.

  • Personal Finance: Is your PMS fund manager doing a great, middling or poor job? Nov 25, 2022 09:32 AM IST

    Personal Finance: Is your PMS fund manager doing a great, middling or poor job?

    It’s difficult to gauge fund manager performance in a PMS, due to disparity in composition and benchmarks. But it can be done

  • Got your first pay? Five simple rules for your investment journey Nov 25, 2022 09:05 AM IST

    Got your first pay? Five simple rules for your investment journey

    Start early to avail the benefits of compounding, build a nest egg, work to a plan, stay safe: do this, and the force will be with you.

  • How to check credit score over WhatsApp Nov 24, 2022 12:28 PM IST

    How to check credit score over WhatsApp

  • Stuck while filing tax returns? Get live help from taxman through co-browsing Nov 24, 2022 12:05 PM IST

    Stuck while filing tax returns? Get live help from taxman through co-browsing

    The income-tax department has launched a new helpdesk facility that can help you, in real-time, file your taxes. Although the facility was launched on November 14, it has still not gone live.

  • When a fall in tech company shares affects your ESOPs Nov 24, 2022 08:32 AM IST

    When a fall in tech company shares affects your ESOPs

    The crash in share prices of technology companies on the US markets reminds us of a painful lesson: Don’t let employee stock option plans become too big in your investment portfolio

  • Explained: AYUSH coverage in health insurance Nov 23, 2022 04:58 PM IST

    Explained: AYUSH coverage in health insurance

  • How does crypto exchange collapse affect you? Nov 23, 2022 10:22 AM IST

    How does crypto exchange collapse affect you?

  • How to do an annual review of your mutual fund portfolio in five easy steps Nov 23, 2022 08:55 AM IST

    How to do an annual review of your mutual fund portfolio in five easy steps

    An annual portfolio review allows you to take a close look at what’s working in your portfolio and what’s not. But any big life changes like marriage, birth of a child, death in the family, and inheritance are also occasions for you to revisit your investments.

  • Nifty at record high: Is it time to stop your equity fund SIPs? Nov 23, 2022 08:36 AM IST

    Nifty at record high: Is it time to stop your equity fund SIPs?

    Investing at market peaks at the dotcom bubble in 2000 and the global market highs of 2007 would have given good results, had you stayed invested. But you get better returns if you keep some cash aside to jump in at every correction.

  • Kotak General launches ‘Meter’, a 'pay-as-you-use' car insurance optional add-on Nov 22, 2022 11:36 AM IST

    Kotak General launches ‘Meter’, a 'pay-as-you-use' car insurance optional add-on

    The rider benefit offers up to a 40 percent renewal discount or cash-back to policyholders with limited car usage. This is applicable to the own damage component, and not the mandatory third-party insurance element

  • US tech sector is way deeper than FAANG stocks: Jonathan Curtis of Franklin Technology Fund Nov 22, 2022 10:34 AM IST

    US tech sector is way deeper than FAANG stocks: Jonathan Curtis of Franklin Technology Fund

    Investors should not be overly worried by the sharp fall in US tech stocks as a reset is underway, and it is a healthy one, says Jonathan Curtis, who also leads the Franklin Technology Fund research team overseeing technology companies

  • US Fed rate action will not impact India: Sonal Desai of Franklin Templeton Nov 21, 2022 02:28 PM IST

    US Fed rate action will not impact India: Sonal Desai of Franklin Templeton

    The markets expect the US Fed to stop hiking interest rates and start reducing them as early as 2023. However, Sonal Desai of Franklin Templeton Fixed Income global says that’s not going to happen and the US Fed will cut rates only in 2024.

  • Credit Card Review | Tata Neu-HDFC Bank credit card has offers galore for Tata loyalists Nov 21, 2022 09:06 AM IST

    Credit Card Review | Tata Neu-HDFC Bank credit card has offers galore for Tata loyalists

    The co-branded cards are aimed at fans of Tata brands, offering maximum benefits to users of the Tata Neu app for shopping.

  • Pet insurance: Is it a must-have for your furry kids? Nov 18, 2022 09:54 AM IST

    Pet insurance: Is it a must-have for your furry kids?

    A pet insurance policy offers to financially secure the overall health and well-being of your pets by taking care of treatment costs and even third-party liability if the pet happens to bite someone or damage property.