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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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  • Review: AU Small Finance Bank allows you to design your own credit card, but at a cost Jul 05, 2022 01:37 PM IST

    Review: AU Small Finance Bank allows you to design your own credit card, but at a cost

    AU Bank’s all-new LIT credit card is aimed at millennials and first-time card users. But every features offered comes at a price. It pays to know your spending pattern, thoroughly

  • Why new international limits may not last long Jul 04, 2022 03:56 PM IST

    Why new international limits may not last long

  • MC Explains: When a Hindu Undivided Family may not work Jul 04, 2022 07:45 AM IST

    MC Explains: When a Hindu Undivided Family may not work

    Keeping aside income-tax benefits, selling property under an HUF structure may be cumbersome because the consent of all members of the family is required.

  • Sebi fines PGIM AMC, its CEO, fund managers for inter-scheme transfers during credit crisis Jul 02, 2022 06:23 AM IST

    Sebi fines PGIM AMC, its CEO, fund managers for inter-scheme transfers during credit crisis

    The cases pertain to an inspection carried out on inter-scheme transfer for the period August 2018 to February 2019. Sebi fined the AMC Rs 25 lakh, CEO Ajit Menon Rs 5 lakh, and three fund managers for Rs 2 lakh each

  • The Code on Wages and how it will impact an employee's retirement fund Jul 01, 2022 11:58 AM IST

    The Code on Wages and how it will impact an employee's retirement fund

    Provident fund contribution for employees whose basic wage is over Rs 15,000 could remain unchanged, say experts

  • MC Explains | What is a Hindu Undivided Family? Jul 01, 2022 10:12 AM IST

    MC Explains | What is a Hindu Undivided Family?

    Taxation works differently for individuals, companies, firms and other entities. One such entity is a Hindu Undivided Family (HUF), which has its separate tax liabilities and exemptions.

  • Six important money matters that call for your attention this July Jul 01, 2022 08:04 AM IST

    Six important money matters that call for your attention this July

    Cryptocurrency transfers, freebies to social media influencers, I-T returns, mutual fund investments… there’s a lot happening in July. Here are the operational and regulatory changes you need to watch out for.

  • Bank-sponsored mutual funds paid up to 52% of distribution commissions to parent banks Jul 01, 2022 08:03 AM IST

    Bank-sponsored mutual funds paid up to 52% of distribution commissions to parent banks

    Fund houses not sponsored by banks depended on a mix of national distributors, banks and brokers

  • Are student loans from foreign fintech firms a good idea? Jun 30, 2022 03:07 PM IST

    Are student loans from foreign fintech firms a good idea?

  • Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction Jun 30, 2022 09:58 AM IST

    Selling cryptocurrencies bypassing exchange? Here’s how to do 1% TDS deduction

    TDS need to be withheld from July 1 on crypto transactions above Rs 10,000 annually and the same need to be deposited with the I-T department within the stipulated time frame.

  • July 1: New rules to invest in mutual funds, teething troubles initially, but a safer future Jun 30, 2022 08:13 AM IST

    July 1: New rules to invest in mutual funds, teething troubles initially, but a safer future

    All those SIPs will stop where your broker used to transfer funds from your broking account balance to the mutual fund house. You have to sign up for fresh NACH mandates.

  • Looking out for an international scholarship? Here's how to maximise your chances Jun 30, 2022 07:38 AM IST

    Looking out for an international scholarship? Here's how to maximise your chances

    Before applying for a scholarship, it’s important to build a strong profile, do in-depth research on options available for scholarship, apply early and search for alternative options to get the scholarship. Most importantly, do not make fake or inflated claims while applying for one.

  • How to plan for the care of your special needs child beyond your lifetime Jun 30, 2022 07:36 AM IST

    How to plan for the care of your special needs child beyond your lifetime

    Special needs children have many specific things to be taken care of by parents. While typical succession planning can be taken care of by a Will and an executor, a special needs child might just require a trust.

  • Nippon India Mutual Fund stops accepting inflows into international schemes Jun 29, 2022 04:28 PM IST

    Nippon India Mutual Fund stops accepting inflows into international schemes

    More fund houses could also be forced to shut their schemes once again as these new limits are not expected to be substantial

  • What is no-claim bonus in car insurance? Jun 29, 2022 12:52 PM IST

    What is no-claim bonus in car insurance?

  • All about preparing for the great Indian foreign education dream Jun 29, 2022 09:03 AM IST

    All about preparing for the great Indian foreign education dream

    From selecting a suitable destination and university to funding your overseas studies through investments, scholarships and education loans, Moneycontrol’s one-stop guide has all bases covered.

  • Monsoon mayhem can damage your car. Make sure you have motor insurance Jun 29, 2022 09:01 AM IST

    Monsoon mayhem can damage your car. Make sure you have motor insurance

    A third-party cover, which is mandatory, can only cover the cost of damages incurred on someone else’s car because of you. But monsoon can damage your own car as well. Here is why you need a comprehensive motor insurance cover

  • What makes a focused fund different? Jun 28, 2022 12:22 PM IST

    What makes a focused fund different?

  • Yes Bank’s floating rate FD aims to benefit from interest rate hikes. Should you invest? Jun 28, 2022 09:11 AM IST

    Yes Bank’s floating rate FD aims to benefit from interest rate hikes. Should you invest?

    Individuals with a preference for FDs can hold 40 percent of their savings in floating-rate FDs and the remaining 60 percent in traditional fixed-rate FDs.

  • Should you invest in NFOs? Jun 27, 2022 07:14 PM IST

    Should you invest in NFOs?

  • How gifts given to social media influencers from July 1 will be taxed Jun 27, 2022 10:45 AM IST

    How gifts given to social media influencers from July 1 will be taxed

    Often, companies remunerate social media influencers in kind. Such gifts or perks will be taxed from next month. However, if an influencer returns a gift, there will be no tax on the item

  • TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS Jun 27, 2022 09:52 AM IST

    TDS on cryptocurrency transfers from July 1: Onus on buyers, brokers, exchanges to withhold TDS

    TDS of 1 per cent on transfer of cryptocurrencies is set to come into force from July 1. The responsibility of withholding this tax will be on the buyer, crypto exchanges and brokers, depending on the type of transaction, CBDT has clarified.

  • Burnout, toxic work culture might just force you to retire early. Make sure you are financially prepared Jun 27, 2022 07:56 AM IST

    Burnout, toxic work culture might just force you to retire early. Make sure you are financially prepared

    Aside from health issues, you may also face a toxic work culture later that forces you to retire sooner than planned. A sound financial plan will help you cope with the sudden loss of income that follows.

  • These MFs cushioned your fall during market slump… And those that couldn’t Jun 27, 2022 07:49 AM IST

    These MFs cushioned your fall during market slump… And those that couldn’t

    Factors such as rising inflation, weakness of Rupee, rising interest rates and ongoing Russia-Ukraine conflict have impacted different sectors and different segments of the stock markets.

  • Aspire to be Dravid, and not Afridi: Understanding the art of long-term investing Jun 25, 2022 09:13 AM IST

    Aspire to be Dravid, and not Afridi: Understanding the art of long-term investing

    One of Benjamin Graham’s most useful illustrations is the personification of the stock market as “Mr. Market”. Mr. Market, an imaginary friend or business associate to every investor, offers daily prices for shares in a business.

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