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
Avoid impulse buying. Understand tax implications on income and do not take on too much debt. Build an emergency corpus and go for long-term investment planning.
The assets under management (AUM) of pension fund managers rose from Rs 2,202 crore in March 2009 to Rs. 8.99 lakh crore by March 2023, shows the PFRDA report
The launch comes after insurance regulator IRDAI asked companies to roll out such product in line with the Surrogacy Act and Surrogacy Regulations
Not linking PAN and Aadhaar will hinder income tax return-filing process, investments in mutual funds and stocks
When using roadside assistance, it's crucial to understand that this service is not meant to replace comprehensive auto insurance coverage. Roadside assistance typically covers immediate breakdowns and emergencies, but it does not provide coverage for accidents, repairs or general maintenance
HDFC Bank is hosting the mega car loan mela on June 2 and 3 in central India and Maharashtra. The bank is offering customers two flexible repayment options – step-up and balloon. Moneycontrol looks into the pros and cons.
The new changes could impact high networth individuals making investments overseas and those making payments for the purchase of overseas tour packages.
With the flexibility to adjust the asset mix based on life stage and the advantage of low management fees ranging from 3 to 9 bps, the NPS presents a compelling opportunity to build a substantial retirement corpus.
Eight out ten customers looking for customisation are willing to pay for additional premium, private general insurer Future Generali’s study showed
There are multiple life events and situations, where people require financial backing and in those scenarios, taking an IndusInd Bank Personal Loan is beneficial.
When you invest in a green deposit, the bank uses the money to lend to projects that support the United Nations Sustainable Development Goals, which include renewable energy, green transportation, waste management and so on.
The deadline for filing income tax returns, July 31, is two months away, but to avoid committing errors at the last minute, start the process as soon as you get access to your Form 16.
Bajaj Allianz Life Insurance has launched a pure protection term cover targeted specifically at diabetics with hbA1C levels of up to 8. It also offers a 10 percent discount on renewal premiums for those who are able to lower their average blood sugar levels.
Many first-time employees baulk at investing their first salary because they feel it is too low. All it takes is Rs 500 to start a SIP in a mutual fund.
Bank locker holders have been receiving SMS and emails from their banks asking them to sign revised locker agreements by the June 30, 2023. In a conversation with Moneycontrol, Puneet Kapoor, President - Products, Alternate, Channels and Customer Experience Delivery, Kotak Mahindra Bank explains why bank locker holders are being asked to sign a revised agreement and how this will make their lockers safer than before
Mutual funds are our go-to investment nowadays. Mutual funds let you pool your money to buy stocks, bonds, and other investments and take benefit of better returns with moderate risks. But knowing when to make the right exit is equally important as it is a crucial part of your portfolio. Here are 3 scenarios when you should sell your mutual funds.
While praising India’s mutual fund sector and its trade body for the stellar work in taking assets under management to Rs 40 lakh crore, SEBI chairperson Madhabi Puri Buch also reminded them that it’s time for more self-regulation.
Late or missed loan and credit card payments can impact your credit score adversely. Credit score checks by different banks while processing your loan application too, can have a temporary negative impact. But if you check your credit score, that will not have a negative impact.
With only about 1,000 registered investment advisors in India, SEBI’s pursuit of unregistered investment advisors appears to be slack. However, the SEBI chairperson indicated a solution is expected soon.
AMFI should have an ethics committee in whatever manner it sees fit, and that committee "must take action against individuals doing wrong things on a self-regulatory basis", the SEBI chief said.
You can apply for a credit card from a bank you have your salary account with or opt for a secured credit card. Top tips: purchase consumer electronics on monthly instalments and, most importantly, repay before the due date to build a good credit history.
Living wills, also known as advance medical directives, are legal documents that allow individuals to specify their preferences for medical treatment in the event they become incapacitated and are unable to communicate their wishes.
Retail health and motor premiums won’t go up due to rise in global reinsurance rates as these are retained by insurers themselves, but fire and engineering might climb due to rise in reinsurance premiums, says Kishore Kumar Poludasu.
Switching Jobs is the “new normal” for millennials today. It comes with a lot of excitement and also a lot of new changes that we have to adapt to. And while familiarising ourselves with the new job, we often forget to deal with the other important matters. In this video, we will talk about 5 such tasks that you immediately do if you are switching jobs.