Category Archives: Money Management

Lending money to Friends and Relatives? Think about these points first

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Amidst our hundreds and thousands of Facebook and Whatsapp contacts, it all boils to a handful of people who truly matter in our lives. Friends and relatives with whom we have forged strong ties since ages. But even with these loved ones, things can become awkward, especially when it comes to money. It can be a sticky situation when friends/relatives ask for money. It could be even someone from your business community. You may harbour a life principle not to get into such a precarious position at all and keep money and relations separate. Or you may contemplate to lend but fear relations can sour in the future.

As William Shakespeare popularly quotes: Neither a borrower or lender be, for loan often loses both itself and friend.

How to find out whether you lose or gain in a zero per cent interest scheme?

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The prime shopping season of the year has arrived and retailers are going all out to woo customers with festive Diwali offers. Retailers also tie-up with financial institutions to offer EMI schemes to customers on, cars, 2 wheelers, electronic items like mobile phones, washing machine, fridge, etc. One of the popular deals in festive season is the zero per cent interest scheme which customers find attractive and a convenient way to buy things, which otherwise may be beyond their reach. However, does one really benefit or actually lose more through such schemes? Remember, there are no free lunches in this world. If a retailer and a finance company offer you to loan and buy an item without charging interest on instalments, there must be something in store for them. Let us find out how to determine whether you actually lose or gain in such deals

How using Technology in your Financial Life can make you Rich!

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Personal finance is one aspect of our busy lives which we regularly procrastinate on. Mundane financial tasks are being put off for next day, next week, next month, perhaps even next year. The result is that many people are not in charge of their financial lives. Ultimately, whatever financial decision you take, it all boils down to how much you save at the end of the day. And, when it comes to savings, people either struggle to save money or are not able to channelise their savings properly. Savings keep on piling in a bank account and is eventually spent or either converted to a big fixed deposit or is invested when some tax saving opportunity comes up.

This is where technology can help us. We already use technology for banking which has made our lives convenient. Similarly, we can use it effectively to manage not just our money but channelise our savings. Just like we set a certain amount under automation for paying bills online, we can automate our investments by linking them to our bank accounts. The important thing is you set a date just after payday and not at the middle or end of the month.