The first step in a financial journey typically starts with opening a savings bank account. While the main purpose of a savings account is to deposit money at a safe place, it also creates a relationship with the bank, which gives the investor access to different investment avenues. Making investments The savings bank account can be used to set up systematic transactions. An SIP, or a bank RD can be set up for a particular date of the month for a certain period. A 3-in-1 investment, trading and demat account can be opened by the savings bank account holder to make investments in securities. Investment in PPF, FD (using sweep-in facility), insurance and other investment products can also be done through Internet banking. Setting up bill payments The savings bank account works as a person’s own cash management system. Third party utility bill payments, tax payments, loan EMIs, insurance premium can be paid seamlessly. Many Internet banking portals provide a quick snapshot or … [Read more...] about How to maximise benefits of savings bank account
Apps that will save you money
By Shifali Satsangee For decades now, ‘Waste Management’ has been confined to the precincts of reducing/reusing/recycling physical waste. With the advent of innovative financial and accounting practices like environment management accounting and activity-based cost management techniques, it is only fair that one questions themselves while wasting a precious and finite resource – Money. The convergence of finance with waste management may seem preposterous and improbable, but lately the concept of ‘Prudent Money Management’ is generating palpable interest among industry savants- conventional and modern alike. Prudent money management leads to ‘Smart Consumption’ which is one of the ways to manage waste and leads to ‘Sustainable Living’. Therefore, there is a positive and direct correlation between managing money well and sustainability of our resources. Fiscal prudence is a concentrated step towards tapering the quantum of money … [Read more...] about Can waste management principles help you to manage money better?
NAGPUR: Union minister for road transport and highways Nitin Gadkari on Sunday said his ministry planned to spend Rs 5 lakh crore on infrastructure development this year. He was speaking at the inaugural function of the Diamond Jubilee celebrations of Visvesvaraya National Institute of Technology (VNIT) in Nagpur in Maharashtra. "In the last five years, I have awarded contracts worth Rs 17 lakh crore. This year, I'm planning to touch Rs 5 lakh crore mark in spending on infrastructure development," Gadkari said. "I want to tell you there is no dearth of money," he told the gathering. Download The Times of IndiaNews App India. … [Read more...] about No dearth of money, plan to spend Rs 5 lakh crore on infrastructure: Nitin Gadkari
Most people are worried about their financial well-being at all times, not just during market volatility. Find out how to conquer your fears and secure your finances. 1. ‘I will lose all my money in the stock market, especially during volatility’ This is probably the most common financial fear, especially among the new, inexperienced or financially illiterate investors. It is also true of someone who has lost a significant amount in market turbulence earlier. This is likely to instil a deep-rooted fear of market losses. How to deal with it: If you have no investing expertise or have suffered losses and are afraid you will do so again, the best option is to not invest directly through stocks, but via mutual funds. If you do want to trade in shares, do not follow tips from friends and family blindly. Either educate yourself by reading up on the subject or take the help of a professional like a financial adviser. A good suggestion is to invest for the long term and not … [Read more...] about How to deal with your biggest financial fears
Ashwin is a 30-year-old tech professional, working for the past five years. He earns well and spends much on luxuries. His lifestyle does not allow him to save much . Recently, he decided to buy his first car and shortlisted a model. However, lured by the easy EMI repayment options, he is tempted to buy a bigger car. Going for the bigger car would also mean a higher down payment. Ashwin is not too worried about it as he already has the money required. Is Ashwin making a decision after considering all the aspects of his finances? Ashwin is planning a large investment in an asset that depreciates the moment it is driven out of the showroom. He is tying himself to a higher obligation and for a longer period which may seem affordable now, but may change once he has bigger commitments. He needs to evaluate if he is comfortable with these decisions. The money that he is planning to use for making the higher down payment, can be invested, and so can be the additional amount he will pay as … [Read more...] about Should you take a loan to buy a big car?