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How one can develop habits of Saving Money?

By knowing the importance of saving money, most people want to save their money, but without a proper plan and good habits, getting diverted and falling short of financial goals is easy. Sometimes the hardest thing about saving money in India is just getting started. When decided it's time to start saving money, people begin searching for the best ways of saving money. Some start looking for a jackpot that leads them directly to wealth and happiness. While others realize it's an excellent time to begin eliminating debt and unnecessary expenses. Thus everyone's journey to success is a bit different, but there is one thing common among all successful people is good saving habits. Like so many things in life, setting money aside as savings is a habit that needs to be developed. If you are having trouble getting into the habit of saving, you can follow a few money saving tips that might help you to build saving habits and achieve your goals.

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What's the importance of saving money and why should you do it

Saving money is one of the essential aspects of building wealth and having a secure financial future. Saving money gives you a way out from uncertainties of life and provides you with an opportunity to enjoy a quality life. Wealthy people have a great habit of saving money and controlling their expenses to grow wealth. "If you don't find a way to make money while you sleep, you will work until you die." – Warren Buffett For example, Warren Buffett is one of the world's richest men. He knows the importance of saving money, So he values money and always practices spending money wisely. However, if you look around and find out that one who is financially secure can enjoy life with a peace of mind and achieve dreams, one fact that comes out financially stable can enjoy life with a peace of mind. Here are the few benefits of savings which will help you understand the importance of saving money:-

Macro Moves

Reasons Behind Why People are not Saving Money?

HSBC conducted a survey and reported that only one-third of Indians save their income regularly. Without emergency funds or savings, one could be putting themselves at financial risk. Most of them believe in the concept of saving money, but only a few manage to practice it. There may be plenty of excuses for not saving regularly like I don't know where to save, I don't know how to save, I don't have enough money to save, etc. After paying bills, renting, and making loan payments, there's often not much leftover, but by proper budgeting and planning, one can build a proper plan to save money. Some people struggle for external reasons, such as health issues, student loans, sick parents, and more prevalent causes than we think. On the other side, there are individuals out there who are utterly irresponsible with their money despite being able to save more. If you neglect savings and an unplanned bill may arise, then it's going to be a problem.

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Top 7 Investment Options in India with High Returns

The Covid 19 lockdown was a learning experience for each one of us. And one of the valuable lessons that must have struck many was the need to save and invest for a rainy day. A lot of individuals were faced with a growing financial concern due to the Corona lockdown. It turned out to be a period for individuals to relook and realign their financial goals to sail out of this global crisis.

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Education loan scheme: Know all about Loan schemes and Criteria

Wandered for hours and hours in the market, scrutinized and compared bank interest rates for availing an education loan to pursue higher studies? Confused between choosing, either a government bank or a private bank, where the government banks and schemes are not hassle-free, and the private banks favor power through connections?

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Education Loan in India: Everything You need to know about

The first step towards gaining the knowledge, critical thinking, empowerment, and skills necessary to improve the world is Education. A fulfilling and successful life necessitates a high-quality education. It is no surprise that the expense of education in India and elsewhere is increasing year after year. If you wish to send your child abroad, the expenditures will be significantly higher. In such a situation, parents are almost forced to take out an educational loan in order to avoid burning their lifetime savings to pay for their children's education.

Big Shots

Patanjali Ayurved bang entry into the Bond Market with its product

There were some questions about Patanjali which were hovering over my mind. One, since Patanjali is going through a serious distribution issue and is also facing drop in revenue, what would be the way ahead? And second, since the time Coronavirus started spreading alarmingly people are blindly behind gigantic pharmaceuticals expecting them to create a magical vaccine. Why has Ayurveda not tried creating a cure for Covid-19?

Macro Moves

An exclusive guide to asset allocation

Investing is incomplete without proper asset allocation. 90% of the portfolio which has shown good performances in the past years points their victory towards effective asset allocation. Say you have brought a 2BHK flat having a fantastic view. Do you think that your work is done with that? You will modify it according to your desires, you will paint it, add furniture and so on. Similarly, investing It is not a one-time action rather a recurring process. When you decide on investing it is essential that you plan it well and then execute it. In short this Guide to Asset Allocation is a tool that investors utilize, to align their investments in line with their risk appetite, goals, and return expectations.

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Upstox Brokerage Charges & Platforms: A Comprehensive Review

Just a few years ago when the ‘smartphones’ and ‘apps’ were not part of our language, people interested in trading had to reach out to their brokers. The brokers would not only trade on behalf of the customer, they would also undertake activities like advisory and wealth management of the customer.

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Goal Based Investing: Importance of setting the Financial Goals

“An investor lacking investment objectives is like a traveler without a destination.” This is where a Goal based investing approach is adopted as a methodology that helps the investment approach to shift from higher returns to funding an individual's personal financial goals.

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Top 6 Best Savings Bank Account in India based on Interest Rate

Savings Bank A/c, a basic necessity for everyone, often has a wide range of products that confuse most people. So, today, we’ll clear the clutter & provide you with the ultimate guide to opening a bank account.

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How to file income tax return online for salaried employee

Lockdown caused a serious problem to all our day to day activities. Even getting out to purchase some groceries instilled a feeling of entering into a war zone. But a few things blossomed despite all these shortcomings such as Netflix, Zoom and E-Filing.

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Portfolio Valuation Approach: How an investor can value their Portfolio

This guide will familiarize you with the essentials of portfolio valuation and the selection of assets and store directors. This understanding will help you work with your money-related guide to create a portfolio with the best opportunity concerning meeting your venture goals.

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NSC vs PPF vs FD: Which one You Should Choose to Invest

Take Your Pick From FDs, PPF, National Saving Certificate Or Government Bonds India has traditionally been a “‘fixed income country”. Generations of investors turn automatically to savings instruments like PPF, bank deposits, post office deposits, etc for all their savings requirements. When it comes to investment options there are several in the market to choose from. However, a majority of individuals prefer to walk the path most traveled on and choose to invest their savings offering them fixed returns. These have been the more traditional and stable investment options to choose from. Saving and growth without being linked to market risks are the assurances offered by these instruments. Some are more suited for long term investments while others take care of your short term needs. The difference between the fixed-income choices varies by 1.5 to 2 percent. People generally ignore that but over time this makes a big difference. Across a couple of decades, a differential of 2 percent a year will add up to a differential of more than 50 percent in the amount you gain. Now you may believe that no one invests for 20 years but that’s not the case. So losing large amounts of potential income happens all the time, to practically every single saver!

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Portfolio diversification: Reap Returns with These Strategies

Diversify Your Risks: Reap Returns with These Strategies Investing should be treated as an art and one should learn and adopt the nuances of investing from a young age. It cannot be a knee-jerk reaction, hence one should inculcate a disciplined and not a reckless way of investing with a diversified portfolio. A well-diversified portfolio along with a predefined investment horizon can weather most storms.

Macro Moves

Wealth Management V/s Portfolio Management

Wealth management, portfolio management, consulting and advisory services are a few words that we tend to use interchangeably without realising the difference underlying among them. Especially, when you are about to fetch the service of one among them, you must be well aware of what these terms mean and then choose accordingly. Selecting the wrong service for the problem is like taking the incorrect medicine and hoping to get cured.

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Importance of Ethics in Accounting and Financial Decision

Reserve Bank of India released that fraud in the Indian financial system rose by 74% to ₹71543 crores. The fraud means that this sum of money has been siphoned off through some loophole in the financial system.

Macro Moves

What is the Future of Finance Industry?

With the advent of the 21st Century, finance entered a new friendship with technology. The internet, websites, and applications transformed the old school brick and mortar finance into a handheld format. With the rise of the new decade, Industrial Revolution 4.0 has emerged from concept to fructifying application. An industrial revolution transforms all the industries that are going to be stay relevant for the time to come. Just like the automobile industry. We do not have anything in our sight that might eliminate vehicles from the roads. The industry shall stay. However, with every industrial revolution the type of vehicle and its production, and its supply chain has changed leaps and bounds. Somewhat this is going to happen with the finance industry. With the emergence of blockchain, artificial intelligence, robotics process automation, and other internet-based services, even the finance shall reinvent. Here is what lies in the future of the finance industry.

How one can develop habits of Saving Money?

What's the importance of saving money and why should you do it

Reasons Behind Why People are not Saving Money?

Top 7 Investment Options in India with High Returns

Education loan scheme: Know all about Loan schemes and Criteria

Education Loan in India: Everything You need to know about

Patanjali Ayurved bang entry into the Bond Market with its product

An exclusive guide to asset allocation

Upstox Brokerage Charges & Platforms: A Comprehensive Review

Goal Based Investing: Importance of setting the Financial Goals

Top 6 Best Savings Bank Account in India based on Interest Rate

How to file income tax return online for salaried employee

Portfolio Valuation Approach: How an investor can value their Portfolio

NSC vs PPF vs FD: Which one You Should Choose to Invest

Portfolio diversification: Reap Returns with These Strategies

Wealth Management V/s Portfolio Management

Importance of Ethics in Accounting and Financial Decision

What is the Future of Finance Industry?

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