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Getting a grip on your finances is lot easier than you think. Here are our expert tips on personal finance, that will change your relation with money forever.

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Why you should start planning about your retirement NOW

People retire from work for different reasons. While a person is on work, it’s a good idea to think about the reasons why and when he/she want to retire. If people spend time thinking about what they want to do and when they will to stop working, this may help them to secure their future. Research shows that most people aren’t saving enough to meet their future requirement. As much as one quarter of our lives is now spent in retirement—almost half as much time as a typical worker spends in the labor force. Are you having the plan to, allow yourself to enjoy your current life style in retired days and devoid the dependency on your children’s income? Are ready to stay active mentally, emotionally and spiritually? In retirement, our each day is a holiday to complete our untaken advent of aspirations, but the point is how to afford the…

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Personal Finance
Smart tips : Taming the credit card monster

Credit cards can be useful and convenient. But if you aren’t careful about how you use them, you can put yourself on a path to serious financial trouble. You could build up debt that might take you years to pay off or damage your credit rating. Here are some smart tips for taming the credit card monster to be a useful asset. Before applying for a credit card 1. Know what you’re getting into When you sign up for a credit card, you are entering into a legally binding contract, so it’s important that you understand the terms and conditions. Credit card applications must have an “information box” that outlines key features of the credit card like interest rates and fees. But don’t stop reading there. Review the complete terms and conditions so you’re aware of other important details, such as: your liability in case your card is lost or…

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Personal Finance
Dear NRI, Have you filed your income tax returns ?

There is a general belief that NRIs do not have to pay any income tax in India and most NRIs neglect tax as something not affecting them. In reality NRIs have tax exemption only for income generated from abroad. Even if you are an NRI, you are liable to pay income tax on whatever income you earn from India – for example, rent from property, profit from sale of assets or dividend from shares. However, this is applicable only if your income in India crosses the basic exemption limit of Rs 2 lakh per year. Who is an NRI ? To determine if you are eligible for tax exemptions, you need to find out your residential status based on number days spent in India. The Income tax department classifies an individual to be a non-resident when: You reside outside India for a period of 182 days or more during the relevant previous year   [OR] You are…

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Personal Finance
How to deal with delay in housing projects

Our reader Desiree Pinsent-Hiwale had posted this query on our facebook page: How to handle a builder in Bangalore that has still not completed a project and the amenities despite having collected the payments ? After consulting with experts and referring to similar cases, here is our advice : Delays in construction of residential projects are common in India. Developers include a grace period, generally six months, in their agreement with buyers. Most homebuyers take a delay of 6-12 months as granted. Sometimes, possession is delayed even beyond the expected tenure. Buyers need to be alert to avoid risk of getting locked in a delayed project. The builder is likely to offer possession on time if a project has necessary approvals along with funding from a bank. Several projects boast of 100% funding from foreign private equities and other investors, which means delays are less likely for lack of funds. Usually…

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Personal Finance
5 ultimate rules of money management

If you think that understanding personal finance is way above your head, you’re wrong. All it takes to get started on the right path is the willingness to do a little reading – you don’t even need to be particularly good at math. To help you get started, we’ll take a look at the most important things to understand about money if you want to live a comfortable and prosperous life. 1. Control your instincts The sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your finances in order. Although you can effortlessly purchase an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money. Do you really want to pay interest on a pair of jeans or a restaurant meal? 2. Know where your money goes Once you’ve gone through a few personal finance…

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Personal Finance
Video : 10 questions to ask before buying insurance

When making any purchase decision – be it washing powder or luxury car, we all want to maximize the value for the price we pay. But when it comes to insurance policies, often we hesitate to ask any question and just sign on the form. The problem starts after few years when we realize that we did not ask the right questions nor read the fine print. Here are the 10 things you should do before signing insurance proposal form: Summary Anaylse and ensure that the plan meets your Insurance Needs and Long Term Financial Goals. Check the plan type. Is it Market Linked or Traditional ? Understand the risk factors, terms and conditions of the plan. Read the sales brochure carefully. Check whether it is a Single or Regular Premium Plan. Confirm the Premium Amount and the Premium Payment Term. Check the Benefit Illustration. Confirm the tenure of the plan.…

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Personal Finance
10 tips to a safer online banking for NRIs

Online banking is one of the most convenient features of modern day banking. You no longer need to visit your branch or stand in queues. Especially for NRIs who cannot physically visit their banks in India, online banking is a great convenient feature. But with great convenience comes great risks. Follow these 10 tips and you can minimize the risks and bank safely online: 1. Always check the URL of your bank’s web site. If you see anything other than the bank’s genuine URL, you know it is fake.  Secure websites have https:// as well as a padlock sign on the address bar. Never enter your user ID or password or such sensitive information without ascertaining that you are on the right web site. 2. Check if your bank has two-factor authentication for online banking. Most banks have this feature that would require you to answer optional questions or provide OTP…

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