How to balance spending and saving in early career to create long-term wealth

How to balance spending and saving in early career to create long-term wealth

Financial planners suggest drawing up a budget for the month and setting aside a fixed portion of salary as saving to be invested in creating wealth.   Are you in early stages of your working life and unsure about how to go about organizing your finance? Despite a decent pay packet, you find yourself running out of cash towards the end of each month leaving you with nothing to spare and invest for the future. You can avoid this predicament should you have a proper balance between saving and spending….

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Budget 2017: How it impacts your finances

Budget 2017: How it impacts your finances

All you need to know about the Budget to realign your finances with the new tax rules. Most expected an upbeat Budget post demonetisation, one laden with freebies and fireworks, to give the economy a much-needed push. A balanced Budget is what we got instead. The biggest relief came in the form of lower income tax rate for those earning between Rs 2.5 lakh and Rs 5 lakh. But one man’s gain is another man’s loss. The government has levied a surcharge of 10 per cent for people earning between…

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Budget 2017: How it impacts your finances

Budget 2017: How it impacts your finances

All you need to know about the Budget to realign your finances with the new tax rules. Most expected an upbeat Budget post demonetisation, one laden with freebies and fireworks, to give the economy a much-needed push. A balanced Budget is what we got instead. The biggest relief came in the form of lower income tax rate for those earning between Rs 2.5 lakh and Rs 5 lakh. But one man’s gain is another man’s loss. The government has levied a surcharge of 10 per cent for people earning between…

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Rediff Q: Will this Budget be a gamechanger?

Rediff Q: Will this Budget be a gamechanger?

Harsh Roongta, Mahesh Padmanabhan, Anil Rego answer the most sought after questions on Budget Day. Rediff Q: What are your Budget expectations/wishlist? Harsh Roongta, Investment Advisor, harshroongta.com  • Fiscal deficit in control for the next year as per FRBM. • Aggressive tax compliance assumptions will be taken. • Aggressive growth assumptions for agri and manufacturing will be assumed. • DBS and electronic payments for all government payments. • Expansion of subsidy programmes for low income households, but at lower outlay through better targeting due to DBS. • Tax on cash…

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Money moves that must be avoided before Budget

Money moves that must be avoided before Budget

Personal finance advisors say investors should not react to Budget-related investment tips, avoid trying to time their investments or structure portfolios based on conjectures on what could be announced. The Union Budget is perhaps the biggest single event of the year tracked minutely by the investing community. Announcements made by the Finance Minister have impact on the entire economy and as such have a large bearing on everyone’s personal finances. However, as the Budget day nears, investors often tend to take impulsive decision or undertake portfolio moves based on half-baked…

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Budget 2017: 10 money moves you should make before Budget

Budget 2017: 10 money moves you should make before Budget

Personal finance advisors say sticking to a long-term plan based on goals would be the best way to deal with the uncertainty surrounding the Budget.  The run-up to the budget is filled with expectations and speculations on what is likely to be announced by the Finance Minister on D-day. There are news of possible Income tax changes, changes in saving schemes, possible tweaking of the retirement savings landscape and changes in tax treatment of capital market related investments. But only few in the inner circles of the government know the…

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Why Saving and Spending is all about Moderation?

Why Saving and Spending is all about Moderation?

The year is coming to an end and that should definitely bring some interesting questions to your mind about how you’ve saved and spent this year? Living expenses, Education, EMI’s, Emergencies and Gifts; what share did the all take from your income pie? Check your bank balance as on 1st Jan 2016 and as on 31st December 2016 has it grown? Liquid cash in your account speaks a lot about your spending habits. If you had a goal that you wrote down in the beginning of the year you might…

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12 Financial resolutions for the calendar year 2017

12 Financial resolutions for the calendar year 2017

Here are 12 financial resolutions that can improve your finances in year 2017. As Prashant Patel sat back to assess his financial performance for the calendar year 2016, he realized that he had actually failed to live up to most of the resolutions he had made in the month of January 2016. Of course, the demonetization in November resulted in delays in payments but that was hardly an excuse. Demonetization had happened only in November 2016 and he had done precious little in the first 10 months. He therefore decided…

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5 ways to beat the sharp cut in FD rates

5 ways to beat the sharp cut in FD rates

Interest rates on bank FDs have started coming down and rates on other fixed-income products will also decline. Investors should lock into instruments offering higher returns, reports Sanjay Kumar Singh. Being flush with liquidity and having limited avenues to deploy their funds, banks have begun to cut deposit rates. The State Bank of India, ICICI Bank and HDFC Bank, among others, have reduced fixed deposit rates by 15 to 25 basis points (bps) for retail (small) deposits. For bulk deposits (Rs 1 crore and above), SBI cut rates by 125…

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