Paying off debt: Targeting High Interest First

Most of us have taken debts in one form or the other – Student loans, credit cards, car loan, personal loans etc. When it comes to paying off debt there is always a debate on the best mode to pay off debt. Last month we talked about the Debt Snowball method and how it can keep one motivated to pay off debts by the quick wins of clearing off the smallest debts first. This month we…

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Money in the times of COVID-19

  Even in the best of times, keeping a close track of money and managing it properly is a daunting challenge for many people. The sudden onset of the Corona virus disease and the sustained period of financial uncertainty along with the restrictions on social mobility will bring about new challenges in money management. When we emerge on the other side of the crisis, we will be faced with a hugely different economic climate than…

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Debt Management – Is the snowball method suitable for you?

  You must have heard about the snowball effect – when you start something small and overtime it builds into a significantly larger size. The concept is borrowed from the way we built snowballs as kids; Rolled them on the ground giving it enough momentum which resulted in a big sized ball. Some people argue that the Snowball method of debt management is the least logical and most expensive way to pay off your debt…

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Open Banking in simple terms

  Traditionally Banks have argued that any customer data belonged to them and access was given to that data only to customers. This changed in 2016 with the advent of regulations like PSD2 (Payment Services Directive 2) which is part of the larger Open Banking reforms. It was emphasized that customers need to have the control on their data and should be able to share it with any regulated third parties for their own benefit.…

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India Budget 2020 – What it means for you

  Here is a summary of the key aspects of the Union Budget 2020 from India which would impact individuals who are Resident Indians or Non Residents Indians as per their tax jurisdiction. Personal Income Tax The Union Budget for 2020 has introduced an optional simplified personal income tax regime which can be used when you do not avail any deductions and exemptions available in the Income Tax rules. Tax payers can however continue to use…

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What is an emergency fund and why do I need one?

An emergency fund is simply a pot of money that you keep specifically for emergencies. It’s not nice to think about the chances of you falling ill, having an accident, or being unemployed, but unfortunately, it’s necessary to think about it if you’ll need to pay any bills or have anyone who relies on your income. Peace of mind and reduced stress The stress we tend to feel when we lose our jobs or fall…

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Digital Banks – The Future of Banking?

We’ve all heard of them, seen their florescent cards, admired their ads on the tube: App-Based Banks. They don’t have branches, if you need to speak to customer services, just open a chat on the app. These banks can be fantastic. They give you live spending notifications, round up your purchases to save up, and help you create a budget. Live Notifications One of my biggest issues with banking, while I was at University, was…

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Know your credit card better

Generally speaking, a credit card is used to make purchases with money you don’t actually have. This isn’t necessarily a bad thing – you may be using it as a loan to bridge you to payday, or to spread the cost of something expensive. What is the APR? All credit cards will have an APR – Annual Percentage Rate. This is the rate at which you will accrue interest on the card. The lower the…

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For the love of gold!

In the month of August, gold breached the $1500 per ounce ceiling in the first time in over six years.  With the breach of this critical psychological barrier, the sky seems to be the limit for the precious metal. Amid the rising clamour of an economic slowdown and fear of global recession, the yellow metal is trending once again as a safe haven for investors. With political and economic instability in developed countries and higher…

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