Simple Saving Boosting Tips

SIMPLE SAVING BOOSTING TIPS

Our country is country of saver not investor. Everyone want save more and more but not able to the same. As cost of living and growing desires of person are big hurdle for saving. For creating wealth one has to save and invest in disciplined manner. By adopting some tips you can increase your saving effectively.

Minimum use of debit and credit card:

These cards are very convenient and easy to use but it also increases your spending dramatically. Due to growing online shopping trend and swipe cards option we often spend more than needed. We purchase those things which we really do not need due to influence of attractive offers and discounts. Adopt cash mode for payment in maximum transaction and try to avoid use your plastic money, it will surely increase your saving. By the end of month, you will be surprised to see your increase in saving.

Keep your money in liquid fund:

It is very good idea to keep your money which you may have need in short notice in liquid mutual fund. There is huge difference between your saving account return and liquid fund return. Your saving bank offers you between 4% to 5 % annual return on your deposit and on other side liquid fund offer almost double return 8% to 9% annual. I always wonder why people do not keep their saving in liquid funds.

Think twice before big purchase:

It would be smart move if you stop and think many times whether you really need it before make a big purchase like, LED TV, Expensive handset, laptop, home etc. Understand the difference between desire and need, it will help you to make smart decision. Try to find out the overall impact of these purchases on your financial plan and you will have more time to find out best product in appropriate rate.

Use ECS or Auto debit facility in investment:

It would be wise to use auto debit from your bank account for investment in mutual fund or paying the insurance premium. In many times we delay our investment plan due to lack of saving but in auto mode there will be forcibly saving happen.

Adopt above mentioned tips for increase your saving. It will sure boost your saving and change your habit of more spending.

If you have doubt about investment product and want more information regarding investment or you need investment services, feel free to ask us. We also conduct the seminar on investment and financial planning. If you are interested for conducting seminar in your city, just drop the mail.

Warm regards,

Arvind Trivedi

Certified Financial Planner

arvind.trivedi79@gmail.com

What is Contactless Card?

Contactless Card

ICICI bank has recently launched the contactless credit and debit cards. Many times we get worried when we give our card for swiping to complete the transaction. As many fraudster communities are active to take advantage to make clone of your card or to steal the data about you.

It works on near field communication (NFC). NFC identifies your card from a distance of 4 cm by using radio frequencies. According to ICICI bank, NFC cards are very convenient because the payment is processed faster than earlier payment system.

There are also some experts who believe these cards are also not 100% safe as anybody standing close to you in a public place can steal data from card by using free skimmimg apps which can be downloaded from internet.

ICICI bank is very confident and says all NFC cards are based on EMV chip technology and there are multiple layers are security. For any transaction to take place, sales terminal has to receive the unique encrypted code which is generated by EMV chip of card. And at the end cardholders are not liable to pay for unauthorized transactions.

It would be good if you take some safety measure in using NFC cards. Wrap your contactless cards in aluminium foil or keep it in a metal casing to prevent mobile apps from getting its information. Keep change your PIN in 1 or 2 months and carefully use PIN during shopping.

If you have doubt about investment product and want more information regarding investment or you need investment services, feel free to ask us. We also conduct the seminar on investment and financial planning. If you are interested for seminar in your city just drop the mail.

Warm regards,

Arvind Trivedi

Certified Financial Planner

arvind.trivedi79@gmail.com

To stop waste your money  is equally important

We often talk about to save money, invest money and earn money. Have we thought about ever to stop the wasting money whatever we have earned or saved? Many of us most of the time ignored the importance of to stop waste money. Today we will just discuss about how to prevent the waste of money. I am sure that it is beneficial to all of our blog reader.

Knowingly or unknowningly, almost everyone has some holes in their budget and the money from those holes keep leak. Few of those holes we are discussing here.

Credit card balance: We often use credit card frequently to purchase gadgets and unwanted things but we should try to pay all balance amount within the prescribed limit. As we don’t take serious it but it cost much more as annual interest rate around 50%. It also affect your credit score so be sure do not leave any balance. Pay of your outstanding balance each month before prescribed time limit.

Too much branded thing purchase: It does not mean you should compromise on the quality of product. Many times we fall in only brand name and ignore the less known brand name. For the brand name we pay a heavy premium unnecessary whereas better quality product available on reasonable price. By choosing an off brand over fancy label, you can save your money.

Delay payment of all utility bills : Make sure that your all bill should paid on time otherwise we pay high penal and delay charges. We don't realize but in electricity bill, house tax, landline / mobile bill, cable TV bill etc. We can save our money to pay all bill on time. Many organisation offer discount if you pay before last date.

Purchasing insurance you don’t need: Life insurance need arise when someone such a child, wife or parent dependent on you. Most single individual, senior citizen or kids don’t need a life insurance policy but we often purchase it due to the name of tax saving and agent’s misleading sells practice.

Share the resources: Increasing fuel prices like diesel, petrol and gas are becoming costly day by day. It affects everyone. It would be better if start pooling of resources. The best example of this is to share taxi or car with your office co-workers for travelling to office. By this way we can reduce transport bill effectively.

Rush for tax saving at the last moment: Avoid rush the last time tax planning. We often take wrong decision due to last minute tax saving rush. Due to this we often don’t claim eligible tax deduction and purchase bad financial product.

Leaving your money in a low interest bank account: Only on the name of safety if you keep your money in bank saving account or fix deposit which even not cover inflation, you are loosing your hard earned money. Always think that Is your money working as hard for you as you are working hard for money

For avoiding these types of waste of money take advice from certified financial planner and be wise with your money.

For more detail about any other query related investment, you can contact me through my email.

Regards,

Arvind Trivedi

Certified Financial Planner

arvind.trivedi79@gmail.com