Financial Literacy

Rising children is one of the toughest job in this planet. If not the hardest--and more than 13 million parents do it solo

Single parents, especially in India, have a tough time managing the society, expectations, and finances. They have got the unenviable process of having to double up on all fronts and but lift on with a smile.

Raising children is one of the toughest jobs on this planet. If not the hardest–and more than 13 million parents do it solo according to a survey.

Start early:

As income is particularly tight for single parents, it’s very important to let time go to work for you. Invest early to give you the best return.If a parent chooses to be more conservative, saving the money in things like guaranteed investment certificates (that have a low return at the moment but one that’s guaranteed, starting early also gives the interest on the investment more time to compound.

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Monitor your current spending:

Chances are the bulk of your money is going toward housing, child care, health insurance, food, clothing and gasoline — but how much is going toward each category, and are there ways to simplify and cut back before all the money vanishes each month? To find out, scrutinize your spending over a period of two to three months.

Be upfront with your children. Have an honest discussion with them about the family’s financial picture — especially if you’re a suddenly single parent. They have the capacity to understand their changed circumstances and help the whole family curb spending once you arm them with the truth.

Insurance is a must :

Although it is important for all mothers and fathers to keep their estate planning in order and to maintain life and disability insurance, this is absolutely crucial when a person is a single-parent, since they are the only provider.

Parents should have a will, a power-of-attorney, and insurance that covers them in the event that they get sick or injured and cannot work.

They should also have life insurance and a policy that covers their outstanding mortgage balance.

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Your retirement:

Single parents also need to plan for their own retirement

Some advisers recommend they utilize a tax-free savings account, which does not offer upfront tax benefits allows the savings to be accessed immediately for emergencies. Money can be placed in a number of investment vehicles, including stocks and bonds, and accumulates tax-free.

Teach Your Children About Money:

“Conversations about money management are important, but they become that much more so in a single income household,” says Leslie Linfield, executive director and founder of the Institute for Financial Literacy.  “Since a child with a single parent will have friends from two income households that can afford more, having open conversations can help ease a child’s negative emotions from not having as much.” Once a child understands a single parent’s financial situation, they generally want to do what they can to contribute towards the family’s financial success.

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Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year.

Indian financial year runs from 1 April to 31 March. Accordingly, the Income-Tax Return is to be prepared and filed for the relevant financial year. 

31st March is an important date as it marks the end of a financial year. The last few weeks are when we rush for the documents/investment proofs, based on which we compute our tax liability. 

Submit your investments proofs:

To get tax relief for your investments, you have to submit the proof of investments to your employer. There are a variety of investments that offer tax relief under section 80Csuch as ;

  • Receipt of insurance premium
  • Deposits made in your public provident fund (PPF) account
  • Investment made in equity-linked savings schemes (ELSS)
  • Purchase of National savings certificates (NSC)
  • Children’s tuition fees paid, etc. Your employer would need the details and the documentary proof of your investments to provide the deduction under Section 80C of Income Tax Act. This will help you to save tax up to Rs. 100000

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Submit proof of HRA (House Rent Allowance) & travel receipts:

You can claim income tax deduction under HRA & travel receipts, if you intend to claim a deduction for house rent allowance or travel receipts, please make sure that your rent and travel receipts have been submitted to your employer. Following are the necessary proofs for this deduction;

  • Rent receipt
  • Travel receipts
  • Lease deed, etc,

Collect TDS certificates:

To ensure the right amount of Tax deduction, you need to collect all your TDS (Tax Deducted at Source) certificates from banks (Account statements) and your previous employer. TDS certificates and Bank statements will help you to figure out the interest income on bank deposits and pay balance taxes if any. 

If you have changed the job during the course of the financial year, then you need to collect your TDS certificate (Form 16) from your former employer, and this should be submitted to your new employer so that you can ensure that the right amount of tax deductions are being accounted for in your salary. Following are the sources from where you have to collect TDS certificate ;

  • TDS certificate from Banks
  • TDS certificate from former employer

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Collect Principal and interest repayment certificates of home loan:

Repayment of home loan interest/principal will also help you to reduce the tax burden. If you have a running home loan, you must ensure that you collect the appropriate principal and interest repayment certificate from the lender for the amount paid during the financial year. You are also required to provide a computation to your employer specifying the income/loss under the head ‘House Property’ along with the proof of interest and principal repayment, to claim the deduction.

Obtain valid receipts for donations:

You can avail tax deduction under donations made also, but make sure that the donee trust/institution is registered under section 80G, to claim tax deduction they should be registered under Sec 80G. Your employer can provide the deduction for this donation in computing your taxes if you have made the donations to any of the specified charitable institutions. Always ensure that you get a receipt for the donation amount.

Collect receipt of health insurance premium

You can claim a tax deduction for the premium paid on health insurance. You have to make sure that you have obtained a receipt for the premium paid. You can avail deduction for the premium for self and family. 

Deductions under section 80D:

  • Rs. 15,000 on premium paid for insurance on the health of the assessee and his family.
  • TRs. 15,000 is admissible if the medical insurance is taken for parents of the assessee.
  • If the insured is a senior citizen, the above-mentioned limit will become Rs. 20,000.

Keep necessary records for interest on educational loan

You can claim a deduction for interest paid on the educational loan, but make sure that you have the necessary records to authenticate the same.

Telephone, medical and other bills:

If your employer is offering you any reimbursements towards telephone charges, medical expenses, etc., then you must submit the relevant receipts to your employer. This will reduce your cash in hand.

Compute the capital gains:

If you have sold or transferred any capital asset like house property, shares, mutual funds etc. during the financial year, you need to compute capital gains/losses on these transactions. The tax rates are different for long-term and short-term capital gains. Your taxability will be determined depending upon the classification and the type of asset.

Compute your tax:

Once if you finish the above-mentioned steps start computing your tax for the year and assess whether you are required to pay any tax. The same can be paid as self-assessment tax after March 31. To avoid the last minute rush of collecting the necessary documents all should be ready with all the above-mentioned documents.

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Most people do not very have confidence monetary goals after they begin earning. They young and simply wish to own a decent time

It’s in our 20s once we initial style monetary freedom. it is the time to travel all out and eventually fancy the dividends of all the exertions we’ve got a place in as students within the initial twenty years of our lives. However, whereas it is vital to fancy this section, it’s conjointly important to avoid bound mistakes which will impact you later.

Here are some points you wish to be conscious of :-

Not setting monetary goals:

Most people do not very have confidence monetary goals after they begin earning. The young and simply wish to own a decent time. However, once you set monetary goals in your 20s, it ensures monetary discipline right from the onset. in the absence of economic goals, you frequently find yourself over-spending which can land you in a vicious debt entice.

Monetary goals give direction to your savings and investment. For instance, you would like to shop for an automobile during a year, however, you’ve got invested with most of your savings in speculative equity mutual funds. As equities are often terribly volatile within the short term, you will be forced to redeem your equity investments at losses or delay your plans to shop for an automobile until the markets recover.

Not maintaining associate degree adequate emergency fund:

This is one thing that folks of all ages struggle with. the most objective of this fund is to satisfy emergency money needs thanks to some unforeseen events or to satisfy your daily expenditures and necessary obligations throughout the state. The absence of associate degree adequate emergency fund might lead you to require big-ticket loans or compromise your monetary goals by redeeming your existing investments.

Ignoring insurance:

Most young earners tend to underestimate the importance of getting associate degree insurance cowl. Even those that purchase insurance policies typically confuse insurance with investment and find you with high-cost ancient or ULIP policies providing inadequate life cowl.

Not saving for retirement:

Most young earners think about retirement Planning to be a far-off goal that may be postponed for immediate way expenditures or short monetary goals. However, the rising expectancy and therefore the current trend of nuclear families have raised the necessity for giant retirement corpuses. beginning early would permit your retirement corpus to remain invested with for an extended time and thence, profit a lot of from the facility of combination. for instance, a 50-year senior citizen would need a monthly SIP contribution of ₹43,000 for ten years at associate degree assumed a rate of come of 12-tone system to make a retirement corpus of ₹1 large integer whereas a 25-year previous would need a monthly SIP contribution of solely ₹5270 to make identical corpus.

Not building your credit history:

Generally, lenders think about your debt compensation history whereas evaluating your loan applications and progressively, for setting interest rates. The absence of credit history can cut back your future loan eligibility for automobile loans, home loans, etc as lenders can notice it tough to gauge your trustiness.

For those that have not availed loans within the past, the foremost efficient thanks to building credit history are to use a credit card(s). whereas victimization credit cards to create purchases and payments is up to availing loans, such usages don’t involve any further interest price as long as you pay your outstanding card bills by the maturity date.

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When the financial markets aren’t delivering the gains we’d like, there’s a natural temptation to begin out searching for investments that will do higher

It’s a new year, and a great time to set some good financial goals. You should set small realistic goals to help you to achieve your larger goals. You may want to start with a large goal such as buying a house or retiring early and then look at the things you will need to do to reach that larger goal.

Saving could also be a surer because of wealth than investing:

Given all the attention the financial press devotes to following the stock market’s ups and downs, you will be ready to merely come away with the impression that savvy investment is that the only most important rely on building financial security and wealth. It’s not. investment is significant, but all the investment ability at intervals the planet doesn’t amount to a great deal of unless you often lost sight of savings simply can invest.

Higher returns frequently involve higher risks:

When the financial markets aren’t delivering the gains we’d like, there’s a natural temptation to begin out searching for investments that will do higher. And, no surprise, there’s frequently a give of advisers and investment salespeople over willing to cater to that demand, generally by recommending investments that purport to ofter loftier returns whereas not acquisition additional risk. but this sort of more-gain-without-the-pain nirvana could also be a fantasy.

Simple is best than complex:

The message investors get from many financial services firms is that managing your financial affairs is troublesome. To succeed, they counsel, you wish to constantly scan the markets for beguiling new investment opportunities and stand ready to reshuffle your investment lineup whenever a greenhorn piece of economic data comes in or the FRS makes any comment regarding interest rates. Problem is, a great deal of inauspicious your investment strategy is, the more durable it’s to manage your portfolio and conjointly a lot of things that will savvy wrong with it.

Overconfidence is your worst enemy:

 Generally, it’s not knowing deficient that leads India to unhealthy financial selections. The matter is that we have a tendency to tend to don’t apprehend the most quantity as we have a tendency to expect we have a tendency to all understand. We’re positive. This tendency toward bumptiousness can surface in many ways: commerce typically as a results of we have a tendency to expect we have a tendency to all understand that stocks unit ready to sizzle or fizzle; investment a good larger share of our savings in equities once a colossal market run-up as a results of we’re convinced stocks will continue their winning ways; abandoning bonds once interest rates unit low as a results of we’re certain rates have obscurity to travel but up; forward we’re not off target for a secure retirement once alittle computing would show we’re really falling short.

At the tip of the day:

At some purpose, most or all folks rely on some offer outside ourselves for financial steering, whether or not or not it’s a financial authority, an acquaintance or relative whose opinion we have a tendency to tend to cost or a publication or computing device we have a tendency to tend to trust. And that’s fine; a second opinion or a sounding board are helpful. but just because a co-worker raves a handful of a terrific open-end investment trust in your 401(k) organize doesn’t primarily mean you got to invest in it. Nor should you get any investment entirely on the say-so of any publication or computing device. You’ve got to follow up on your own due diligence.

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You can rely on a Personal Loan or Credits to fund your vacation. Read this article to know how to fund your Christmas vacation!

If the festive season usually leaves you out of pocket and feeling like you spent more time and money battling the crowds than relaxing with friends and loved ones, why not simplify things this year? 

We have a glance at five choices which will assist you in composition funds to possess a joyful Christmas vacation.

Get Yourself A Personal Loan

If your financial gain is nice, then taking a Personal Loan wouldn’t be tough as banks don’t arouse collateral/guarantee or the rationale for borrowing. it always takes simply 3-4 days for a loan to induce sanctioned. Banks/NBFCs charge interest around 14-21% a year as this can be Associate in unsecured loan and you’ll struggle with repayments. The processing fee is generally concerning 2-2.25% of the loan quantity sanctioned.

Use Your Credit Cards.

Credit Cards come along with interest rates of around 2-3% a month that kick in if you don’t pay the amounts due in time.

Ask For Travel Loan

Banks supply Travel Loans at Associate in the interest of around 12-20% a year for transportation, hotels, travel insurance and vacation packages. What’s smart concerning travel loans is that they area unit each secured/unsecured.

Loan Against Securities

Another way through that you’ll fund your Christmas vacation is Loan against Securities, chiefly loan against shares. Banks have an inventory of approved shares against that they lend. Banks may lend up to five-hundredths of the worth of shares. They produce a lien against these shares and you cannot sell them.

Borrow From Relatives And Friends

This should be your last Option just in case you’re not successful in taking a loan for yourself. Loans from friends and relatives area unit sometimes interest-free and if you’ll create the repayments in time, then do opt for it.

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Systematic Investment Plans (SIPs) aren't magic

Systematic Investment Plans (SIPs) aren’t magic. Their superiority to payment investments isn’t a matter of chance or perhaps psychological science however associates absolute law.

What this implies is that, most of the time, beneath most circumstances, over a sufficiently long amount of your time, SIPs can do higher.

To understand this, one simply has got to review what a SIP is and what it will. SIP could be a regular investment during a fund of a hard and fast quantity at a hard and fast frequency, usually monthly. SIPs showing neatness solve the 2 main issues that stop investors from obtaining the most effective attainable returns from mutual funds.

Firstly,

since SIPs mean finance with a hard and fast add often in spite of the NAV or market level, investors mechanically get a lot of units once the markets area unit low. This ends up in a lower average worth, that interprets to higher returns. If you invest an outsized add at one go, you’ll find yourself catching a division of the equity markets. this is able to mean that you just have endowed at a high NAV which would cut back your gains if the market falls. associate SIP could be a great way to speculate at a median worth over a amount.

Secondly,

SIPs also are an excellent psychological facilitate whereas finance. Investors inevitably try and time the market. once the market falls, they sell and stop finance. once it rises, they invest a lot of. this can be the other of what ought to be done. associate SIP puts associate finish to all or any this by automating the method of finance often. It eliminates the mental load of deciding once to speculate and results in higher returns.

It’s clear from the primary purpose on top of that whereas a payment investment may catch a division within the market, it may additionally coincidentally catch an occasional purpose. this is able to build it superior to SIPs.

During a usually ascending market, of the type from 2003 to 2008 or the type we’ve for the past one year, SIPs area unit nearly always higher for periods over a year about. during a drifting equity market, this can be not invariably true.

However, investors ought to additionally see that the second purpose on top of, regarding psychological science, is that the one that offers SIPs abundant of their worth

 

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How are you able to facilitate finance associate emergency move? You guessed it.

Saving up your hard-earned money to stack away associate emergency fund?

Well, it is often a tough sell. Spare money is often arduous to come back by, and, after all, taking a vacation could be a euphemism for plenty a lot of fun.

Or a minimum of plenty people appears to assume, therefore. the thought behind the associate emergency fund is to store a minimum of six months of profit for the sake of “just in case.” simply just in case your job goes “poof.” simply just in case, your automobile conks out. And a pick few alternative things we’ll justify below.

Does that mean an “emergency” outfit for the fete (rumour has it Jude Law can build associate appearance)? That huge trip you’re immature suddenly needs to require this summer as a result of “everyone else is”?

Not precisely.

Here are the explanations why you wish to have an emergency fund:

1.You’ve received a  pink slip:

It usually isn’t as dramatic as Donald Trump proclaiming “You’re fired!” In recent years, it’s looked a lot of like rounds of layoffs spurred by economic turmoil. or even you selected to resign as a result of your job is taking a significant toll on your mental state and you were burning out. regardless of the reason, you wish the simplest way to pay your bills till you identify another supply of income–and your emergency fund ought to be it.

2.The Only Job you’ll Get Is 3 States Away:

According to our survey, an hour of respondents have, for some purpose, had the expertise of being out of work and looking out for employment. And as we tend to all apprehend, once things are becoming financially tight, we want to think about any appropriate position that crosses our path … whether or not it’s wherever you reside.Between finding new housing, arrangement to move your things and therefore the million alternative very little prices that return upon the method, a move is pricey, however, it is often inescapable.

How are you able to facilitate finance associate emergency move? You guessed it.

3.Someone on the point of You Passes Away:

No one likes to set up ahead for mourning, however, if somebody you like will depart this world suddenly, “I can’t afford the plane ticket” is that the last thought you’ll need to possess. If you’ve got to visit (or pay for) an observance, burial service or the other bereavement-related expenses, your emergency fund will keep those charges off your Mastercard.

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Try and boost this fund with any more money you receive from - say a bonus or incentive.

For those of you beginning out on your careers, if you’ve got managed to save lots of thousand saving a month or a lot of for quite three months, congratulations!

It’s most likely sitting in your checking account. Rs two thousand most likely feels like a tiny low quantity lately. It’s precisely the correct amount to try and do one thing good regarding. therefore are some tips that you can do with your savings.

1. Defend against contingencies:

Before you’ll dream regarding the long run, it’s a decent plan to possess some keep a copy for these days.begin by the swing away your thousand in either a debt investment company or maybe a revenant deposit together with your bank. This cash is there for any contingency you would possibly not have expected can grow at a pace abundant quicker than your bank account will enable. And yes, this isn’t cash to be used for having fun!

Try and boost this fund with any more money you receive from – say a bonus or incentive.

2. Take the primary step towards changing into made:

Once you’ve got a stash of a minimum of Rs. 30,000, you would possibly wish to noticeably begin considering changing into made. You’d be shocked however so much you’ll go along with simply Rs. 2000 thousand a month if you set it away within the right investment and leave it there for several years.

3.Keep yourself future prepared for your career:

This world belongs to people who area unit perpetually evolving in terms of their data and talents. simply finishing your graduate or post-graduate studies aren’t the top of learning. Real learning begins when you get your degrees.

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Many financial companies in India is coming up with novel ideal of offering financial independence to citizens of India

Working in companies will give you skill and salary. Some people use the money in a logical fashion, and some people will not utilize the money and end up on the losing side. One must understand the fact that money is the essential component of present-day life. Gone are the days, when you used to take the help of your relatives, friends to make money because they also have commitment looming over their heads.

Thanks to the growth of science and technology, attitude of the people have changed. They have become very selfish and thinking of earning more than others. Many financial companies in India is coming up with the novel idea of offering financial independence to citizens of India.

Moneymindz is way ahead of other financial companies in India. Furthermore, we proudly offer personalized financial guidance to customers in India.

You must understand the fact that spending the money is very easy, however earning the same money is a tough task. You must utilize the money in a logical fashion.  You can have fun with your life when you reach 40 years. Make your life pleasurable and here are some of the steps given below; as follows.

Track Your Spending:

You must be alert and monitor your spending. Download MoneyMindz mobile apps, like the Financial Freedom App in your mobile and track spending in a logical fashion.

Good Job with Super Salary:  

One must go in for a spectacular job with a great salary. Make sure you save each and every rupee in a logical fashion. Set up a small business along with your existing job to create extra income. A self-employment is a good option for earning extra income.

 Invest In Stocks:

To be honest, rather than purchasing an iPhone, investment in stocks and securities is always greater. A genuine share of a top financial company or a technology company will give your lot of money.

Invest In Real Estate:

Investing in-house/bungalow/villas is the ultimate key to safeguard your money. Real estate is a genuine investment. Giving part of your house for rentals is also good, as it offers you huge additional income for your bread and butter.

Take Insurance:    

Do not allow your earnings to go away, take a good life insurance to protect your life. This will make you feel responsible and also protect your investment in a logical fashion.

Set Up Kids Account:

You must safeguard your kids future by setting up kids bank account. Deposit some money on a monthly basis and secure future for your lovely children. This helps them in chasing career dreams and rise above the rest.  

So, before cutting the cake at the age of 40 years, make sure you have your investment in place and have a gala time.

 

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Mutual funds are a very common type of investment - but are they good investments?

Mutual funds are a very common type of investment – but are they good investments? The answer depends on the specific mutual fund you are talking about, and on how much work you did to determine if the fund fits with your goals and objectives.

Here are the six things you need to know to determine what types of mutual funds might be a good investment for you

What are Mutual Funds?

Mutual Funds are investment options wherein the money from several investors is pooled in by an Asset Management Company (AMC) and invested in different instruments such as debt, equity, securities and money market. The resulting profit, after deductions by the AMC, is divided among the investors as per their portfolios. Mutual funds are regulated by the Association of Mutual Funds in India (AMFI).

To choice a mutual fund that will be a good investment for you, you have to define your investing goals and objectives. For example,` if you’re not planning on using the funds for a long time, you can focus on long-term growth. If you don’t like risk or need to use the money in the next few years you’ll want to focus on safety. If you pick a growth fund when you needed safety – or vice versa – then the fund is not likely to end up being a good investment for you.

How Mutual Funds Charge

The lower the investment expenses you pay, the higher your returns. You can study the cost of a mutual fund by looking at the fund’s expense ratio which is always disclosed in the funds’ prospectus – and today can usually be found online.

You’ll want to look for funds that have low fees (ideally less than 1%). Your time is better spent doing this type of research than trying to find funds that had the highest returns last year. Last year’s results are no indication of what might happen this year. You want a fund that consistently invests according to its goals and objectives and has low fees.

 Liquidity.

Because your money is spread across so many stocks and bonds, you can sell your mutual fund holdings at any time to meet your financial needs. The money hits your bank account as soon as the day after you sell the mutual fund. This is so much quicker than selling some other illiquid investment assets, such as real estate.

A mutual fund can offer a simple and efficient way to invest in your life goals – whether retirement, education, buying a home, or just generally making sure your money grows. And a good investment advisor can help you achieve these goals – at a price that is honest and fair.

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