The keyword here is “plan”. We don’t focus on instances when your big purchases are forced, say your mobile phone or laptop conks off suddenly. Or your bike or car is suddenly showing problems and the cost of repair is too high and not justified. There is not much you can do about such instances.… Continue Reading
We plan for regular monthly expenses. We call it budgeting. We plan for long term goals through a diversified asset allocation portfolio. However, we tend NOT to plan properly for non-monthly but periodic expenses. Common examples are: Insurance premiums Travel and Vacations Birthdays and Anniversaries Vehicle maintenance Gadget purchases Annual Subscriptions We know that these… Continue Reading
Do you struggle to control your expenses? Do you feel your long-term goals are getting compromised because of your inability to limit spending? If yes, this is a serious problem. When you spend irresponsibly, you are borrowing from your future. If you spend too much now, you won’t have much to spend in the future.… Continue Reading
I spoke to a client a few days ago. She told me that she ended up spending over 5 lacs in the recent Diwali season towards all kinds of purchases including gifts. A few insurance premium payments also came due in the month of November. While she had an idea that she will run a… Continue Reading
In one of the earlier posts on Retirement Planning, I had discussed the importance of starting early, portfolio diversification and a few psychological investments to get you on right financial track. By starting early, you get the power of compounding behind you and your small (involuntary) contributions can result in a significant corpus by the… Continue Reading
My neighbour, an employee of a private firm came to me with a strange request last week. She wanted my advice on the type of bank account she should invest her money in so as to earn more than what she was earning in a savings account. Her ultimate goal was to save enough money… Continue Reading
We discussed some of the traditional investment products in the first part of this article. In continuation of where we left off, we shall look at some other investment avenues. To start with, let us look at another popular plain vanilla product – Recurring Deposit (RD). This product is available with all the banks with… Continue Reading