Managing Money

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Today, plenty of nationalised and private sector banks offer loans. Ensure that you borrow for the right reasons and for a genuine investment and not for frivolous activities. And also take utmost care to repay it on time to keep your credit score intact.

Next plan of action:

 

 Personal finance management begins only where there is finance to manage. Being an expat the first thing that might tempt you, when you get your pay is to go splurge on yourself. So stick to your budget when you splurge and ensure you choose a good remittance house which will send your money back home without any hassles. The World Wide MANAGING your financial future is one of the most important things you can do in your life. This should not be taken casually and there are many different aspects that should be examined.

Planning:

 

Planning your finances well will do you a world of good in times of financial crunch that was not anticipated. Allocating your salary funds to expenditure, savings, investment channels accordingly will ensure that your hard-earned money is not spent haphazardly. Write down your goals and set a target date for the same. This will help you to prioritise and save or invest accordingly.

Saving:

 

Saving money is extremely important to acquire financial stability. Unfortunately, many of us are not aware of the tools and techniques. Mid of last year the Reserve Bank of India (RBI) had deregulated interest rates on non resident ordinary (NRO) savings accounts and non resident external (NRE) term deposits.

Subsequently, it had also freed up interest rates on the foreign currency non resident (FCNR) account, which resulted in a significant spike in interest rates on all these accounts. Some banks also offer you the option of availing variable recurring deposits, which allows you to deposit monthly instalments of denomination of your choice that earns you attractive interest. Post office savings account scheme is also a safe option to choose from.

Spending:

 

Living on a budget doesn't mean you eat only two meals a day or walk 10 km instead of taking the metro.

A well thought out and realistic budget will help you to understand your expenditure pattern and will enable you to spend wisely.

Investing:

 

The house that cost a few hundred thousand rupees five years ago, costs couple of crores today. So putting away your money in a box is not good enough. Investing in the right financial instrument is the key. This will give your money the magical power to grow substantially, maybe even exponentially. Stocks, mutual funds, real estate, gold and other commodities are some of the avenues, which can be explored.

Contingency cash:

 

On an average, one must consider having three months of living expenses as contingency cash. Savings account and fixed deposits are places where you can tuck away some cash.

Though they might not fetch you high interests like the stock market, you can liquidate faster without incurring much loss.

Borrowing money:

 

Sometimes, how much ever you plan your finances and be frugal on your expenses, there might be a day, where you will require money more than what you have in your bank. At such times, Web has a plethora of personal finance management applications, which will help you keep a tab of your expenses. When you choose a remittance agent, keep three things in mind, their integrity and reliability, knowledge and network and above all customer experience.

Happy Investing!!

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

Invest Tax Saving Mutual Funds Online

Tax Saving Mutual Funds Online

These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

Download Tax Saving Mutual Fund Application Forms from all AMCs

Download Tax Saving Mutual Fund Applications

These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. ICICI Prudential Tax Plan Invest Online
2. HDFC TaxSaver Invest Online
3. DSP BlackRock Tax Saver Fund Invest Online
4. Reliance Tax Saver (ELSS) Fund Invest Online
5. Birla Sun Life Tax Relief '96 Invest Online
6. IDFC Tax Advantage (ELSS) Fund Invest Online
7. SBI Magnum Tax Gain Scheme 1993 Invest Online
8. Sundaram Tax Saver Invest Online
9. Edelweiss ELSS Invest Online

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Best Performing Mutual Funds

1. Largecap Funds Invest Online
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds Invest Online

1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
2. Mid and SmallCap Funds Invest Online

1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
3. Small and MicroCap Funds Invest Online

1. DSP BlackRock MicroCap Fund
4. Sector Funds Invest Online

1. Reliance Banking Fund
2. Reliance Banking Fund
5. Tax Saver MutualFunds Invest Online
1. ICICI Prudential Tax Plan
2. HDFC Taxsaver
3. DSP BlackRock Tax Saver Fund
4. Reliance Tax Saver (ELSS) Fund
6. Gold Mutual Funds Invest Online

1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund