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 What you want is less money going out than coming in. In other words, your expenses need to be less than you’re your net income. Thus, before you think of buying something substantial, create a budget which takes care of your wants and needs. How much should you spend? When it comes down to your spending, it will be a good idea to use the 50/30/20 budget . When you use this formula, you can devote 50% of your net income to meeting needs like insurance and rent, 30% towards vacations and gym memberships, and 20% to things like savings and debt repayment. As you can see, your needs come before your wants, and what you spend always depends on how much you earn. Start with your net income At the end of each month, or at the beginning of the next month, you get your salary. It may look like a huge sum at first, but there is a limit to how much you can buy with it or do with it. That is why you need a budget. Now, start with your net income, which is your income after payroll deductions...

 When one gets married, one’s personal finance goes over a change as well. You now need to think about family finance to increase income and family security. At the same time, you need to decrease expenses. There certainly are complications, but with good planning, communication and flexibility between newlyweds, everything is possible. Talk about money matters more often Before your wedding, it is a good idea to talk about both your financial situations. If you have not done this already, don’t wait for it till the wedding is over. After all, you do not want to have the unpleasant surprise of knowing that your spouse has a bug debt and expects you to repay it! In all seriousness though, know the money history, recent spends, personal financial hopes and dreams of your spouse. For all this, you need to make a budget before settling in together. Here are a few things you can discuss about: What are their views and attitudes about money? How have they managed their personal finance t...

What is financial assessment? Simply put, it is a check of your financial health . Financial health covers a lot of things like how much savings you have and how far that is towards your long term goals like retirement savings. It includes your credit score as well. Why should you assess your finances? When was the last time you started a diet or an exercise regimen? At the very start, you probably measured your weight for having a yardstick, right? Personal finance assessment is similar. You need to have regular check-ins to make sure that you are reaching your goals and that you are well on your way to save for retirement. Why should you do it? Experts say that assessing your finances before making big financial decisions like taking out a mortgage and getting married can save your life. Ideally, you should be assessing once a year. Let’s face it. Times, and your needs change. And that means your income and expenses change as well. At times like these, and during times of taking big ...

Banks and other lenders do not wish to give out new loans right now. It is too risky for them. Thus, they are acting conservatively right now, and targeting only a limited segment of the population as their preferred customer segment. However, if you are in need of an emergency fund, help is at hand. Loan against property These loans are sanctioned against collaterals of residential, commercial and interest property. The interest rates of LAP starts from 8.95% on an average. But it does depend on the lender, the amount of loan, the lender’s credit profile and other things. The maximum tenure is 20 years. Amount of loan depends on property valuation and the borrower’s repayment capacity. Gold Loan Bank’s may not want to give traditional loans like personal loans right now, but they are very eager to give gold loans. Why? That’s because gold loans are secured loans . You can get gold loans within a few hours after you apply. The amount you get as a loan can be 75% of the gold value and ...

For years gold loans have been an important way to get finance in the country, when other means of getting funds were not available. Most households in the country have gold items at home.  These can easily be used as collateral when there is a drastic need for funds. The popularity of gold loans increased during the last the last decade due to the spread of operations of Muthoot and Manappuram Finance companies. Now, these companies have branches across the country. After seeing their success, banks also started to popularize this product. They have begun to aggressively market gold loans. It is important to remember that gold prices have been fluctuating by a considerable margin in recent years. Furthermore, the RBI has severely clamped down on gold loans by both the NBFCs and banks after imposing a number of restrictions in matters of gold loan interest rates and Loan to Value ratio. NBFC gold loans used to have a loan to value ratio of 85% to 90%, and now could only give till ...

The last few years, the gold loan business has been performing quite well. In fact, its good performance has led many new companies to try their luck in this industry segment.  Right now, however, the situation has changed drastically. The companies who arrived in the industry to try their luck, and even the big industry players who were already there, are having second thoughts. Should they bail out, shut down, or continue trudging onwards? Right now, it is a dying business if you are an NBFC (Non Banking Financial Corporation). But if you are a bank, well, things are not so bad for you. The thing is that the RBI has put a whole lot of restrictions on NBFCs. There are many rules in place to curb their unchecked growth, and to bring the gold loan industry under a more national control under the RBI. Since it was not possible if an NBFC operates without any regulations, the central bank now gives several guidelines and has imposed many restrictions on NBFCs. For instance, there ar...