Money Magazine ( Money logs )

One of the biggest sacrifices you can make as a parent is to ensure that you make your child your first priority at all times. With the amount of different expenditures that come with having a child, insurance is one of the most important ones. Similarly, as an adult, it is important to think about your aging parents as well. For many, retirement and pension funds are just not enough. As you get older, it can be harder to get good comprehensive medical and other insurances as well. So, a safety net for your parents is definitely something you need to take care of immediately. While many companies offer you health insurance benefits that can extend to your family including your parents, it cannot also provide the amount of coverage you need. So, here are few ways in which you can provide a safety net for your parents. Mutual Funds Many parents’ still get pension and retirement funds which is their major form of income once they are retired. You can help your pare...

With the economy taking a downhill in recent years, people are either losing their jobs or getting paid less than before. Hence, they are finding it very difficult to maintain their previous lifestyle. If you are one of those who have lost his high paying job or your paycheck has dwindled, do not worry, there are some simple tried and tested tricks and hacks that will enable you to face the tough situations life will throw at you. One such trick is to rent stuffs instead of buying them. Owning things may seem cool, but renting certain things you only need occasionally is a wise financial decision. It not only helps you to save money while maintaining your lifestyle, but also has a positive impact on environment. When you rent things instead of buying, it will conserve the massive energy required to produce new products. For example, if five people rent a car instead of buying individually, then a single car is manufactured, instead of five and huge energy is saved as f...

The months of July, August and September in India are the busiest months for chartered accountants, such as myself, with the filing of Income Tax Returns. I have a lot of friends who, when asked, to complete their filing of income tax return, tell me that they have completed all their timely advance tax payments for the previous year in March. They say they have made advance tax payment for this quarter too also as they have completed one quarter of the next year. They are confused by this request. IS FILING OF INCOME TAX RETURN AN ADDITIONAL COMPLIANCE PUT ON TAXPAYERS BY OUR GOVERNMENT OF INDIA?

One way of easily saving all that loose change that you have had at the bottom of your bag or wallet is by investing in the small saving schemes. Relatively easy and much cheaper than the premiums you will pay for higher insurance and savings, small saving schemes are used by all. Starting from just Rs.10 and with a maximum limit in six digits, you can pay a premium that you can afford. Although you have good investment and savings opportunities available in different banks now, it is crucial to still have a small savings scheme for the save and secure investment along with good returns. There are many taxation benefits on the different type of small savings schemes that are available. Check them out to make an informed decision:

This year, the RBI granted licences for payment banks to 11 entities. As e-wallets are expected to play a key role, you can start using these for discounts, cashbacks and other incentives. This, even as players like Paytm, PayU and Mobikwik are already offering significant cashbacks.

Credit cards are excellent financial accessories that allow you to purchase goods without cash. But apart from being just another financial tool, they are a lot more. Using your credit card responsibly will help your build your credit score, provide you with cheaper insurance plans and even get loans at better interest rates. Moreover, by using credit cards you can earn rewards and discounts on everyday purchases. While these reasons might have appeared very fancy and let us assume that you’ve already applied for your first credit card, as a first time user, there are also a number of important things that you should keep in mind before swiping your card.

Better job prospects, higher salary, attractive work environment, travel opportunities, unendurable circumstances in the present job, uncertainty or downsizing;  irrespective of the reason, you are likely to switch jobs at some point in your life.

Saving when becomes habit, increases your bank balance steadily and after a while makes you wealthy.  Savings have many forms but saving on food is somewhat different. No one seriously thinks about saving on food as no one saves on necessities. But a few smart ways can save you a considerable amount in this department.

Bank account is engrossed in everyone life. Bank acts as a guard to your money which instead of charging some amount provides an interest on money deposited. Moreover, it facilitates various other services for daily requirements such as making payment on your behalf, keeping your valuables safe in the locker, etc. 

Is chaos the first word that pops into your mind when you think of your finances? Take our seven steps to straighten out your financial life and regain control over your money… Life’s fast and 24 hours are so not enough these days. In between career, kids and commute, you have little time to think about reviewing your finances, let alone actually planning them. So, the bills pay themselves and your financial life follows its own course. While that’s understandable, it’s not advisable. Letting fate take over your finances may land you in some uncomfortable situations. Here’s a seven-step guide to organizing your financial life.

"There is no greater Harm than that of time wasted." ~ Michelangelo We are all aware of the artistic genius that was Michelangelo and his most beautiful piece of work: the Sistine chapel in Rome. Before you think there’s no link of him to money, let me assure you there isn't; but for this beautiful quote of his that cannot emphasise more the value of time. I've often heard friends /clients say " I'll start saving once I get married, I'll start saving once I'm 30, I'll start saving once the sun rises from the west " etc.. The excuses are many.

Start your Tax Planning for March 31 2016 From Today ! You read it right. We are indeed talking about tax planning for the year 2016 and not 2015. Surprised? Don’t be. And all those who tell you that tax planning is a year-end activity are wrong.  In reality, tax planning is an activity, which should ideally be carried out during the start and not the end of the year. In all likelihood, you would have just finished the task of investing for the purpose of tax saving in 2015 about a month back.

Savings go a long way in taking you out of troubles during rainy days but not everyone has enough money saved in their savings account that they can look up to in the time of need. Creating a good savings habit is a must in today’s times because expenses are increasing while salary hikes happen sparingly.

We are living in a world full of distractions, and if you want to spend money on everything that puts a glitter in your eye, you will bring your savings to nil at no time. While it is true that you earn money to enjoy your life, certain adjustments are required If you want to make the most of your hard earned money.

Knowing how much of the income tax you have to pay for previous financial year can help you a lot with managing your finances better. For everyone who pays income tax, it’s absolutely a must thing to know how income tax they pay is calculated.

Managing money is one task each and every one of us is confronted with on an everyday basis. Most often it is seen that one works very hard, earns well, splurges and then there is hardly anything left for the proverbial rainy day. This vicious cycle continues and when an emergency pops up, one is left to face the ugly truth that you may be broke. In such a situation it would be worthwhile to consider what are some of the bad financial habits that makes one go broke. Being financially independent doesn't mean earning alone, it means using your money judiciously and at the same time making money work hard for you.  

Credits cards, no doubt, give you purchasing power. You go on a shopping spree on your credit card and pay later on. But, once you get into a debt trap, you get into a vicious circle and then it becomes very difficult for you to get out of it. Most people know this fact in principle, but are unable to understand how things pan out. It is most common among youngsters who have just started with their jobs and get hands on credit cards.

Cost of living is increasing day by day and sometimes your daily job is not enough to cover all the expenses. At such times, having a side job can be a blessing as you can get extra money from outside your job to cover for all the expenditures that you incur. While it was difficult to earn side money a decade ago, the world has changed now. Earning side money using the internet is very easy today and requires little of your time and effort. Since the online jobs give you flexibility, you can easily manage your job and your side business hand in hand.

The advent of credit cards has given rise to a cash free culture all around the world and India is no different. As more and more people are developing an affinity towards using credit cards, it becomes important to understand how credit cards are issued and why is a credit card application declined.

The month is about to end, your bank account is taking its last breaths and you are going through e-mails and text messages to check where you have spent your month's salary. Tracking all such notifications can be a pain and that's why you should give your smartphone a chance to simplify things for you. Here are the best money management applications you should consider to manage your expenses.