Tag: finance management

Best Money Saving Apps in India: Daily Digital Piggy Bank Apps to Grow Your Savings

How many times have you broken your pot to withdraw your savings from the piggy bank? If you’ve also done this, then you know the temptation to break the pot and take the money out. But this was a traditional method of saving. In this era, you can save whenever you spend. Want to know how? Then stay tuned with this article.‌‌

So many tactics we adopt in order to save our money for our future needs. Traditionally, we used to save our money in piggy banks. Whenever we have some extra pennies, we put that money in a piggy bank and wait until it is full. This way, we accumulate a handsome amount of money through small savings.

As mentioned, this is a traditional method, but today we have the privilege to use digital technology for saving as well. Now we can automate our savings without any extra hustle by leveraging the benefits of digital savings apps. These apps are designed to boost savings by contributing a small chunk of daily spending into gold or investing it into different portfolios, which, with large returns, yields a handsome profit.

What Are Digital Saving Apps?

Digital saving apps facilitate saving by leveraging AI and technology. These apps help you to save every single penny, and in addition to that, provide interest on it. You can create your goal for future spending and start saving for that goal now. Each day, when you see yourself going toward your goal will create a habit of saving in you and motivate you to continue further.

Top 12 Digital Saving Apps

There are many digital savings apps in the market, but the following are the best digital apps that you must try to make a profit.

S.No.	App	Key Benefit for Users	Best For
1	Gullak	Automates small savings from daily expenses	Users who want micro-savings without effort
2	Spenny	Invests spare change into digital gold	Beginners looking to save + invest
3	Fello	Gamified savings with rewards	Gen Z/Millennials who like gamification
4	Wizely	Goal-based savings with rewards	People who like setting & tracking goals
5	Fi money	Smart savings, spending insights, and rewards	Salaried professionals managing money
6	Jar	Saves spare change in digital gold	First-time investors & savers
7	Jupiter	Smart banking with budgeting & tracking tools	Tech-savvy users wanting a neobank
8	Deciml	Invests spare change in mutual funds	Young adults wanting passive investing
9	Cred	Rewards for paying credit card bills on time	Credit card users seeking rewards
10	YNAB	Powerful budgeting tool based on zero-based method	Serious budgeters seeking control
11	Digit	Automatically saves based on spending patterns	Busy individuals who want hands-off saving
12	Cash Karo	Earns cashback and coupons on online shopping	Shoppers who want to save while spending

Gullak

Rating	4.3/5
Best For	Micro-saving and auto-investing

Many of you are very much familiar with the word “Gullak”, as it is widely used by us for saving pennies and small amounts. Gullak is a goal-based saving app that helps to maintain consistency in saving and also to move towards your goal of saving. The amount we save in Gullak is invested in digital gold, which is 24k pure gold. This way, you can earn some interest on your savings through appreciation in the gold price.

Set your goal with as low as Rs 10 per day and automate the whole process of saving via the autopay facility. Currently, this app supports autopay from three UPI platforms like PhonePe, BHIM, and PayTM. You can adjust the contribution, pause, or revoke the autopay anytime.

The most influential feature of this app is saving on your spending. Whenever you spend your money digitally, it automatically rounds off the amount spent and invests in digital gold. For example, if you make a payment of Rs194, it rounds off the figure to the nearest 10 and invests the remaining amount of Rs6. This way, it accumulates a handsome amount of money by aggregating these small savings.

Features of Gullak

It invests in digital Gold provided by Augmont, where the buying and selling price is based on the wholesale market price.
Flexibility to change the duration of your goal, the amount of autopay, and the multiplier.
No KYC is needed for Gold investment below 30gm.

Spenny

Rating	4.5/5
Best For	Newbie Investors

Automate your saving habit with Spenny, which is a spare change investment platform. The working of this app is similar to Gullak, but it has certain advantages. Whenever you spend money digitally, it accumulates your transaction data, and based on your transaction, it rounds up the figure to the nearest 10.

It holds all your rounded-up money in a cart and invests the whole amount into your desired investment option. There is a minimum threshold limit in the cart set by you, which means it invests your money when this threshold is met.

Let me clear one most common doubts, it doesn’t deduct the money to round up whenever you make any transaction. It accumulates the spare change in the cart and only deducts the money via autopay when it reaches the threshold limit decided by you.

Features of Spenny

There is no lock-in period, which means you can withdraw your money whenever you want.
It provides multiple investment options like Pennywise, mutual funds, and digital gold.

Fello

Rating	3.7/5
Best For	Gaming Enthusiast

Fello is a game-based digital saving app that enriches the saving experience with the fun and joy of built-in games. It offers two investment options to save money: fellow flo and digital gold. Users can opt for any of these two options to grow their savings and earn some interest. Digital gold of Fello is provided by Augmont, which is a government, BIS, and NABL-accredited Gold provider.

Apart from saving and investing in Gold and Fello Flo, Users can play exciting games and win rewards. This app provides a token for every single rupee you save, and you can use those tokens to play games. Also, every Rs500 of weekly savings makes you eligible to win a tombola ticket.
A Tambola ticket is like a lucky draw coupon where you win a reward if your ticket number matches the leaderboard number. Every Friday at 6 PM, they announce the draw number.

Features of Fello

10% fixed return if you choose Fello Flo, which is a decent return compared to other fixed investment options available. This return may change anytime.
Along with the Fello Flo, the Digital Gold investment option is also available from a trusted provider, Augmont.
Win a Fello token every time you save some bucks, and use these tokens to play games.

Money Saving Apps

Wizely

Rating	4.2/5
Best For	Saving and future Plans

Wizely is a savings app to improve your financial discipline and make sure you never run out of money at the end of the month. This app comes with many exciting features and gives a reward whenever you take one step forward toward your goal. There are some saving plans already created, like an emergency plan, safety plan, and growth plan, or you can create your custom plan and start saving.

The funds are automatically saved in the form of digital gold to earn some interest. Whenever you save some money and fulfil the challenges, it will provide you with a wellness score and a scratch card. The reward earned through scratch cards can easily be transferred directly to the bank account through UPI. Wizely Wednesday is another exciting reward contest to win rewards up to Rs 25 lakh.
Your savings are in autopilot mode with Wizely, and it will also track your spending and all the transactions in one place.

Features of wisely

Budget creation and monitoring of the expenditure to build financial discipline.
Save more and take on challenges to win scratch cards and earn monetary rewards.
Expense categorization to prevent you from overspending.

Fi money

Rating	4.5/5
Best For	Working professionals

Fi Money is a one-stop solution for accounts, savings, investment, UPI, and lending. It is a neobank with a partnership with a federal bank that provides an enhanced banking experience to its customers. It is loaded with all the basic facilities of a traditional bank, with no minimum balance requirements and zero forex charges. RBI-approved Fi money insures your money up to Rs 5 lakh. Smart deposit is the piggy bank of this app to save money for your goals.

It allows you to save money for your vacations, a new house, a car, and many more. With the benefit of saving, it gives an interest of 5.45% on the amount you save. If you want to earn some extra interest of 5.95%, then you can simply switch to fixed deposits with the convenience of your smartphone.
For better convenience and transparency, it connects all your bank accounts to its platform so that you can view all your transactions and bank balances in one place.

Features of Fi money

Multiple saving and investment options are available to choose from, based on your saving goal.
The Fi jump feature to earn a fixed interest of 9% every year and see your investment grow every day. Also, withdraw your investment anytime to your account.
Have a collection of direct and commission-free mutual funds to invest in.

Jar

Rating	4.3/5
Best For	Micro saving and gold investment

Best Daily Saving App - Jar — Best Daily Saving App – Jar

Jar is a digital Gullak to save your hard-earned money into 24K digital gold. Just like you put pennies into your traditional Gullak, you can put spare change into a jar. This spare change is automatically debited from your account via UPI mandate. Jar is the best app for saving money in India digitally.

Whenever you make any digital transaction, Jar rounds up the value to the nearest 10 and invests the remaining spare change into your digital goal. SafeGold is the digital gold provider of Jar, which enables investing in digital gold to be feasible. One can easily withdraw the investment at any time with a single click.
Jar also provides real-time updates on Gold prices through the chart. Also, there is a spin reward awarded to you whenever you save some money in it.

Features of Jar

You can choose to withdraw your savings either into a bank account or in the form of physical gold, which will be directly delivered to your home.
There is no lock-in period and minimum amount for withdrawal.
Seamlessly automate your savings via autopay and pause or revoke it anytime.

Jupiter

Rating	4.4/5
Best For	Expense tracking and management

Jupiter is a federal bank-backed digital asset management platform that is loaded with banking facilities, investments, debit and credit card management, savings, and transaction tracking. Jupiter offers savings pots to save for future purchases. This pot lets you be aware of your savings for your goal and keeps you disciplined.
Apart from saving, you can also make investments in direct mutual funds with no commission. These are no-penalty mutual funds, which means you don’t need to pay any penalty for SIP default.

A zero balance account with no forex charge is another notable feature of this app. Just like Fi money, you can configure your bank accounts and see all your transactions and bank balances at one single interface. It provides a Jupiter debit card with no annual maintenance charge. Earn a reward of 1% whenever you make a purchase using this card, also freeze and sleep the card with a single tap.

Features of Jupiter

Categorized insight into all the expenditures made through any of your bank accounts.
Intuitive interface to manage everything at a glance.
Get a 1% reward not only on debit card transactions but also on purchases through UPI.

Deciml

Rating	4/5
Best For	Daily basis investment into different portfolios

Deciml is the next app on our list of digital portfolios. Like other saving apps we discussed so far, this also has the functionality to save your spare change and invest in a fixed return instrument. This supports all debit cards, credit cards, UPI, net banking, and ATM transactions to accumulate spare change.

While other apps invest your spare change in digital gold or mutual funds, this app invests your money into Lendbox. Lendbox is a P2P investment platform certified by the RBI. It invests your money into a diversified portfolio to earn interest on your savings. Deciml is currently working on implementing mutual funds and crypto in its investment portfolio. It’s a piggy bank app in India that supports all credit cards and helps you save money.

Features of Deciml

The main feature of Deciml, which differentiates it from Jar and Gulllak, is that it invests your spare change on a daily basis. It doesn’t wait to reach a certain amount to invest.
Offers return up to 10%, which is approximately 3X the savings account return, and 2.5X the FD return.

Cred

Rating	4.7/5
Best For	Credit card users

Cred is a credit card management app that delivers amazing credit card-related services that eventually help you save a lot of money. The use of Credit cards is now very common among people, also most people tend to hold more than one credit card at a time. Credit cards come with a lot of benefits, only if you use them in a disciplined manner, and here Cred plays an exceptional role.

It helps in the timely payment of your credit card dues by reminding you of the due date. You can monitor all your credit cards in one place, their spending, EMIs, outstanding amount, and many more things. Apart from making you disciplined in credit card use, it also showcases the hidden charges associated with these cards.

It offers free credit scores to you from top credit rating agencies like Experian and CRIF. Cred allows you to become a member if you fulfil certain eligibility criteria. It checks your credit score when you apply for membership and approves you as a member if your credit score falls above the eligible score.

Features of Cred

Whenever you make a credit card bill payment through this app, it will reward you the Cred coins by which you can use to unlock exclusive rewards.
Since your Credit score depends on your credit behaviour, this app uses AI to provide you with the statistics of your spending patterns and usage.
Multiple credit card management facilities in one app, now there is no need to download separate apps for all your cards.

YNAB

Rating	3.7/5
Best For	Creating and Tracking Budget

YNAB (You Need a Budget) is an app that acts as your personal finance manager that taking care of all your finances. It helps to manage all your finances in one place and also to make smart financial decisions. Integrate all your bank accounts in one place and see all your finances.

The goal-tracking feature will help you to track your progress at a glance. This app doesn’t allow you to save money on it, but it helps in different aspects of saving. Smart categorization of your expenses will help you monitor your expenses at the top.

Features of YNAB

Target setting for your goal to achieve it even faster.
Adjust your spending and move the money from one category to another seamlessly.
Easy monitoring of spending, goal progress, and budget.

Digit

Rating	4.4/5
Best For	Automated, Hands-Off Savings

Digit is an AI-powered savings app that automatically analyzes your spending habits and moves small amounts of money into savings without you noticing. It helps you save for multiple goals like emergency funds, vacations, or debt repayment. The app removes the need for manual budgeting or transfers, making it ideal for people who want a hands-off approach to saving. Digit also offers features like overdraft prevention and investment options. It’s especially useful for users who struggle with consistent saving habits.

Features of Digit

Digit analyzes your income and spending habits to save small, safe amounts daily without manual input.
You can create multiple savings goals like travel, emergency funds, or debt repayment, and Digit allocates funds accordingly.
Digit monitors your bank balance and transfers money back if needed to help you avoid overdraft fees.

Cash Karo

Rating	4.2/5
Best For	Cashback and Coupons on Shopping

CashKaro is a cashback and coupons platform that helps users save money on online shopping. When you shop through CashKaro’s partner links, you earn real cashback on purchases from sites like Amazon, Flipkart, Myntra, and more. The cashback can be transferred to your bank account or redeemed as gift cards. It also offers exclusive deals and coupons to boost your savings. Ideal for regular online shoppers who want extra value on every purchase.

Features of CashKaro

You earn cashback when you shop on popular sites like Amazon and Flipkart through CashKaro.
It gives you exclusive coupon codes to save more money.
You can refer friends and earn extra cashback from their purchases.

Conclusion

Saving and investing for a future goal is the best thing you can start today, and these digital savings apps will help you in your journey. Today, we have a plethora of investment and saving options to choose from. You need to choose the right option that best suits your goals and requirements.‌‌ Don’t think too much, just create your goal and start saving by choosing the best-saving App from the list we have provided.

FAQs

What are the benefits of Digital savings apps?

Digital savings apps can make the process of saving money easier over time. You can fill your piggy bank automatically so that savings goals can be met without stress, and it also helps you on tough days by automatically saving for you as you are spending. Some apps are programmed to make payments rounded off to the nearest whole number and save away the “change” you would receive if the transaction were done in cash.

Why is saving important?

Saving provides a financial “backstop” and provides financial security and freedom, and it also secures you in case any financial emergency arises. One can avoid debt, pay off loans, live their dream life, and avoid further debt if they have saved a sufficient amount.

Which are the apps like Jar?

Some of the apps like Jar

Gullak
Cred
Spenny
Fello
Wizely
Fi Money
Jupiter
YNAB
Deciml

Which is better in Gullak vs Jar?

Gullak and Jar are both digital savings apps that help you save money easily, but they work a bit differently. Gullak focuses on automating small savings by rounding off your daily expenses and putting the extra change aside, making saving effortless. Jar, on the other hand, also saves your spare change but invests it directly into digital gold, helping your savings grow with potential returns. So, if you want simple, automatic saving, Gullak is great. But if you want to invest your small savings in gold, Jar is a better choice.

July 18, 2025

8 Effective Tools to Help You Manage Your Finances

More than the money you earn, it is the way you manage your money that makes all the difference. The capitalist world that we are living in has paved the way for a plethora of lifestyles based on the way in which we spend money. An improper way of dealing with your finances can lead to the depletion of assets or stagnation of wealth with no real progress. To ensure that there is financial growth, it is important to make sure that the money you earn and spend is well accounted for. Today, there is a lot of online software that helps you manage your finances in the most effective manner. This article will look at some of the tools that can be used for financial management.

Quicken
Google Sheets
GoodBudget
Mint
Trim
MoneyGuide by Envestnet
Personal Capital
Strands

Best Money Management Tips

Quicken

Quicken – Best Tool to Manage Your Finances

Quicken is one of the most popular financial management systems among individuals. It covers everything from budget creation and debt management to investment coaching. They have a full-fledged approach to personal financial management and the fact that they are available for use at a very low cost makes it all the more popular. Apart from personal finances, Quicken can be used to manage business expenses as well. Through its in-built features, it lets you calculate your net worth as well. The users can first try out their free trial version before the paid facilities are availed.

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Google Sheets

Google Sheets – Best Tool to Manage Your Finances

Google Sheets is an extensive spreadsheet that has finance functions. It is popular among a large number of people who use it to track their expenses, net worth, and investments. They have features that let you import data on investment, savings, and expenditure directly onto the sheet. Apart from being an excellent platform to account for your finances, Google sheets also let you know when to rebalance your asset allocations. The best thing about Google sheets is that it lets you have the simplest of simple finance management sheets to the most complex ones.

GoodBudget

GoodBudget – Best Tool to Manage Your Finances

Using the envelope system of budgeting, GoodBudget helps you manage and stick to your budget in an efficient manner. Their method has been proven to be very useful and that owes to their popularity. It has a feature that helps you sync your budget with other members of the house so that all the stakeholders are on the same page. It also makes accounts of your debts and helps plan the budget in such a way that the debts can be paid off in a feasible span of time. By managing your budget and expenses, the tool will help you to prioritize important things.

Mint

Mint – Best Tool to Manage Your Finances

Mint is another popular budgeting app that let you track your expenses and investments. Apart from that, they have features that manage bills and credits as well. One of the best things that made Mint popular amongst its users is that it is designed specifically for budgeters and not for investors. Hence, it has budgeter friendly interface that helps you set financial goals and track them. Since it generates revenue through advertisements, there can be targeted advertisements as and while you use the tool.

Trim

Trim – Best Tool to Manage Your Finances

Trim is specifically designed for helping users save money. After analyzing your expenditure, Trim will identify ways in which you can save money without cutting down on your necessary expenses. It is a great tool for people who finds it difficult to prioritize and manage their finances. The account on Trim can be made free of cost while it may charge a certain percent of the total money saved as a fee. If permissions are given, Trim will negotiate with the user to bring down all their expenses.

MoneyGuide by Envestnet

MoneyGuide – Best Tool to Manage Your Finances

MoneyGuide helps users take control of their finances by helping them have a clear picture of their finances. They believe in financial wellness and consider it a necessary aspect of a peaceful state of mind. They are extremely safe, private, and free of cost. So as to make the best use of the features offered by this tool, it is ideal to link all your account with MoneyGuide so that it can give you a clear picture of your financial situation. It helps you set up financial goals and give access to all the necessary tools to manage your money to achieve them. It is accessible on all kinds of devices.

Personal Capital

Personal Capital – Best Tool to Manage Your Finances

The Personal Capital tool helps you take care of all the aspects related to your personal finances. It helps your track your spending, income, investments, crypto, credit cards, and so on. Apart from managing these data, the tool also gives an analysis of your portfolio. This will help you have a clear idea of the average cost of your investments and how it will influence your overall wealth in the future. Through its feature that helps you set financial goals, you can easily keep track of your savings. You can make an account for free and they will provide all the financial tools free of cost while investment tools apply charges.

Strands

Strands – Best Tool to Manage Your Finances

Strands is a personal finance management app that helps you manage your budget, set realistic financial goals, and help achieve them. Apart from personal finances, they also help customers manage their business finances as well. They have data-driven insights generators that give insightful information on the ways in which your finances have to be managed. Apart from the general finance management services that they offer, they also provided personalized advice too which can be availed directly from the platform.

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Conclusion

Today, there are a lot of tools that are available online to manage your personal finances in a very effective manner. While some of them are specifically curated for investments, portfolio tracking, or budgeting alone, there are several others that serve as a one-stop solution for all aspects of financial management. Using these tools also means that you need to give access to a lot of personal data that can be easily misused for various fraudulent activities. Hence, it is very important to do thorough research on the ways in which the tool of your choice is going to use your data to provide the services that you need. An exercise of reason and logic will never go waste.

FAQs

What is personal finance management?

Personal finance management is managing the finances of an individual.

Is personal finance management important?

Personal finance management is important because, with this, the individual will have better control of his money and will save more money compared to someone who doesn’t have personal finance management.

What are some of the personal finance management tools?

Quicken, Personal Capital, MoneyStrands, etc.

October 15, 2022
What Is the Role of CA in a Startup? | Should You Hire a CA?

A Chartered Accountant can guide you not only to prepare your taxes and other regulatory standards but at multiple levels of business formation. Their knowledge of key corporate areas such as laws, accounting and taxation, contracts, and so on can be invaluable when strategizing, applying for bank loans, maintaining accounts, installing software, determining subsidies, and so on.

As a result, discussing with a CA while strategizing a startup can be extremely useful as it enables one to gain insight on key issues early on instead of being stuck later. CA professionals in India can assist you in developing the ideal accounting framework for your business.

Role of a CA in Startup
How Can a CA Help Your Firm Sustain Itself?
Should You Hire a CA?

Role of a CA in Startup

The Planning

A CA can forecast fiscal estimates based on analyzing the industry for a similar item and the government’s tax regime due to his/her knowledge and experience. They can use the key players and in-depth insights to assist their customers in increasing their profitability from the start.

Corporate Formation and Legislative Framework

There are numerous forms of registration, such as corporate entities, LLPs, or businesses, as well as sole traders or proprietorships. Each is governed by a separate law. Registration is subject to various regulatory laws, ensuring compliance, and tax rules, which a CA can effortlessly explain and help you determine what is the right approach for your business.

You must register your business with the Companies registry as a component of the startup authorization phase if it’s a Private Ltd. or LLP or simply a partnership. Filling out forms and giving details to the Ministry of Corporate Affairs to initiate your business legally is also part of the startup registration. As a result, a CA or a virtual CA is the ideal advisor to assist you with the registration.

Furthermore, if you’re starting a Private Ltd. Firm, you’ll need documents like the MOA or AOA, and if you’re starting a partnership or LLP, you’ll need the Alliance deed. CA can create such documents skillfully.

Accounting and Financial Assistance

To fill out the necessary paperwork and register the firm, a startup involves careful accounting and financial assistance. As a result, a CA can assist you in managing your firm’s stock holdings, cash flows, forecasts, and financial records.

The CA is necessary for startups that want to enroll as a Private Ltd. Firm. They will assist and will also record all of your stock ownership info and money transfers as needed for a Private Ltd. Firm.

Aid You in Obtaining Finance or an Overdraft

Realizing that a CA is in charge of your paperwork and loan approval process improves your probability of gaining credit. They will be aware of all aspects your bank may have about income and expenses forecasts and can help you choose the right loan and rate of interest.

How Can a CA Help Your Firm Sustain Itself?

When a startup begins to hire, a CA is essential. As a manager, you could begin with as few as 1 or 2 staff. However, it is vital that you adhere to all tax regimes for your teams, such as TDS, Labor Regulations, and Salary Clauses.

A CA can be your ultimate source, helping you comprehend salary payable modes for your staff, as well as the dos and don’ts of declaring payouts to lawfully save taxable income.

They can also help you with the company’s income estimates, predicted financial statements, or project reviews that you might need when filing agreements or applying for finances. Thus, in today’s technologically advanced world, taxation and laws governing business operations are critical and must be strictly adhered to. It is critical that you document standard tax returns by the Ita. As a result, a CA can assist you with a variety of compliances and filings.

As your company expands, so will your accounting books. It is critical to adhere to classic financial reporting to keep all card payment systems intact. A CA will provide you with proper guidance and handle your acct book following the required standards.

Furthermore, as your firm grows, you will be bound to keep track of your records for filing with the IRS and yearly reporting with the company’s registry. If your company’s attrition reaches a certain limit, you will undoubtedly require the services of an accredited auditor to report your ITR returns & conduct tax audits.

Another required conformance filing is a process that must be abided by all businesses, large and small. It is also vital to comprehend your financials, which is primarily the responsibility of a CA. As a result, it is critical that you select the ideal CA from the ranked CAs in India for your firm to profit and work efficiently.

Should You Hire a CA?

Good counselling and advice define the progress of a startup from conception to verification, whether your firm is registered or not. After investing heavily, it is critical to managing your book of accounts for your firm to thrive. Thus, as your firm progresses ever since its registration and onset, a skilled CA will not only deliver you proper accounting records of your firm but will also assist you in understanding the stock ownership and investment structure in your firm.

A decent virtual CA, accessible 24/7, is needed to inform you through all levels, be it paying the due taxes as per Income Tax rules or rescuing the firm from any undesired taxes. A CA can assist you in understanding all other statutes’ rules, statutory provisions, your firm’s policies, and work history.

You can also hire a virtual CA. While there are many virtual CAs, it is critical to pick the suitable one. Because CAs oversee critical parts of your business, it is always advisable to hire the best online chartered accountants. Having several CAs can wreak havoc on your books.

Although you may pick the finest from the shortlist CAs in India, it’s a good idea to pick virtual CAs who are available 24/7 and are also cost-effective. As a result, hire a CA from the first day you intend to register your official company to the day you put your vision into action.

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Conclusion

Chartered accountants entities can also assist you with complex tax provisions that, if overlooked, can result in significant penalties. They will also portray your lawsuit in front of tax officials and courts at your behest. They can provide you with any information you require regarding such formalities.

Furthermore, they help you in a variety of business areas such as obtaining a digital signature, guiding you during an official review of your firm, alerting you before any disparity is discovered by the assessor or tax supervisor, govt grants and sanctions, and so on.

In conclusion, a CA can help your brand prosper, so consulting with a CA is a must in the long run.

FAQs

How can a CA help in business?

A CA can help you reduce taxes, manage your finances, prepare a business plan, and can help you connect with other established businessmen.

What is the role of CA in a startup?

A CA helps a firm to increase its profits and assists the firm in registration and filing taxes while the founder focuses on the important aspects of the business.

April 27, 2022
Top 5 Factors That Affect Your Personal Loan Eligibility
This pandemic was hard for everyone one of us and we all struggled to oversee discretionary spending due to unanticipated expenditures. Many people also saw a dip in their savings to fulfill the family’s requirements. So to mitigate the increased financial stress some people turned towards personal loans but how do you know if you are eligible for a personal loan or not and what variables affect her personal loan eligibility.

Here’s what you need to learn about the 5 most important factors that may influence your personal loan eligibility.

Before that let me give you the specifics of the personal loan. So, let’s dive right in!

What Is a Personal Loan?
Factors Influencing Personal Loan Eligibility
Pros and Cons of Personal Loans
Is Personal Loan the Right Choice for You?

What Is a Personal Loan?

A personal loan is a form of installment loan that provides you with a set chunk of money, typically ranging from $1,000 to $50,000, in one single payment. They are typically unsecured, which means you need not provide assets to protect funds. The repayment period can differ considerably from one year to a decade. They are used for just about anything, though some financiers may limit their use.

Making an application for a personal loan is akin to making an application for a credit card. You will be asked to input your info, financial data, and loan info. The creditor will conduct a solid credit analysis before authorizing you, which may momentarily lessen your credit rating.

If the creditor is satisfied with your fiscal predicament and creditworthiness — typically, a rating in the mid-600s is required — the creditor will ascertain your interest rate, loan balance, and provisions.

However, these days there are platforms like Zest Money that have simplified getting personal loans much easier. With Zest Money you can get a personal loan even if you do not have a credit score. Simply download the Zest app, complete the KYC, and get a credit limit that you can use to shop in over 100,000 offline and 15,000 online stores. The best part is that the Credit Limit is available at 0% interest when paid on time. Once you sign up for a Zest Money Credit Limit, you also become eligible for Zest Money Personal Loans that too without uploading any additional documents. Besides, you can choose your EMI plan, and repayment term, and even foreclose the loan without paying any foreclosure charges.

You can also check these instant loan apps which have simplified the process of accessing personal loans.

Factors Influencing Personal Loan Eligibility

Age

The most vital eligibility criterion when applying is that you are within the bank’s age cohort. Age is an important factor as it tells lending institutions about your capital adequacy and earning power. If you’ve graduated college and are in your 20s, you may lack basic monetary stability. Likewise, if you’re over the age of 60 or are retiring early, your earning power will be reduced during this time.

Candidates between the ages of 25 and 55 are usually considered by banking firms. The age thing varies from bank to bank.

Monthly earnings

Monthly Earnings

Your potential to repay debt is directly proportional to your earnings. Your revenue is a critical component of your fiscal portfolio. The baseline salary requisite, on the other hand, varies by lender. Your lending institution takes into account the city you reside in as well as the corporation you work for when assessing your earnings.

Although the main income stream is taken into account by the lending institution, having extra revenue from passive channels such as subletting out your home or rental estate can be advantageous. Having a supplementary stream of revenue can help lending institutions feel more confident that you will compensate your EMIs on time.

Credit record

Personal loans are types of unsecured debt. They don’t have any assets or security backing them up. As a result, lending institutions use credit metrics to evaluate your ability to repay.

Your credit record reveals your EMI transaction regularities in the past. As a result, you must pay your EMIs on time to avoid falling behind on your loan payments. This will have a massive influence on the elements that influence personal loan acceptance.

Debt to income ratio

Assume you work for a reputable firm and are paid well, but the majority of your earnings are going toward EMI payouts. This factor influences your personal loan qualifications. The lending institution calculates your debt-to-income ratio by splitting your total earnings by the total amount of your current debt.

If your debt-to-income rate has risen, your lending institution may deny your loan request or cost you a higher rate of interest on your personal loan. Generally, it is best to keep the debt-to-income ratio below 50%. A higher proportion of this component increases the danger of nonpayment.

Stable employment

Employment

When approving a personal loan, your lending institution considers your total professional experience as well as your present employment status. If you work for a well-known company and have a consistent stream of revenue, your lending institution deems you a lienholder with stable employment.

If your manager has a background of late compensation or is not economically solvent, the lending institution may deny your request. This is attributed to the reason that these variables influence the potential to reimburse your personal loan.

Pros and Cons of Personal Loans

Pros of Personal Loans:
- Personal loans can be used for a variety of purposes. They are used for a bunch of uses, including travel costs, medical bills, buying new accessories, gadgets, and even home/car upgrades.
- Personal loans are available very quickly. In certain instances, the loan can be obtained within 24hrs. So, if you need emergency money, personal loans are your safest choice.
- When contrasted to a mortgage payment or a car loan, personal loans usually do not necessitate as much paperwork. As a result, the handling time is reduced.
- No need for security to acquire this loan, and the credit period is much smaller than that of a home loan or a car loan. In comparison to other loans, this carries less peril for the applicant because if you seem unable to pay back, your security is voided. Your assets are secure because personal loans do not require any security. This helps make this type of loan appealing to anyone who does not own any assets such as a car, a home, or stocks.
Cons of Personal Loans:
- Lenders consider these to be risky since they do not require any security. These loans have extremely high-interest rates to compensate for their dangers.
- Most financiers do not accept loan payments in installments. This implies you will have to repay the lender for the period of the loan. Because your ﬁrst installments are used to pay interest, it can be very costly.
- Because these loans are very risky, most bank requires their borrowers to have a good credit score. As a result, if your credit score is low as a result of past loan defaults, your request will be denied. As a result, the accessibility of this loan is subject to rigorous qualifying criteria based on creditworthiness.
- Even banks that provide loans to debtors with poor credit end up providing reduced principal amounts and rising interest rates than those provided to debtors with good credit. These debtors are also subjected to stricter repayments.
Is Personal Loan the Right Choice for You?

If you need money quickly, personal loans are an appealing choice. Here’s how to tell if a personal loan fits one’s scenario:
- You require the finances as soon as possible. Many lending institutions, particularly those that function online, can make capital available in a couple of times.
- You have an excellent credit rating. Borrowers with stellar credit are eligible for the lowest rate.
- You want to get rid of your massive debt. Personal loans are an excellent tool to manage and pay off high-interest credit card debt.
- You will put the money toward important purchases. Personal loans can also be used to pay for large costs or to renovate your home.
Personal loans, on the other hand, are not suitable for all. They are, after all, still a debt obligation. Here are a few explanations why it may not always be the safest alternative for you:
- You have a bad habit of spending too much money. Paying off your debt with a personal loan may not seem like a sensible approach if you intend to simply start accruing fresh credit card debts.
- You are unable to make substantial repayments. Consider a personal loan’s repayment schedule and monthly bills. Use a personal loan calc to discern whether you can finance the monthly payments over the financing tenure.
- You don’t need the cash immediately. Saving for a big settlement may make better sense than taking out a personal loan and making interest-only reimbursements for many decades.
Best Banks For Small Business Startup Loans

This guide will help you find the best banks for small business startup loans. To locate the one that is right for you, take a look at the guide.

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Conclusion

These are the variables that portray your creditworthiness when applying for a personal loan. Lending institutions mostly take this into account when determining your qualifications for a personal loan and the rate of interest. As a result, it is advisable to confirm the prerequisites of your ideal lending institution beforehand to obtain a reasonably priced personal loan interest rate. Also, do check the pros and cons before you decide to apply for a personal loan.

FAQs

What are the eligibility criteria for a personal loan?

Sufficient monthly earnings, good credit records, and stable employment are some of the eligibility criteria for a personal loan.

What is the minimum salary required for a personal loan?

Most banks set a minimum salary limit of Rs. 15,000 – Rs. 20,000 per month for a personal loan.
April 25, 2022
10 Steps To Organize Your Personal Finance In New Financial Year
31st March has just passed. Was the last month of the gone financial year full of a hassle for you? Do your last-minute tax-saving plans always lead you to invest in the wrong instruments? Well, if your answer is yes, you are at the right place. In this blog, we have brought you tips on how to organize your personal finance in the new financial year.

A book named “Personal Finance” written by E. Thomas Garman and Raymond Forgue defines Personal Finance as the study of resources, both personal and family, that can be considered important from a financial perspective. It involves spending, saving, protection, and investment of these financial resources.

Financial freedom is available for those who learn about it and work for it. – Robert Kiyosaki

Key Aspects of Personal Finance

The reason most people fail in making a successful financial plan is a lack of awareness. Although people make a lot of effort while managing their finances, they often overlook important areas. In this section, we will discuss the 5 key aspects of Personal Finance.

Saving

Warren Buffet has said “Do not save what is left after spending, but spend what is left after saving. This is indeed a great piece of advice. You cannot predict when the financial crisis will hit you. Therefore, it is better to remain prepared.

Savings help you to keep calm in such situations and look for a solution. As per experts, your optimum savings should be equal to your six months expenses.

Earlier, the most preferred option for savings was a “Saving account”. However, recently a lot of people are moving towards debt instruments such as liquid funds for saving.

There are a number of reasons for this shift. Foremost, Liquid funds have minimal credit and interest risks attached. Further, you can easily withdraw money in small time. Also, though there is no guarantee, these funds provide you with better returns than your savings account.

Investing

Investing

As Benjamin Graham said, “Successful investing is about managing risk, not avoiding it”. Many people confuse saving and investing to be the same. Well, they are not.

While investing, you are actually using your money to make more money. There are plenty of investment options available in the market such as mutual funds, real estate, stock market, etc.

To choose the correct investment options organize them into short, long, and mid-term goals. The option best suited for your requirement, horizon, and time frame should be chosen.

Financial Protection

As per WHO, financial protection is the heart of Universal Health Coverage (UHC). If chosen well, it gives a safety net to you and your loved ones. The key is to ascertain prepayment and pooling of resources to save you from financial hardship.

Financial protection ensures that these impromptu situations do not hamper your savings and investment plans. Insurance is classic financial protection. Basically, four types of insurance plans are considered mandatory for an individual. They are Term insurance, Health insurance, Mortgage Protection, and Personal accident insurance.

Tax Plan

Tax Planning

You can save your tax by identifying the right kinds of investments and purchases. In India, there are almost 70 exemptions and deductions that can be used to lower your taxable income.

Section 80C and 80D of the Income Tax act may help you save a lot on your income. Under Section 80C, you can reduce your taxable income by investing in certain tax-saving instruments such as EPF, PPF, NPS, NSC, etc.

On the other hand, Section 80D allows you to save tax on the money you pay as a premium for the health insurance of you and your family.

Retirement Plan

“Planning for retirement is not something we can put off until a later date. The time to plan is now.” Here Bob Reid has correctly described the need for a retirement plan.

Unless you are planning to become a liability to your kids, you should start planning for your retirement now. This is actually because you never know when you will stop working.

The greater life expectancy and frequent inflations have further enhanced the need for a retirement plan. Investing in sources of steady income can be the best option. Life insurance annuity, rental income, and mutual funds are good options to consider for your retirement plan.

How to Organize Your Personal Finance in the New Financial Year?

Now that we know the key aspects, we are ready to organize our personal finance. We have listed tips to help you organize your personal finance in the new financial year.

1. Start Early

“Haste makes Waste”. If you have tried to plan your finances and investment in the last month of the financial year, you can certainly relate to this statement. During the last-minute rush, not just you but investors are also impatient. Thus, there are maximum chances of making a wrong decision. Therefore, it is better not to wait for March to plan your finances. Starting early helps you to make calculated decisions. Put your financial plan in place in the month of April itself.

If you wish to invest in PPF or SIPs in your equity-linked saving schemes (ELSS funds), better start at the beginning of the new financial year.

2. Plan your Budget

Living within your means is important. Plan your expenditure and savings for the next year in the beginning. Go through your previous year’s income and expenses to make the right decision.

Set your financial goals and decide your cash flow accordingly. If you have received a good bonus, try to prepay your loans, at least partially. Our income and aspirations play a major role in deciding our financial plan.

This would help you to identify your spending. So, you can strike the right balance between spending and savings. If cutting down your expenditure is not an option, try using smart spending means such as loyalty programs, credit cards, or some apps.

Try competing with your previous month’s budget. It would help you grow as a smart spender. Try setting goals and make efforts to reach them.

3. Create an Emergency fund

This is the fund that will help you take care of the unexpected expenses in “just-in-case” situations. Usually, financial experts advise keeping 20% of your every paycheck in this fund.

As per Forbes, you can create an emergency fund by simply following a few steps. They are:
- Setting up a target date to start your fund.
- Reallocating some amount from existing assets.
- Drawing a monthly commitment.
- Creating a separate account for gathering.
- Channelize extra income towards this fund.
4. Determine your insurance needs

Determine Your Insurance Needs

Insurance is not only meant to save tax, rather it is a means to serve critical needs. The beginning of the new financial year is a good time to determine if you have adequate insurance coverage.

The finance experts believe that your insurance cover must be 10 times your annual income. Also, reviewing your insurance needs as per your changing life goals is important for example, if you are planning to get married, have a child, or buy a house.

As per a Swiss report, people in India are awfully uninsured. The protection gap is almost 83% wide. This means that if the Rs 100 insurance cover is needed only Rs 17 are spent by the policyholders.

To evaluate the adequacy of your insurance cover you can also use Human Life Value (HLV) tools. These tools are available online and help you assess your financial requirements based on your liabilities, increments, earning capabilities, and your age.

5. Review your investment portfolio

It is always a great idea to review your investment portfolio at the beginning of the new financial year. Track the market performance of your existing assets to understand how it has changed since last year.

Readjusting your investment strategy is especially important if you have experienced any major life changes in the last year. For example, if you are nearing retirement, you may want to invest in a good retirement plan. Evaluate your needs and invest accordingly.

6. Plan to spend your annual bonus

If you have received an annual bonus do not let the money get fritter away. Plan your spending well. For example, if you have a loan you can partially or completely prepay it. Or if you have a child try spending the bonus on good Children’s plan.

Even if you have no such liability, this does not mean you can just cross your budget and waste that money. Try channelizing it towards your savings or emergency fund. This will help you meet your financial goals.

7. Plan your taxes

Planning your taxes at the beginning is a great way to start your new financial year. It is actually a part of the financial discipline. To initiate tax planning, you first need to identify your tax slab. The tax rates are different for different levels of income. If you know your tax slab, you can easily calculate your tax outgo. This will help you to figure out your tax-saving requirement.

To analyze the scope for reduction, first, evaluate your existing tax-saving investments. This is crucial as there is a maximum limit for reducing the tax outflow.

A number of tax-saving instruments are available to choose from such as PPF, NPS, tax-saving mutual funds, etc. It is also important to distribute your tax investment across the year instead of doing it in the last month. However, it is equally important to understand that investment goals must be derived from your financial goals and not for the purpose of tax savings.

8. Limit your debts

It sounds easier said than done. Anyways who wants to remain in debt? It just happens. However, as per Central Bank, there are certain strategies to keep your debts in check. They are:
- Do not buy anything which you cannot afford without a credit card.
- Completely pay off your credit card balance, every month.
- Focus on your needs not wants.
- Plan your budget as per your financial goals and requirements.
- Limit the number of cards you own.
- Maintain a master sheet to track your expenses.
9. Monitor your credit score

It is almost impossible to not own a credit card in today’s world. However, it is crucial to managing your credits correctly. A solid credit report is required if you are planning to obtain a loan or mortgage a property. For this, you better pay off your balance every month or at least try to keep a minimal credit utilization ratio.

The most popular credit score these days is FICO (Fair Isaac Corporation) score. The factors that determine your FICO score include payment history (35%), length of credit history (15%), amounts owed (30%), credit mix (10%), and new credit (10%).

It is also a good idea to subscribe to credit agencies that provide you with regular updates on your credit score. This would not just help you in identifying mistakes but, also to detect any fraudulent activity.

10. Maintain financial records

It is always important to keep your financial records organized. This will help you track any discrepancies at later stages. Traditionally, a folder or drawer is used to keep all your bill and payment receipts. However, this increases the risk of missing or forgetting one or more of them.

Currently, a number of apps are available to keep track of your finances. These online services help you separate the old bills and receipts from the new ones. Also, you can set reminders for upcoming payments. This saves you from the hassle of looking through every document in your folder while trying to find one.

Conclusion

Therefore, it is important to understand the five key aspects of personal finance i.e. savings, investment, financial protection, tax plan, and retirement plan before you start to plan. Moreover, organizing your personal finance in the new financial year using the tips mentioned above would certainly help you get more out of your available assets.

Hope you enjoyed reading this article and learned something. Keep visiting for more fun and knowledge.

FAQs

How do I write a financial plan for the new year?

Start early, create an emergency fund, plan your taxes, and monitor your credit score.

Which financial plan should be set first?

Creating an emergency fund should be your priority because you never know when a crisis will hit you and you’ll be buried under debts.

What is the 50 30 20 budget rule?

According to the 50 30 20 budget rule, you should allocate 50% of your income to needs, 30% to spending, and 20% to savings.
April 15, 2022
How to Become Best at Event Planning?

Event planning is a cool job to have but hard to execute and make a living out of it. The event planning business is a grey area that only a limited number of experts know in and out. There are five basic skills you need as an event planner. You don’t have to go to a specific school, follow a specific course or education on event planning. One gains event planning education through experience and actual projects. Planning can be quite needy and hard at times, and that’s where real-life experiences help.

An event planner who makes money out of selling events is no less than an entrepreneur. It’s different and a bit harder than working as an event planner on the payroll for a company that pays a set salary every month. Either way, you need to gain experience and basic knowledge. Networking is the most effective strategy for event planners to find new clients with a significant share attained through social media.

Learn to Plan
Listen to Your Clients
Manage Your Finances
Be Prepared for Everything
Learn to Handle Criticism
Research About Event Planning
Get Experience
Choose Your Specialization
Get a Website

Learn to Plan

You need to know about planning. Though it’s obvious by the name, several event planners are not able to plan. As an event planner, you have strict deadlines and you should hit those deadlines earlier rather than later. A lot of event planners think they can delay a bit but that’s equal to inviting the client’s wrath. Those event planners who tend to procrastinate should know that their procrastination will lead to difficulties. So, you need to plan well not just for yourself but also for your team and clients.

Listen to Your Clients

A lot of people go into the event planning business with their perception of what a good party or event looks like. You should bring in your ideas but in the end, your client needs to be happy with your services while you cater to their needs. If your client comes to you and says, “Oh, I want a balloon themed party, ‘ and you bluntly disagree with the idea, it means you are not listening to the client. A client’s requirement has to be met; after all, you’re being paid for meeting certain expectations. Add your creativity while adhering to the customer’s core requirements, and listen to your clients. The event is meant for the customer and he or she needs to be happy.

Manage Your Finances

You need to be good with finances. A lot of event planners don’t know about managing money. As an event planner, you work with a tight budget. It’s good to be cool and awesome while planning the event but don’t go overboard with the budget. You always need to have an emergency fund to bank on if things go awry.

For example, if you order a cake and the baker doesn’t show up, you need to have some extra money to order an alternative. If you do not have basic financial skills, work on them immediately. Your clients will be not fond of your service if they are forced to spend more than their budget.

Be Prepared for Everything

Creativity is the secret sauce. Through creativity, event planners can find solutions on the spot when everyone else is flipping out. As an event planner, you often troubleshoot when least expected, even though you assume everything is planned well. Your clients can turn the course of the entire event in five minutes before and you have to be creative to solve such issues.

What if the caterer turns up late? You arrange for quick bites. If there are electricity problems, the generator you had as backup comes to the rescue. The scenarios are innumerable, you may not be able to prepare for all of them. However, even a small attempt at mitigating the effects goes a long way.

Learn to Handle Criticism

One of the most important skills you need is having nerves of steel. As an event planner, you organize the entire event and also lead the way for others. You need to be strong enough to handle client criticism.

You need to be disciplined to ensure your team does what is to be done and they are not slacking off. If something goes wrong, you bear the brunt as the lead. You need to have nerves of steel to tackle situations when you or your team members get stressed out due to unforeseen circumstances.

A lot of event planners start to buckle under stress. That’s when events go wrong, learn to handle criticism. Learn to keep calm in the midst of the storm because everyone looks up to you to make the event a success.

Research About Event Planning

Now on to the business side of being an event planner. So go and research how many planners are in your area, what do they work on, and the potential clients in the area. If you live in an area people don’t have money to hire an event planner, you will only sit at home and be frustrated. After all, people won’t be able to afford your services.

If you want to be a freelance event planner or a workforce member, you need to do your research first. When it comes to finding potential clients. figure out if you want to work b2b so business to business or b2c (business to customer).

Get Experience

Finally, you have all of your event planning skills in your pocket – you know your target group, your market, how many event planners are there in your area, and potential clients. However, it only matters when you have real-time experience. If you don’t have event planning experience, start by organizing small parties and events for friends. Do such events for free or for a small fee and then start using their references for your portfolio. Ensure you get enough footage like pictures and videos of the party you organized because that’s going to build your first portfolio item which you can then show to paying clients.

If you have no event planning experience, start helping out here and there. If you can get an internship, grab it. You can learn a lot from an event planner that’s been in the business for a long time. Sometimes you start two to three months ahead and there is a lot of turning wheels you need to keep an eye on.

Do your homework, make sure your basic event planning and organization skills are up to the mark before you start setting events. Otherwise, bad reviews are inevitable and that’s not good for your business.

Choose Your Specialization

It’s better to specialize in a certain type of event. For instance, you may plan a kids’ party. But if you are not into kids and have an “it’s another job” mindset, it will never be as amazing as planning a press event or a company party that you’re passionate about. You may initially take up all kinds of events in the beginning, but there will be a time when you’ll have to specialize.

To make sure there are enough events for you to sell, it’s a good idea to specialize in a certain type of event. You can be a wedding planner, kids party planner, company event planner, or press event planner. If you have public relations experience, you could easily cross over into PR events. There are so many events like hen parties, and bachelor parties, you can even plan funerals.

Specializing in an event sets you off from the crowd and it will help you sell that event without too much competition. Figure out if there is anyone that is doing the same type of event that you want to specialize in.

Get a Website

You need to get yourself a website, you need to start posting the reviews you get from friends, smaller jobs, or employers. Add photos, videos and other graphics that reflect the assignments you have taken up. People need visuals to rate an event planner.

Documenting every step of the way is a good idea to get your event planning business off the ground. Create a workflow that fits you. Make sure your workflow has your clients face minimal or no stress. The same goes for you. Your workflow needs to be smooth, it should be a template to quick-start planning events.

Conclusion

Planning an event is a very big responsibility, everything depends on you and how you follow all the steps to make the event a success. Those who are venturing into event planning for the first time, need to research and be aware of how to plan properly, through this only one can become a good event planner.

FAQs

Which is the first event management company in India?

Touchwood entertainment is the first listed event management company in India.

What makes a person the best event planner?

An event planner has to be organised, must have a keen eye, and have good observing sense.

How much do event planners make?

An average Event Planner with 4 to 9 years of experience makes INR 4 Lakhs a year.

April 6, 2022