Wizley Blog

  Credit - a word used quite often in our financial conversations, in some form or the other. Every time you thought about borrowing some money from a friend or taking a loan from the bank - you were actually thinking about credit. So what exactly is credit and how does it work? Let’s find out. What is Credit? Investopedia defines  credit  as ‘a contractual agreement in which a borrower receives something of value now and agrees to repay the lender at a later date—generally with interest.’ So, when you (borrower) take a loan from a bank (lender), you agree to repay the loan amount within a stipulated time with interest. This is credit as we understand it in our daily lives. Credit can also mean credit cards, credit reports, credit histories or credit scores in certain cases. Credit is also used when an individual receives money in cash or in his or her bank account. So a credit transaction like salary in your bank statement means that you have received money from a person or a

  With the latest COVID-19 crisis looming over our heads and the whole of India getting locked down, the economy, businesses, and budgets are taking a severe hit and this has led to a wide spectrum of our population getting financially affected. These uncertain times are a good time to keep your finances in check and this is why most people give importance to building an emergency fund. What is an Emergency Fund? An Emergency fund is a bank account with at least 3-6 months of income set aside ideally to cover large unexpected expenses like unforeseen medical expenses or unemployment. However, any amount of money even as less as 5% of your income is good to start with. Building an Emergency fund creates a financial buffer that can keep you afloat in a time of need, without having to rely on credit cards or high-interest loans. This can also help especially when you actually have debt because it can help you avoid borrowing more. How Much Money Should You Save in an Emergency Fund

  The word 'wealth' is not restricted to just money, and it is a narrow point of view to know what it means to be wealthy. Wealth consists of many aspects like our health, relationships, finances, and time and can be broken down into four categories: 1.     Money (Financial Wealth) 2.     Status (Social Wealth) 3.     Freedom (Time Wealth) 4.     Health (Physical Wealth) 1. Financial Wealth Financial wealth  means financial freedom to do more of what you like—complete freedom from every other financial crisis. Financial wealth comprises understanding areas like investments, savings, and budgeting, and they want to be financially savvy. Now, imagine yourself in the future not worrying about money anymore. How would that make you feel, and how would that change your relationship with the world, people around you, and your family situation. Read more:  Financial Planning Tips For Beginners 2. Social Wealth Social wealth - The underrated wealth. Status has its

Don’t we all have just about the same questions when it comes to money - we need it, we get it, we spend it, but can’t seem to save it! Or save most of it and don’t spend where necessary. What you, and thousands of young minds like you need is an intelligent digital banking buddy who can take care of all your financial needs and help you towards a healthy, secure financial future. So say hello to  Wizely  - one of India’s fastest-growing apps for personal finance management. The Wizely logo represents the foundation for financial wellness: managing, saving and growing your money. Each arrow in the logo is pointing up to the right - which is where we want you and your finances to go! Wizely promises that it will deliver personalized guidance and empower you to make your goals a reality by: Helping you manage monthly cash flow unpredictability through smart spending controls, Building cash flow flexibility through saving for emergencies and planned purchases, and Growing your money metho