Wizley Blog

With the current global crisis upon us, there are many different aspects of your life that are rapidly changing. Understandably this can cause panic - but this also presents you with the opportunity to examine some of your financial habits and look at ways to make better decisions. In this chapter, we will aim to understand what are needs and wants and how can you differentiate between the two. What is a 'Need'? A need is basically an expense which you need to incur in order to live and work. In other words, needs are necessary expenses. Examples of 'Needs' might include - Rent Transportation Groceries Home and Utilities Insurance Bills & EMIs Health and Personal care What is a 'Want'? A 'want' is an expenses which allows you to live more comfortably and fulfil certain desires. Wants often improve the quality of your overall lifestyle and these may include: Shopping and Entertainment Food and Dining Travel Gym / OTT memberships How to Differen...

Financial planning might feel like a herculean task. However, it is not as complicated as most financial experts would like you to believe. Let us look at ten tips to make a financial plan without consulting a financial advisor. Set Financial Goals - The first step before making any financial plan is understanding your financial goals. Make specific goals like how much money you want in an emergency fund when you want to withdraw money from your savings for a home purchase, etc. Protect Your Wealth - The inflation rate continuously erodes our wealth if we do not invest it wisely. Find safe investment options that will give you a risk-free return at least higher than the inflation rate. Have an Emergency Fund - No financial plan can be complete without an emergency fund. Make it a point to invest some portion of your salary each month in an emergency fund until it has enough money to sustain your current lifestyle without any income for at least nine months. Ge...

  समय के साथ साथ वैश्विक अर्थव्यवस्था में भी उतार -चढ़ाव आने के कारण दुनिया भर में अमीर व्यक्तियों की संख्या भी घटती -बढ़ती रहती है। लेकिन आजकल कोरोना महामारी के बावजूद भी दुनियाभर में ऐसे कई अमीर शख्सियतें रहीं जिनकी आमदनी और स्टेट्स में कोई खास असर नहीं पड़ी। आइयें नजर डालते हैं दुनिया के दस सबसे अमीर लोगों की लिस्ट में। और बताइएं किस शख्स को देखकर आप सबसे ज्यादा इंस्पायर हुए हैं।  फाइनेंस जगत से जुड़े और भी अन्य लेख पढ़ने के लिए अभी लॉग इन करें  www.wizely.in/wizeup पर।  दुनिया के 10 सबसे अमीर व्यक्ति – अगस्त 2021 ( Top 10 Richest Peoples in the World August 2021 ) #1 बर्नार्ड अरनॉल्ट (Bernard Arnault ) – कुल संपत्ति $ 198.4 बिलियन डॉलर  आयु : 72  नेट वर्थ: $198.9 बी  निवास : पेरिस, फ्रांस  सीईओ और अध्यक्ष: एलवीएमएच लग्जरी गुड्स मार्केट से जुड़े, LVMH के चेयरमैन और सीईओ बर्नार्ड अरनॉल्ट आज दुनिया के पहले सबसे अमीर व्यक्ति हैं। लुइस वुइटन और सेपोरा सहित 70 से अधिक ब्रांड्स में उनकी प्रत्यक्ष या अप्रत्यक्ष हिस्सेदारी है। फ्रांस के ब...

Savings gets you the funds you need to achieve your goals. It doesn’t take too much effort to make savings grow. With a simple savings account, you can afford to buy almost anything you want. Savings goals work best when you think short term, medium term or long term. Short term goals might be buying a mobile phone, medium term might be buying a car and long term could be buying a house, something which sounds far away. If you put aside some money, every time you get paid it will help you reach your goal faster.  However, you need to plan your finances according to your goals. What are Long-Term Savings? Long term savings mean savings for a minimum period of 3, 5, 10 or 20 years. It could be for anything- running a successful business, retiring at the age of 40 or wanting to go on a world tour. Key features of Long-Term Savings 1. Time Period - Long term savings fund gives you enough space to understand the market trends and the features for different savin...

We have all, at some point or the other dreamt of the perfect life. There is no such thing as a financial problem, it’s a process, and we must all believe in ourselves and trust it. However, that does not mean that we cannot do anything to make our life better immediately. Let us look at 15 budgeting hacks that can change your life. 1. Save Before You Spend - The first thing you should do every month as you get your salary is to move at least 20% of it into a savings/investment account. This 20% should not be a part of your budget calendar. 2. Say No to Debt - A critical step towards financial independence is to stay within your budget and never fall into a debt trap. The goal is to earn interest on savings and not pay interest on expenses. 3. Avoid Bad Habits - If you start keeping track of how much money one spends on habits like smoking and drinking, you would be shocked. These habits do not only destroy our health but eat into our budgets as well. 4. Go Gree...

Pat yourself if you are here and reading this blog. Your commitment towards your financial health will help you achieve your 2021 goals faster :) Now, you must be wondering what is a Wizely Financial Wellness Score? Is it the same as a credit score or different? Let us begin by saying that your Wizely Financial Wellness Score is not the same as your credit score and here is how we define it: “A Wizely Financial Wellness Score is a unique score that determines how healthy your current finances are based on criteria such as your monthly savings, budget, EMI repayments, and spending habits.” If you feel an urge to check your FREE Wizely Financial Score, signup on our app now: Or, if you want to know more about Wizely score, we have a lot of interesting things lined up! What Are the Components That Make up Wizely Financial Wellness Score? 1. Your Savings Habit We ask you two main questions to assess this criteria: Do you have an emergency fund? If yes, how much is it? Do ...

Like everything in life, your financial decisions are also affected by your personality. For ages advertisers and marketers have made use of this, to tempt you into spending more. Understanding your financial personality may help you change your financial behaviours, in favour of rational decisions. It could also help you to recognise unhealthy patterns and the root cause for such behaviour. Types of Financial Personalities Character traits regarding financial decisions can be classified into various groups. Experts have identified different groups. You can be a mix of these, or change from personality to another, depending your circumstances. We have shortlisted five major personalities. The key is to find the one that matches closest with your behaviour. Spender - Spender means the ‘ giver ’ or ‘ risk-taker ’, these are the impulsive buyers. Buying gifts and taking big risks while investing is a common trait. Debts do not bother them. Saver - The ‘ hoarder ’ is the opp...