Wizley Blog

In this blog post, we talk about 3 smart and simple ways you can start saving money. You can use these tips starting today and start off April with a bang! 1. Create a Budget for the Month First, make sure you have a clear view of your income for the month and list out your major expenses. Remember, your budget is the blueprint for managing your money! One tip that we have for you is the 50/30/20 rule. It goes like this: 50% of your income is set aside for your essentials like housing, transportation, food, etc. 30% of your income is for any wants or non-essentials like travel, entertainment, shopping, etc. At least 20% of your savings goes towards savings and repayment of debt you can have a budget spreadsheet on your Google drive to access anytime and anywhere without worrying about security. 2. Start a Saving Plan on Wizely On the Wizely app, you have a range of Saving Plans designed to suit your every need. From your travel plans to your everyday grocery needs t...

If you want to gain more control of your spending and tick off your financial goals, then creating a budget is necessary. A budget is basically, an estimation of your income and expenses over a specified period of time, typically a month. Budgeting helps you plan your expenditures and savings while also helping you to identify your spending patterns. Budgeting is a vital tool to keep your finances in order and achieve your short and long term goals. The first step you can take towards budgeting, is understanding the process. Here’s how to make a monthly budget: Step 1 - Write Down All Your Sources of Income If you earn a monthly income, make sure you use your net income (take home pay). And if you do any freelancing work on the side, make sure you record that as well. Step 2 - List out Your Expenses Next, make a list of all your expenses. From your utility expenses to your entertainment costs, make a holistic list of all the things you spend on. Step 3 -...

  So it’s the end of a painful and dramatic year and a change in climate and atmosphere beckons. With the Covid-19 vaccines being rolled out in different countries, one can hope for international travel to open up soon. Yes, in the current climate, one needs to be extra cautious while travelling and planning well in advance for your next international vacation will ensure that you have peace of mind for the coming break. Sure, you could hand it off to a more proactive partner or parent who would be taking the trip with you. But then where would you be when deciding which hotel to stay at or how many nights to be near the city and then near the beach? Often, planning for an international trip begins almost a year in advance. Depending on your passport, the visa features heavily in the decision-making with countries like Europe and America having extremely stringent and strict procedures in the visa application. Countries in Southeast Asia are a lot more welcoming and beckon you over...

There are some money myths which we must debunk at the earliest for effective personal finance management. Unfortunately, these fallacies can be potential barriers to people who are just starting to take control of their financial situations. Personal finance advice comes in many shapes and forms. From listening to podcasts, having social media conversations, surfing the Internet and chatting with an acquaintance at a party, we get lots of advice on our financial life. As you continue your journey to financial well-being, here are 10 personal finance myths you should ignore. 1. It’s Easy to Become Rich Remember that becoming rich is an art that requires sound financial investments in well-regulated financial instruments. Through meticulous planning and a disciplined approach, one can build wealth over the long term. For most of us, it's a far-off dream that someday, eventually, we might be able to turn ourselves into self-made millionaires. But the truth is, building we...

 One of the most important criteria for a human being's happiness is sound health. Although eating healthy food, routine exercising and regular medical checkups are a must in everybody's life, the truth is we’ve become more susceptible to all types of illnesses. Meeting this demand for expenses and affording quality medical care has become challenging for people from all strata of society. This is where health insurance can help you and address those challenges. We have come up with 5 important questions which you need to ask before buying Health Insurance. Is Health Insurance Suitable for You? Figure out why you really need? How many people are there in your family who need health insurance? Consider the kind of illnesses that are present currently and what types you foresee in the future. How Much Do You Have to Pay? How much should you pay to buy an insurance plan for you alone or for your entire family? Every medical insurance requires you to pay a ...

 The coronavirus continues to spread worldwide affecting everything from public health to the world economy. While it is important to take care of your physical and mental health, it is also imperative that you keep a check and manage your personal finances to stay afloat during this crisis. While you might have never anticipated such a situation, it means that you need to be smarter and more vigilant about your monthly budget than ever before. This is the time to ensure that you get through this crisis without upsetting your future plans. So here are five effective ways in which you can manage your budget wisely during the COVID-19 crisis. 1. Review Your Budget With Respect to Your Income Your budget must be in sync with your earnings. If your income has taken a hit, then it’s time to redo your budget as per your new salary. For example, if your monthly salary has been reduced by 30% then your monthly budget also needs to reduce by 30% or maybe even more if you ca...

 Credit cards can be a great asset when used responsibly. But if you are new to using credit cards or have been using one without knowing what a bunch of words on your statement means, you could be in for some unpleasant surprises. If you want to make the most out of your credit card, it's essential to know the lingo. Building your credit card vocabulary not only makes you an informed consumer, but also allows you to maximise the value you get out of every credit card you'll ever own. Here are some credit card terms and their definitions, so you can better understand how your card works and avoid any financial traps. 1. Annual Maintenance Charge This is popularly known as ‘annual fee’ and is not really a ‘hidden’ charge. The annual fee is charged once in a year and the amount varies card to card. Sometimes, banks offer free credit cards which means that there will be no joining fee or annual fee on the card for a certain time period or for a lifetime. 2. APR (Annua...

 If you’re an avid Instagrammer, your feed is likely a collection of everyone else’s fancy vacation photos, Michelin star dinners, and the latest new technology. Ever wondered how people fund themselves? In a modern-day utopia, everyone would have enough to buy everything they have ever wanted but in reality, it can be hard to meet escalating monthly expenses, much less invest in your favourite new product. The Gen Y city dweller is ever aspiring to newer and better things. With globalization, the world is your oyster, but how best to make the most of the world? The answer can lie with your spending power - often the more we spend, the more successful we feel. But pause, and ask yourself - are you spending money you don’t have? Myth: Borrowing Is Easier Than Saving There are a lot of arguments in favor of borrowing money rather than spending your own. It goes without saying that in order to spend your own money, you will have to save some first, which can often aff...

 Did you know that our homes are a money-trap and by simply paying heed to a few tips you can save thousands a month? 1. Conserve Electricity Have you noticed that you are always paying high electricity bills? Do you walk out of rooms without turning off the lights or fan? Are you constantly using air-conditioning? Be mindful about your electricity consumption and watch your electricity bills drop. Instill the habit of turning off the lights when you leave a room. 2. Cut Down Grocery Bills Are you the kind of person that goes to the shop just to pick up some milk and eggs and you leave with a trolley full of items? Supermarket layouts have been designed to tempt us into purchasing things we don’t need. Cleverly placed products at strategic locations are well-known tips that compel people to buy things. Never shop on an empty stomach and always make sure that you adhere to a shopping list. If it is not on the list, don’t buy it. Pay heed to offers and deals. 3. ...

So it’s the end of a painful and dramatic year and a change in climate and atmosphere beckons. With the Covid-19 vaccines being rolled out in different countries, one can hope for international travel to open up soon. Yes, in the current climate, one needs to be extra cautious while travelling and planning well in advance for your next international vacation will ensure that you have peace of mind for the coming break. Sure, you could hand it off to a more proactive partner or parent who would be taking the trip with you. But then where would you be when deciding which hotel to stay at or how many nights to be near the city and then near the beach? Often, planning for an international trip begins almost a year in advance. Depending on your passport, the visa features heavily in the decision-making with countries like Europe and America having extremely stringent and strict procedures in the visa application. Countries in Southeast Asia are a lot more welcoming and beck...

 Let’s take a look at what diversification is and why it's important to diversify your investment portfolio. What is Diversification of Investments? Diversification is creating an investment portfolio that includes securities from different asset classes. An asset class (or asset category) is a group of similar types of investments. These investments share similar characteristics, may react in a similar way to market influences, and are usually subject to the same rules and regulations. By having elements of different investment classes in your portfolio—including stocks, bonds, cash, real estate, gold, or other commodities—you can protect your portfolio from losing the value that it might if it only contained one failing asset category. Diversifying spreads risks across various investments, reducing the impact that poor returns from any one investment are likely to have on the overall portfolio. If you hold just one investment and it performs badly, you could ...

 Are you looking for more income in the bank and to live a better life? You need to try hustling each day. Successful and wealthy people are always finding new ways to monetize their strengths, working hard, stay consistent and refrain from distractions like social media browsing or watching videos. Each hour you fail to improve your life is an hour wasted. “But how can I hustle?” You might ask. In the post below, you’ll find 5 cool side hustle ideas that you can dive into today. No doubt you’ll find the one way you want to hustle and stick to it. Blogging Millions of Indian writers make a full-time income with blogging. Thanks to Google’s search metrics and SERP rankings, the need for keyword-loaded content is always high in ensuring the right traffic to websites. It’s easy to blog and anyone can begin. This helps you tons with passive income. This means once you’ve built the blog that can earn you money, your additional work becomes less and less. Bloggin...

 Congratulations! You have successfully created a monthly budget. The next step is what many people find tough - staying on track with the budget. We understand that sticking to a budget is easier said than done. So we have compiled simple and smart budgeting tips that will help you with your expenses and stay on track with your money. Know the Difference Between ‘Needs’ and ‘Wants’ Needs are basic expenses like paying rent, bills that help you live and work, while wants are expenses that you can do without like dining out, going to the movies etc. So it is important to not to overspend on your wants and stick to the amount you have budgeted for. Take care of your needs first, save enough and then spend on your wants. Set a Realistic Budget It is easy to get carried away while you are budgeting for a month but the key is to set a realistic budget. For example, if you feel you might overshoot a 10k budget by one or two thousand rupees, then set a budget of 12k and t...

 Who wouldn’t love to own the latest premium gadgets or take a luxury trip across the world? The answer to that question is “Everyone”. Sure, we love the tech and the luxury - but the real question lies in whether we can truly afford it. After all, to truly afford something is to buy it without borrowing and instead with your planned savings accumulated over a period of time. In today’s age of technology and social media, we are forever caught in a struggle to prove our worth through our material possessions and gateway adventures. As a result, we end up cutting deeper into our pockets than we can completely afford. Often we are manipulated by the EMI schemes offered by credit card companies and banking institutions. Hidden costs for these are often left undisclosed by the lending agency and so, we end up paying more than we actually signed up for. Planning is always key when it comes to big investments. A thoroughly prepared and flawlessly executed financial plan is what ...

We often assume that the word investment is for the wealthy - the people who work in high profile MNCs or own a business that has large turnovers. There’s the misconception that a normal person, without a ton of wealth, cannot play around with investments! But we’re here to tell you that investments are a tool for EVERYONE. Having said that, let’s dive into some smart tips on how to start investing even if you’re not rich. Start Learning to Save The first step in learning to invest is to learn to save. Only when a person has enough for his or her needs can they have more to invest. Audit your expenditures and see where you could actually cut costs and start saving. The focus should be on building this saving habit step by step - you could start with the 50-30-20 rule, or have a goal of reducing your impulse shopping. You could then open an online savings account and start to save money there. Once there is enough savings, you could use that for actual investments. Clear of...

For Example, Nikhil is an avid traveler who finds the ultimate joy in going on challenging treks. Throughout his childhood, he and his family used to go on off-beat holidays which always included a serene hike. Now in his 20s, Nikhil is determined to continue this passion of trekking and his goal is to go on the Mad Monsoon Trek in Coorg. However, there is one major challenge – Trekking is an extremely expensive hobby! Right from the basic jackets, boots, and thermals to the most important accessories like duffle bags, snow glasses, torches, binocular cameras, trekking pants, trekking poles, sleeping bags, and rain jackets…. It turns out to be an extravagant affair! With today’s fast-paced life, pursuing hobbies can help you keep your inner child alive! Having a hobby relieves you from unwanted stress and helps unleash your passions. Also, it helps you network and meet like-minded people, allowing you to develop your overall personality. Of course, there are some hobbies like ...

 Credit cards are surely a popular payment tool, especially for young people. Based on the concept of ‘buy now, pay later’, credit cards offer the financial flexibility that hard cash doesn’t. Credit cards come in handy in a variety of financial situations, and they even offer a multitude of offers and rewards that one could avail for themselves. But have you ever wondered whether you are actually making the most of your credit card? Here are a few ways in which you can maximise the benefits of your credit card and use it well. 7 Ways to Make the Most of Your Credit Card 1. Choose Smartly While applying for a credit card, make sure you are well informed about the various benefits and services of the card. Do thorough research on the different products and services of various banks before choosing which credit card will help you the most. Check on the credit limits, interest rates and payment terms of the various banks. If the credit card requires you to pay  j...

Budgeting is one of the most important financial habits you can inculcate in your life. While creating a budget is important to help you plan how much money to save, spend, invest and give, it is equally important to track those expenses in an organized manner so that you are making swift progress in your financial journey. A key component of tracking your expenditures is categorizing them into various buckets. This helps you - Get an overview of your overall expenses Easily track expenses and identify spending patterns Have a keener understanding of your spending behaviour and decide on how to take proactive measures Have a better grip on your current financial situation and align your budget with your long-term goals Now that we know the advantages, let’s dive right into how you can categorize your expenses. First, split them into two broad buckets - Fixed Expenses and Discretionary Expenses. What are Fixed Expenses? Fixed expenses are all those purchases tha...

 In the last month amid the coronavirus pandemic, we have seen a large fall in the equity markets around the world. According to the Asian Development Bank (ADB), India’s economic growth rate will slip to 4 percent in the current fiscal on account of the global health emergency created by the coronavirus pandemic. India’s stock market capped its worst quarter on record at the end of March, with the Sensex index sliding 29 percent, according to Bloomberg. The stock markets are expected to remain turbulent for some more time. It could dip further before regaining stability. It’s natural to feel skeptical and uncertain with respect to your investments, during such a situation. Therefore, we’ve put together some suggestions from financial experts on how to invest in stocks during a market crash. Read on to understand the current stock market and how to proceed with your investment journey. Things to Remember Before Investing in Stocks During a Market Crash? If your mon...