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With the current fluctuating market conditions, digital gold is becoming a reliable and sustainable investment option for many. Digital gold is a digital instrument that allows you to invest in pure gold. The dealer stores an equivalent amount of actual gold in safe vaults. Following payment, you will receive an invoice, and the indicated quantity shows under the vault balance in your service provider's account. Did you know you can buy gold from as low was Rs 10 on the Wizely app? As a buyer of digital gold, you can sell your gold at any moment at the current market rates in rupees or grams. After deducting any manufacturing and packaging fees, you can also take physical custody of the gold, in the form of coins or jewellery. The amount of digital gold that can be purchased has no upper limit. The highest amount of gold that can be purchased in a single day is Rs 2 lakh. Need more reasons to invest in digital gold? Start saving in digital gold with as low as Rs

 Digital gold is becoming a feasible option for people who want to invest in gold. Short-term investors are also interested in purchasing digital gold because it is generally stable and can give passive income. Here are several options for purchasing digital gold: 1) Gold Wallets on Apps Several companies, including Wizely, have recently introduced gold wallets. Did you know you can buy gold from as low was Rs 10 on the Wizely app? You can even earn rewards up to Rs 25 lakhs on the Wizely app. See for yourself, download the app right away! PhonePe, GPay, and Paytm are also some other companies that offer this service to their customers.The digital gold is kept in highly secured gold vaults. The gold purity is predetermined, and it may be traded and acquired at any time and from any location using these mobile applications. Also read: What is Digital Gold? Why Should You Invest in it? 2) Sovereign Gold Bonds (SGBs) The Reserve Bank of India (RBI) issues sovereign gold

SIP stands for a systematic investment plan. This is a system that allows investors to invest regularly in a scheme automatically or by themselves. This system will enable them to invest small amounts, which eventually add up in the long run and prove to be extremely useful. Another considerable advantage of this system is that it helps reduce the burden of market volatility through dollar-cost averaging. Since you are investing on a particular day each month, you are likely to get an average purchase price for the asset you bought at the end of the year. Example Let us suppose that you are in a job and earn a salary of Rs. 50,000/- per month. You are looking to invest in mutual funds and can afford to invest about Rs. 10,000/- every month. In such a scenario, you can opt for a SIP plan in your desired mutual fund. This will do that. Rs. 10,000/- will be invested on a particular day of each month in the mutual fund of your choice at the rate at which it would be trading on that

Many people seemed to be interested in Index funds these days and we believe that is a good thing. Index funds are the easiest and cheapest ways to passively invest in the stock market. So let us understand what are Index funds and how you can invest in these funds. What is an Index Fund? An index fund is a type of a mutual fund that tracks any particular index. You must have heard of the Nifty 50 index. This index has the top 50 companies in the country. Now if you invest in a Nifty 50 index fund. What you are basically doing is that you are investing in the top 50 companies in the country. Here are some key things you need to know about Index funds. How Much is the Fee to Invest in Index Funds? Low fees is one of the main reasons why investors opt for index funds. On average, the fees for most index funds is between 0.1 to 0.2 %. This is much lesser compared to the average 1% that is charged by most actively managed funds. Also read:  Here's How You Should

Zero-based budget is a way to budget all expenses that must be justified for each new period. Zero-based budgeting starts as a zero base, and every step by an individual is evaluated for its needs and costs. Further, a budget is built around the needs of the upcoming period, regardless of whether it is higher or lower than the prior one. A zero-based budget gives you top-level strategic goals to be implemented into the budgeting process by tying them to specific functional areas of the organization. Costs are first grouped and then later measured against previous and current expectations. Zero-based budgeting has been followed over several years, with some functional areas that managers or their group leaders review. It allows you to lower costs by keeping away from blanket fluctuations to a prior period's budget. It is a time-consuming process that takes much longer time than traditional, cost-based budgeting. Still, the practice favors areas that give straight revenues or

For decades, gold has been one of the favourite investment options for many Indians. When financial markets were not as mainstream as today, real estate and gold were the only investment options commonly understood by the retail investor. Amongst the two, gold had the massive advantage of allowing people to invest even tiny amounts. It was also considered to be safe and was widely accepted. Recently, the trend of investing in  digital gold  has picked up, and it has left many retail investors wondering, what is digital gold? Here we will try to explain what digital gold is and talk about the pros of investing in it. What is Digital Gold? Digital gold is a safe and easy way to invest in gold. When you invest in digital gold with any company, that company will buy the equivalent amount of digital gold and store it in a secure vault under your name. You can buy and sell it online through many financial institutions. And the best part: You no longer need a large sum of

The internet has turned the tables on the way we do shopping. Because of numerous advantages, more and more people prefer buying things online over the conventional method of going into stores and searching through aisles. What are the reasons that many people love  online shopping , and what are the disadvantages of it? Let's see below. Advantages of Online Shopping Convenience -  The biggest perk. Where can you comfortably shop at midnight while lying in your pajamas? There are no lines to wait, or cashiers help manage your purchases, and you can do your shopping in minutes. With the opportunity to shop 24/7, you also reward the environment with a 'no pollution' shopping experience. Affordable Pricing -  Cheap deals and better combo offers are available online because the products come to you directly from the seller or manufacturer without involving go-betweens with the benefit of easy to compare pricing and better deal chance. Save the extra expense of g

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

With the COVID-19 crisis storming our lives in 2020, the economy, businesses, and budgets have taken a severe hit. 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. 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. The crisis is already here in the form of a pandemic, and there is no better time to start than right now and every small amount counts. Is it even possible to build an emergency fund right in the middle

Saving conjures up images of deprivation and hassle. We all have so many financial balls that we are trying to juggle at the same time – from EMIs to bills and purchases – it is understandable for people to not place any priority on saving money. Most of us belong to the school of thought that saving comes last after we sort out our other financial obligations. But even if disposable money is in short supply, you can still save. Let’s consider various options. Start small – don’t overextend yourself. Understand the difference between ‘need’ and ‘want’ – accordingly you will free up some extra disposable money when you think you can’t. Short term gratification is just that – short term . Is it really necessary to have a new iPhone every year? Is it really necessary to splurge on Starbucks coffee everyday? Is it really necessary to buy lunch everyday when you can take a packed lunch from home everyday to work? All the money that you are spending, can be used as savi

The New Year is just around the corner. It is a time to celebrate all the great things in the year while planning some goals for oneself for the upcoming year. While this year might not have gone the way most people planned it to be, it did give us some time to rethink multiple aspects of our lives, one of the most important one being our financial health. The pandemic induced job losses and negative market sentiment took a toll on many people’s lives, reminding us of the importance of money management and financial planning. Let us look at five financial tips that you can take on before the new year with the worst behind us. Get Rid of Debt - Before the next year begins, take a pledge to pay back all your debt as soon as possible. Take a look at all your debts and identify the most expensive ones (higher interest rates). Make a plan to pay them all one by one and set time-bound goals for yourself. Make sure you set reasonable goals. No matter how small the amount is that you

  Have you ever gone on a detox? Whether it be for smoking or just eating healthy food. Detox is saying no to any habit that you wish to improve on. A financial detox or financial cleanse is something similar. You can go on a 30-day financial cleanse to get rid of all unhealthy financial habits you might have and streamline your financial goals and personal finance journey with the new year just around the corner. Today might be a good time to think about it and take on a 30-day financial cleanse journey, which will help you save a lot of money during the trip and sustain the practices you develop after the 30 days. Let us look at some things that you can do during your 30-day financial cleanse journey. Take a No-Spend Challenge - A no-spend challenge is a great way to accelerate your finance journey and quickly reach your financial goals. While you will have to spend an entire month with a lot of patience and discipline, it is the cost that one must pay to achieve th

We are hardwired to carry out monetary transactions every day of our lives. It can be quite difficult to overcome bad spending habits, particularly if we don’t know what they are! We often get into financial trouble by buying more than we need. Not everyone spends money the same way. Even when making the same purchase, the emotional and logical reasons may be completely different. An example is someone overspending on a newer model of a vehicle over the previous less expensive model. Some rationalise the decision to overspend with safety concerns. Others may have purchased it as an attempt to “buy” their way into a certain social circle. Peer pressure can persuade us into making some very irresponsible financial decisions, in most situations leading to debt. We might end up buying things just to fit in, end up swiping our credit cards to just be in a party or even purchase stuff that we don’t really need, only because someone else has it. To break bad spending habits, consider

Budgets should be about more than just paying your bills on time—the right budget can help you determine how much you should be spending, and on what. The 50/30/20 rule can serve as a great tool to help you diversify your financial profile, reach dynamic financial goals, and foster overall financial health. If you’re trying to become a better money manager, it’s really helpful to have a clear strategy that ensures you are putting enough of your money in all the right places. The 50/30/20 rule is a budgeting framework that outlines what percentage of your income to allocate for the three of the most important parts of your budget. The premise is simple - you allocate 50% of your budget for your essentials, 30% for wants, and 20% for debt and savings. What is the 50/30/20 Budgeting Rule? The 50/30/20 rule starts by calculating your income after all deductions, and allocating your budget as follows: 50% of your income goes towards your needs or financial obligations

Dear Freelancer, This blog is dedicated to you. Hats off to you! You are living your dream and charting the course of your own destiny. However, we know that it’s not easy. There is pressure to consistently drum up work to make sure that you have a steady flow of income. The struggle is real and we feel your pain! How can you reduce your stress levels and bring some stability to your money situation? Save, save and save some more. Now we realize that this is easier said than done – and that’s where Wizely, has your back! There will be good months and bad months. But the key is to build some sort of nest egg that will tide you over in the bad months. Increasing the amount you save in the good months will give you stability during the lean periods. Here is how Wizely can be the perfect partner to help you on your financial journey. Consider Wizely to be your digital money manager or your financial personal trainer who will be working in unison with you to help you rea

The thing you do when you’re having a bad day or when you’re just plain bored and need to add a dash of excitement to your life. You tell yourself that you deserve this little treat and make a promise that for the rest of the month you’ll curb your spending. A few days later when you get the delivery in your hands, you feel delighted. You try on the dress, and you can already picture wearing it for your next brunch party. As the month goes by, you conveniently forget about this expensive purchase and your expenses start stacking up. By the time the month-end rolls by, you’re close to being broke and regret not being able to save money for your actual goals. You recall the impulse purchase you made early on in the month and you kick yourself for making that rash decision. Yup, we’ve all been there. Some of us, probably more frequently then we would like to admit. But worry not! There are some smart ways to avoid making those impulse purchases and instead focus your effor

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 -