Wizley Blog

  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 saves us fro

Nikhil is an avid traveler who finds 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 camera, 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 our inner child alive! Having a hobby relieves you from the 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 book reading, volunteeri

  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  joining and renewal fees,

  In the last one 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 money is already in

  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 organised manner so that you are making swift progress in your financial journey. A key component of tracking your expenditures is categorising 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 categorise your expenses. First, split them into two broad buckets - Fixed Expenses and Discretionary Expenses. What are Fixed Expenses? Fixed expenses are all those purchases which you need to incur in

  Starting as an independent individual, what you need first is a plan for your finances. That feeling of financial independence is surreal and might be overwhelming when you throw a party. Half of the month is left, and you do not have the money to survive?. How? Why did this happen? You may have gone overboard with your expenses this time. So how do you resolve this? Financial planning  is your answer. It will not only balance your spendings but might help you save a little more than expected for that rainy day. Start saving in digital gold with as low as Rs 10!  Download Wizely Let’s understand some basics of financial planning that are easily doable and help you save money. Start Now It’s never too early to do your financial planning. If you start today and continue for years, you might have double the amount you thought than if you had begun ten years later. Save   Each brick counts when building a home. Even if you have to save up Rs20 for that soda, it will be a part of your sav

  Handling your money right is the most important exercise to develop. Now that you're moving into a different realm, you need to furnish yourself in your career and begin with the corporate ladder or making your way as a future millionaire. There is already too much going on, and financial stability is on top of every human mind around. Start saving in digital gold with as low as Rs 10!  Download Wizely Think of this article as a route or guide to help you bypass those monetary gaffes in your journey. 1. Credit Card Debt Credit cards can feel like a solution at the moment of your impulse purchases but ask yourself that can you afford it? Will the next paycheck be enough to pay it off and bear your monthly expenses? Credit card companies make their money off of your financial mistakes and buying things you don't need in real life. Their infamous interest rates and hidden rules in their fine print can make you fall behind. 2. No Side-Hustle Employment and relationships are treat

  The trend of shopping online is increasing at a tremendous rate. With the increase in smartphone adoption and cheap internet packs, people have started spending a lot more time on their smartphones, which has been a huge positive for the eCommerce industry. Start saving in digital gold with as low as Rs 10!  Download Wizely It is believed that people tend to overspend while shopping online as against visiting a store physically. The convenience of shopping through your phone, paying a few days later, and the temptation of flashy sales ads have all contributed to this cause. Let us look at seven tips to avoid overspending on online shopping. 1.  Follow the 24-Hour Rule  - The 24 hr rule says that you should wait for at least 24hrs before making a purchase that you just thought of. It would help if you used this time to rethink whether you need the product that you are going to buy or not. This will save you from making a lot of impulse purchases. 2. Unsubscribe to Email Ads  - Website

  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 speci

  "First forget inspiration. Habit is more dependable. Habit will sustain you whether you’re inspired or not." - Octavia Butler Most of our lives are dominated by our habits and it holds true even for our finances. As per a  study  by the Duke University, habits (actions that tend to repeat themselves) make up around 45% of our daily behaviours. So naturally, if we want to change aspects of our financial lives - save more or cut unnecessary expenses or pay bills on time - then the best way to go about it would be to modify our habits. The good news is that habits are relatively easier to form and sustain. And you don't have to make drastic changes at once - you can start small and build on sustaining those good financial habits over time. So what are the 3 simple things you can do to improve your money habits? Start with Smaller Changes We all have made lofty new year resolutions at some point or the other and failed to keep them. That essentially shows that making drasti

  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 lose all of your mone