Wizley Blog

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 can affo

 Happy Women's Day, ladies! All around women have been taking giant strides and breaking boundaries in many industries. This is a significant shift from managing households to managing businesses. However, women still seem to struggle when it comes to money matters and their personal finance. Poor money habits or lack of proper financial know-how can lead women to take poor financial decisions. To ensure financial independence, women need to be more confident and sound in all money matters. Women who practise good money habits can take good financial decisions and turn money into their best friend. So what can women more to improve their money habits and empower themselves to run their financial life? Let's understand. 1. Educate Yourself on Basics A twenty-four year old woman counting dollar bills. Photo by Sharon McCutcheon / Unsplash Before getting involved in strategies for a solid financial foundation, take out some time to learn about money management and how to invest; a

  Surely you would have already heard about Wizely Wednesday by now! With Wizely Wednesdays you can earn scratch cards (aka rewards) everyday for increasing your Financial Wellness score by completing simple financial tasks on the Wizely app. And every Wednesday, you get a chance to earn a Mega Cash Reward of up to Rs 25 lakhs! The maximum amount you can earn through this special Wizely Wednesday scratch card every week will be based on your Financial Wellness Score on that particular Wednesday. Awesome, right? You can read more about Wizely Wednesdays: What is Wizely Wednesdays? Impulse shopping is an example of a good financial habit.   True   False Submit So how can you increase your Financial score and earn big rewards with Wizely Wednesdays? All you need to do is improve your financial habits by: Setting and following a monthly budget Setting up and saving towards an emergency fund Saving towards all your financial goals Tracking your expenses and staying under your daily budget P

  It is Diwali season again, and we are all excited to celebrate this festival with our loved ones. And before the festival of lights, we usually prefer to buy gold on the auspicious occasion of Dhanteras. 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 why this Dhanteras you must gift digital gold to your loved ones. 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 c

  The festival of Diwali is here, and some of us might be looking forward to a Diwali Bonus. At the same time, it might be tempting to spend all the bonus on impulse purchases or a few Diwali parties; however, a financially wise decision in moments like these can go a long way in taking you closer to your financial goals. Let us look at some ways you can spend your Diwali bonus for the best deal. Build an Emergency Fund  - This is the first fund you should focus on if you are a salaried employee and have family responsibilities. Your emergency fund should ideally have at least six months of your income. You should park your money for the emergency fund in liquid and safe instruments like FD or RD. A Diwali bonus could be an excellent way to start building this fund. Get Insurance  - If you do not have health or medical insurance, then this is the fund that you should save to pay the premiums for the insurance cover you choose. The Covid-19 pandemic has made many of us realize the impor

‘I don’t know how much I should save!’ ‘I don’t know how much I pay on taxes!’ ‘I am not sure if my finances are on track!’ Have you heard yourself saying these things? You must read our financial wellness blog series to answer them & improve your understanding of your own finances. Financial wellness is a state in which you are in complete control of your finances and have a financial plan that assures you of financial security in the foreseeable future. At the same time, there are many components to financial wellness. Financial Security: A  state where you have a stable source of income, and you can maintain your desired lifestyle while still being able to save some money for the future. Being debt-free or having a clear time-bound plan to get debt free are crucial components of financial security. Financial Independence: This is a state in which your interest in income/passive income exceeds your lifestyle expenses. This gives the person complete freedom to pursue whatever goa

  Poor money habits or lack of proper financial know-how can lead you to take poor financial decisions. To ensure financial independence, you need to be more confident and sound in all money matters. So what can you do to improve your financial habits and empower yourselves to run your financial life? Here are 5 simple ways for you: 1. Make a Realistic Budget and Stick to it Maintaining a budget and following it diligently is one of the initial steps towards improving your financial habits. If you are just beginning to manage your finances, then try not to overshoot your budget or keep sky-high expectations from yourself. Make a budget that suits your lifestyle and try to stick to it. 2. Start a Side Hustle In a world dominated by social media, anything can be sold with proper strategy and knowledge. So, start a side hustle, something that can either help you make more money today, something that acts as your second income should you face unexpected job security. 3. Emergency Fund is a

  Taking a decision to start your investment journey is a big one and we want to make sure that you are well prepared for it. Investments are a part of your financial wellness journey, but not the beginning. So before you take the plunge into the world of stocks, bonds and portfolios, consider the following things. 5 Things to Consider Before You Start Investing 1. The Budget Check Do you make and follow a  monthly budget ? Do you have clarity on your fixed and discretionary expenses every month? Tracking your monthly budget closely can help you determine how financially fit you are. Are you spending on the right things or do you need to trim certain expenses? Your saving and spending habits will help you plan better for your long-term and short-term goals and accordingly, prioritize your investments. 2. The Debt Check Are you currently in  debt ? Do you have loans that you still need to pay off? It won’t help your financial situation if you begin investing your money without clearing

It’s that time of the year again! With the financial year around the corner, all of us have started planning our tax savings. Saving taxes can be a complicated process, if not planned in advance. If you feel you are paying too much tax, then the good news is that, with the help of some tax planning tips, you can make a remarkable difference to the tax amount you pay. After all, saving money is as important as earning, and that is achievable through proper tax planning. Keep a Check on Your Salary Slip You need to pay an Income Tax on your basic pay. Your HRA is exempt from taxes. However, the HRA exemption is only applicable if you are living in a rented house and paying monthly rent. Make Optimum Use of Section 80C Having a more in-depth look at Section 80C can help you maximise your takeaway salary. You can invest up to INR 1.5 lac in various tax-saving instruments. If you’re trying to figure out where you need to invest to maximize your deduction under Section 80C, take a look at th

  Every Indian citizen is required to pay income tax as a matter of law. Additionally, if you are a rookie at paying income taxes and have just begun your profession, you need to be aware of specific details about the tax* obligation. It will make the procedure more straightforward, and you'll obtain the most outstanding results. Did you know you can buy gold from as low was Rs 10 on the Wizely app? Income Tax Basics for Beginners 1. PAN Card  - The ten-digit Permanent Account Number is a unique identification number. To guarantee that each taxpayer pays tax by income tax rules, the government issues a PAN card to each taxpayer. When paying taxes, submitting returns, requesting refunds, etc., it is crucial to have your PAN card information on hand. It is crucial to own a PAN card and keep it safe for use in the future. 2. Assessment Year and Financial Year  - Before paying your income taxes, you should understand the distinction between the assessment and the financial year. The ti