Wizley Blog

 The coronavirus pandemic has thrown the world into a state of crisis and naturally, we all are trying to trim down our expenses and save up as much as possible to survive these times. While it is natural to feel anxious about finances during such a crisis, thankfully staying at home has its own benefits too. Working from home and cooking at home means that you are neither spending on petrol or diesel nor on dining out. In addition to these, here are some more ways that can help you stay on track during such trying times. Strategies to Save Money During the COVID-19 Crisis Lower Your Insurance Premium Payments If you have a life or a car insurance premium that needs to be paid between April or May, then check if there’s a way for you to defer the payment by a month or so. Try to contact your insurance provider and check what options can they help you out with. It can take off some burden from your current month’s budget. Plan Your Meals & Visits to the Groc...

 Are you a little worked up about the potential economic slowdown? With all the news circulating around this, you are certainly not alone. On the flip side, it’s in these times, where you actually wake up and take an honest look at where your money is going and how you are investing it. So don’t panic, and instead, see this as a reminder to take stock of your finances. Read on to find 6 things you can do to make sure your finances are in place and you’re fully prepared to tackle these economic changes. Watch Your Expenses At this time, it is not just crucial to keep a close track of your expenses, but it’s something you must do. If you have a handle over budgeting, then you won’t find this difficult at all! Once you have a clear understanding of where your money goes, you’ll be able to make more insightful changes. Often times when you look closely at your expenses, you’ll realize that it’s the small expenses that are adding up and hitting you hard. Perhaps it’s time t...

 Learning to make a budget is the first step in any financial journey. Whether we like it or not, we are all part of a complex economic system. We live in it and interact with it every single day of our lives. In such an environment, if one wants to grow, it is crucial to understand how this system works and what are the best tools that one can use to navigate this system smoothly. One such tool is a budget planner. But what is a budget? How do we create a budget? In this blog, we are going to cover these questions. Consider it a beginner's guide on how to start creating a budget from scratch. There are a lot of budgeting tools and budget planners available on the internet. Some of these are complicated and could make budgeting seem difficult, but if one understands what a budget is and the essential components that a reasonable budget should cover, a pen and paper are all you would need to create an easy budget that works well. So let us get right into it. What is...

 When you retire, your salary stops, but your expenses don't. Ensuring your daily expenses are taken care of and that your lifestyle is maintained as before, a good retirement corpus is necessary. This is where the Employee Provident Fund comes to the rescue. The Employee Provident Fund (EPF) helps people save up sufficient for their retirement. It was introduced with the Employees' Provident Funds Act in 1952 & managed by the Employees' Provident Fund Organisation. An employer's contribution towards the employee's EPF account is 12% of the salary (basic plus salary dearness allowance retaining allowance). The EPF is regarded as a low-risk investment as Government of India manages it and assures a fixed rate of return. The employee also has the choice to contribute more to his/her EPF account. There is no such prescribed value to which employees can contribute towards EPF as per the law. The contribution over the mandated 12% goes towards the Volunt...

You know that thing you start using when your dad stops giving you pocket money? Yup, today we’re talking all about credit cards. First, let’s start with the basics. What is a Credit Card? A credit card allows you to borrow money from a bank to make purchases - whether it’s dining at your favourite restaurant or booking an international trip. The bank gives you a credit limit based on your monthly income, to make sure you’ll be able to repay the borrowed money on time. Credit limit enhancement can be requested and depends on various factors, like your credit history, credit score and income. Smart use of credit cards is a necessary habit to cultivate for your credit and financial health. Using a credit card irresponsibly can lead to endless credit card debt traps. Therefore, being aware how to use this tool efficiently is crucial. So let’s deep dive into some of the pros and cons to consider before incorporating credit cards into your financial plan. #1 - It he...

 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. Things to Consider Before You Start Investing 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. 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 ...

 The more you have, the more you need. The less you have, the more you need. The truth is, we are often never happy with what we have. Somewhere, we are left feeling like we need more. Think about it - Even when you have a wardrobe full of clothes, you still feel like you’ve nothing to wear. Or when you purchase a new gadget, a year later you want an upgrade to the latest model. Even when you’ve just come back from a beautiful trip to Goa and you see a social media post of a friend who’s enjoying a cocktail in the Maldives, you automatically feel like your trip wasn’t good enough. Let’s face it - any materialistic need never quenches our thirst for wanting more. And the foundation of any materialistic need is money. When I talk about money, there is an analogy that comes to mind. Imagine that our desires are like seeds and money is like water. To nurture that seed, you need to keep watering. And as you see one seed beautifully grow, you sow more see...