Skip to main content

Money Mantra

  Life goes smoothly if the basic procedures are understood. If the principles of the same calculations are not followed , life becomes a mess. Even if you are working with what you have, whether your business is running successfully, or you are accumulating assets, if you do not choose the right financial method, one day you will not hear the noise of money.  If you look back then.. the mistakes made in the past are heart one by one. squeeze They spend a lot of time blaming destiny for the mistake they have made and calling it 'Brahma Rata'.  If your life is not like this.. the only solution is to follow proper financial policies.  Everyone should follow the saving mantra! Elders say that the income should be used wisely.  How to share the earnings and how to increase it is important.  Along with these it is inevitable to know which mistakes can ruin life.  It is a custom for the middle class to get upset after being damaged! There is Kasta Oodi.. Ex-...
Post a Comment

EMI (Equated Monthly Installment) Management

 Managing EMI (Equated Monthly Installment) effectively is crucial to maintain financial stability and avoid debt stress. Here are some tips to manage EMI effectively:



### 1. **Budgeting and Planning:**


- **Assess Affordability**: Before committing to an EMI, evaluate your budget to ensure you can comfortably afford the monthly payments without straining your finances.


- **Include EMIs in Budget**: Allocate a specific portion of your income towards EMIs. Ideally, your total monthly debt payments, including EMIs, should not exceed 30-40% of your net income.


### 2. **Choosing the Right EMI:**


- **Compare Options**: Evaluate multiple lenders or financing options to choose the one offering the lowest interest rates and most favorable terms.


- **Consider Loan Tenure**: Opt for a loan tenure that balances manageable monthly payments with overall interest costs. Longer tenures reduce monthly EMIs but increase total interest paid.


### 3. **Financial Discipline:**


- **Prioritize Payments**: Ensure EMIs are paid on time to avoid late fees and maintain a good credit score. Set up auto-debit instructions if possible to avoid missing payments.


- **Emergency Fund**: Maintain an emergency fund equivalent to 3-6 months' worth of expenses. This buffer can help cover EMIs during unexpected financial setbacks like job loss or medical emergencies.


### 4. **Avoiding Overcommitment:**


- **Limit Debt Exposure**: Avoid taking on multiple loans simultaneously unless absolutely necessary. Each additional EMI increases your financial obligations and reduces flexibility.


- **Assess Future Financial Commitments**: Consider future financial goals and commitments (e.g., education, retirement) before committing to long-term EMIs.


### 5. **Monitoring and Adjusting:**


- **Review Regularly**: Periodically review your financial situation and adjust your budget if needed to accommodate changes in income or expenses.


- **Prepayment Option**: If possible, consider prepaying EMIs to reduce the overall interest burden and shorten the loan tenure. Check for any prepayment penalties before doing so.


### 6. **Seeking Professional Advice:**


- **Financial Advisor**: Consult a financial advisor to assess your financial situation and get personalized advice on managing EMIs and debt effectively.


By following these strategies, you can effectively manage your EMIs while maintaining financial stability and achieving your long-term financial goals.

Comments

Post a Comment

Popular posts from this blog

Sukanya Samriddhi Yojana-Hindi

 ### सुकन्या समृद्धि योजना (Sukanya Samriddhi Yojana) हिंदी में सुकन्या समृद्धि योजना भारत सरकार द्वारा शुरू की गई एक बचत योजना है, जिसका उद्देश्य माता-पिता को उनकी बेटियों के भविष्य की शिक्षा और विवाह के खर्चों के लिए बचत करने के लिए प्रोत्साहित करना है। "बेटी बचाओ, बेटी पढ़ाओ" अभियान के हिस्से के रूप में शुरू की गई, यह योजना आकर्षक ब्याज दरों और कर लाभ प्रदान करती है। यहाँ इस योजना की कुछ मुख्य विशेषताएं और लाभ दिए गए हैं: ### मुख्य विशेषताएं 1. **पात्रता**:    - यह खाता 10 वर्ष तक की आयु की बालिकाओं के लिए खोला जा सकता है।    - प्रत्येक बालिका के लिए केवल एक खाता खोला जा सकता है, और एक परिवार में अधिकतम दो खाते खोले जा सकते हैं। 2. **जमा सीमा**:    - न्यूनतम वार्षिक जमा राशि ₹250 है।    - अधिकतम जमा सीमा प्रति वित्तीय वर्ष ₹1.5 लाख है। 3. **ब्याज दर**:    - ब्याज दर सरकार द्वारा तिमाही आधार पर संशोधित की जाती है। यह आमतौर पर अन्य छोटी बचत योजनाओं की तुलना में अधिक होती है। 4. **अवधि**:    - खाता खोलने की तारीख से 21 वर्...
Post a Comment
Read more

సుకన్య సమృద్ధి యోజన

 ### సుకన్య సమృద్ధి యోజన (Sukanya Samriddhi Yojana)  సుకన్య సమృద్ధి యోజన భారత ప్రభుత్వమిచే ప్రవేశపెట్టబడిన ఒక మంచి పొదుపు పథకం, దీని ఉద్దేశ్యం అమ్మాయిల భవిష్యత్తు విద్య మరియు వివాహ ఖర్చుల కోసం తల్లిదండ్రులను పొదుపు చేయడానికి ప్రోత్సహించడం. "బేటీ బచావో, బేటీ పడావో" ప్రచారంలో భాగంగా ప్రారంభించబడిన ఈ పథకం ఆకర్షణీయమైన వడ్డీ రేట్లు మరియు పన్ను ప్రయోజనాలను అందిస్తుంది. ఈ పథకం యొక్క కొన్ని ముఖ్యాంశాలు మరియు ప్రయోజనాలు ఇక్కడ ఉన్నాయి: ### ముఖ్యాంశాలు 1. **అర్హత**:    - ఈ ఖాతా 10 సంవత్సరాల లోపు ఉన్న అమ్మాయిల కోసం తెరవబడుతుంది.    - ప్రతి అమ్మాయికి ఒక ఖాతా మాత్రమే అనుమతించబడుతుంది మరియు ఒక్క కుటుంబం రెండుకు మించి ఖాతాలు తెరవకూడదు. 2. **నివ్వాల్సిన మొత్తాలు**:    - కనీస వార్షిక జమ మొత్తం ₹250.    - గరిష్ట వార్షిక జమ పరిమితి ₹1.5 లక్షలు. 3. **వడ్డీ రేటు**:    - వడ్డీ రేటు ప్రభుత్వము ద్వారా ప్రతి త్రైమాసికం సవరించబడుతుంది. ఇది ఇతర చిన్న పొదుపు పథకాలతో పోల్చినపుడు ఎక్కువగానే ఉంటుంది. 4. **కాలపరిమితి**:    - ఖాతా తెరవబడిన తేదీ నుండి ...
Post a Comment
Read more

Sukanya Samriddhi Scheme -Post Office / Authorised Bank

 The Sukanya Samriddhi Scheme is a government-backed savings scheme in India, aimed at encouraging parents to save for their daughters' future education and marriage expenses. Launched as part of the "Beti Bachao, Beti Padhao" campaign, it offers attractive interest rates and tax benefits. Here are some key features and benefits of the Sukanya Samriddhi Scheme: ### Key Features 1. **Eligibility**:    - The account can be opened for a girl child up to the age of 10 years.    - Only one account per girl child is allowed, and a maximum of two accounts per family is permissible. 2. **Deposit Limits**:    - The minimum annual deposit is ₹250.    - The maximum deposit limit per financial year is ₹1.5 lakh. 3. **Interest Rate**:    - The interest rate is revised quarterly by the government. It has historically been higher compared to other small savings schemes. 4. **Tenure**:    - The account matures 21 years from the date of op...
Post a Comment
Read more