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Helping children to build a strong financial foundation is an important lesson that contributes to lifelong well-being. It’s a lesson parents and caregivers play a key role in teaching. Here are several ways to share lessons about money with children.
One way to help children understand finances is to allow them to open their own savings accounts, pay them allowances, and give them some control over how they spend their money.
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For older children, you can ask them to contribute to the cost for items they really want, such as a subscription to a streaming service or an online gaming system. This can help children appreciate the value of budgeting, saving, and spending.
Another lesson is to help children identify the difference between needs and wants. Wants are desires for goods and services we would like to have but do not need. Needs refer to things we must have to survive, such as food, water, and shelter.
To help children save for their wants, start with savings goals. Children can earn money through allowances for doing chores around the house. Then, you can take them to their financial institution to make deposits. They can even set up subsaver accounts within their main savings accounts and name them for various goals.
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Having kids watch their savings grow and use their own money to buy things is a great way to demonstrate the value of saving.
Create a Budget In Three Steps
While there are many methods and tools you can use to establish a budget, it can still be a challenge to stick with it. Here are some steps you can take to learn how much money you have available to spend, and how to decide where to spend it.
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First, determine your monthly income. This includes what you earn from your job, plus any other sources of income, such as side jobs. Then determine your net income — the amount you receive after taxes and other deductions (health and life insurance, 401(k) contributions, etc.). These are the funds available to spend in your budget.
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Next, identify your priority bills like your mortgage or rent payment; basic utilities; auto payment; groceries; gas; debt payments, such as credit card balances; and insurance premiums.
To budget for bills not paid on a monthly basis, calculate by dividing the amount of the expense over the appropriate number of months. For example, a quarterly payment would be divided over three months.
SBI Credit Cards are among the most preferred Credit Card options in the country since their entry into the market in the year 1998. Today they have become the second-largest Best Credit Card Provider in India, with millions of satisfied customers who are availing a wide range of SBI Debit Card & credit card benefits.
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Some features and benefits that set SBI Credit Cards apart from the rest are as follows:
- Email and SMS notification: With every transaction, you have the advantage of real-time transaction details and Credit Card limit alerts that are sent to you via emails and SMS.
- Safe and Secure Cards: These cards use pin and chip technology, which is accepted worldwide and can be used in millions of outlets across the globe.
- Increase Credit Limit: You have the option of increasing your Credit Card limit when you deem it necessary. Online Account Access: You can access your Credit Card account from anywhere in the world to check transactions and limit on your card.
- Control your spending: You can add daily, weekly, and monthly limits to limit your spending on the card. Insurance: You can choose insurance options for card theft in addition to accessing health, mobile phone, automobile, and travel insurance on your SBI Credit Card for emergencies.
In today's expensive world, credit cards are a necessity.
now, it is easier than ever for salaried individuals to apply for a credit card due to a quick approval process. since SBI is the largest lender among all banks, more people are applying for SBI credit cards for the benefits they offer.
SBI credit cards offer some of the best discounts, rewards, and benefits to their customers, as compared to other banks in India. however, choosing the best credit card can be challenging; every credit card has its pros and cons.
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in this article, we have compared and reviewed the top SBI credit cards to help you choose the best SBI credit card for your needs.
Best SBI credit cards in India
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SBI SimplySave credit card
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SBIsimply click credit card
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SBI Card Prime
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SBI Elite card
your credit card doesn't work like your debit card
withdrawing cash from an ATM seems a normal thing to do. but the road to credit cards often run deeper than just that because withdrawing from a debit card does not work the same as withdrawing from a credit card. although the transaction process is the same as your debit card, there are certain fees and charges that come attached to withdrawing money from a credit card. let us help you understand how withdrawing cash from a credit card is vastly different from a debit card.
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what is credit card cash withdrawal?
the credit card cash withdrawal feature, technically known as credit card cash advance, allows you to withdraw cash using your credit card at an ATM. this does not involve any documentation or approval from a bank as it is a feature that comes with your credit card. the cash withdrawal feature may not be available on all credit cards, and the withdrawal limit and charges may differ from bank to bank.
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credit card cash withdrawal: fees and charges
withdrawing cash using your credit card is generally discouraged by banks since you are borrowing hard cash. for that reason, there are certain fees and charges associated with credit card cash advance.
- Check your credit Find out what credit card offers you might be eligible for by checking your credit score. The better your score, the greater your chance of being approved for cards with better perks. Among ways to check your score: NerdWallet offers free access to credit scores. Many credit card issuers give cardholders free FICO scores. The three major credit bureaus (Experian, Equifax and TransUnion) sell credit scores.
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Identify which type of credit card you need There are three general types of credit cards: Cards that help you improve your credit when it's limited or damaged. Cards that save you money on interest. Cards that earn rewards. The best card for you is one with features designed to meet your specific needs. If you don't travel much, for example, then the best travel card in the world isn't going to do you a lot of good.
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Narrow your choices by asking the right questions Visit NerdWallet’s credit card comparison tool and search for the type of credit card you're looking for, filtering results according to your credit score and monthly spending. As you go through the top picks, consider these questions.
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Apply for the card that offers you the highest overall value Narrowing your choices is the easy part, but deciding between two or three similar cards can be quite difficult.
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If you've already found a clear winner after Step 3, go with that one. If not, it’s time for a tiebreaker round. Look closely for differences. All other values being equal, here are some factors that might set a card apart:
For student and secured cards: Credit limit automatically increases. Certain cards let you increase your limit after a few consecutive on-time payments.
Interest paid on your deposit. Some secured cards place your security deposit in an interest-earning CD. This way, you can earn a small amount of money on it.
Credit cards play an important role in our daily lives. This is because we cannot carry cash wherever we go. That is why these cards that are also called plastic money come in very handy when we want to buy something at a store or any other place. Credit cards have revolutionized the way we use money and have multifarious advantages. This is why it is important to learn about them.
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However, in contemporary times, there is a wide variety of credit cards from which we can pick and choose. Hence, this can lead to a large degree of confusion that needs to be sorted out. Here we discuss the various factors that can be used to compare credit cards.
After reading this article, you will be in a better position to select the credit card that will work the best for you.
Credit cards have become ubiquitous in modern times.
Nobody likes the hassle of carrying cash when out on travel, holiday, or business. Hence, choosing the right credit card is crucial otherwise it will lead to repercussions with financial implications.
Hence, given the current scenario, it becomes extremely important that you embrace the ubiquity of credit cards and learn about what factors can be used to compare them.
WHY CREDIT CARDS ARE USEFUL
From the above discussion, it is clear that credit cards are extremely useful and can be used to their maximum advantage.
They will not only help your financial transactions go smoothly but will also spare you from the unwieldy and cumbersome procedures of using cash for all your needs and purchases. This clearly reflects its utility and functionality.
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Are you not getting sleep even if it's late at night? Do you wake up in the middle of the night and think about money? Is the topic of money leaving you in a cold sweat? There may be deeper reasons behind such stress and could be due to financial anxiety.
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What is financial anxiety?
Financial anxiety is a feeling of worry, fear or unease about our financial situation. It can be caused due to several reasons, such as lack of funds, unplanned emergencies or not understanding your financial numbers. Not having financial planning can cause financial anxiety.
The most common reaction to financial anxiety is avoidance. The physiological definition of financial anxiety is an unhealthy, uneasy attitude towards engaging with and administering personal finance in an effective way. Financial anxiety is not about becoming rich and making more money, it is some sort of different stress caused due to not managing your finances properly and not planning your future.
To overcome this anxiety we should make a plan and increase our exposure to financial information. The fact is that you can absolutely put yourself in control of financial thoughts and actions.
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Reasons for financial anxiety:Lack of funds, account overdraft All of a sudden increase in debt numbers No proper plan about finance Discomfort with accumulated wealth Overspending
A debt management plan is for anyone who wants to pay off their debt with the help from an organization that specializes in helping people get out of debt, such as a nonprofit credit counseling agency.
These organizations help you figure out the best way for you to lump your debt from high-interest credit cards, for example. They help you come up with a framework to get rid of the debt in the next few years. The goal will likely be to have your debt fully repaid in the next three to five years.
Because you’re essentially having the debt management organization pay off your original debt, having this plan doesn’t negatively impact your credit score than if you were to file for bankruptcy.
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Who is debt management for?
Debt management plans provide you with the resources and tools you need to get you going on the path to a better financial life. It’s for anyone who has struggled to pay off the debt in the past and wants help from a professional.
A debt management counselor will assess your situation and help advise you on which option is best for you.
For example, if you mostly have unsecured debt that you know you can reasonably pay off in the next year or so, you could choose a debt consolidation loan or balance transfer credit card instead.
The counselor will help you better understand how to better save to reach your goals. By teaming up with a debt management resource, you get the support to pay off debts, which prevents you from defaulting or having to declare bankruptcy.
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With advancing technology, most of our personal information has moved to the digital world, making us more vulnerable to cyber-attacks.
A data breach is a type of cyber attack that can be defined as a security incident in which personal information is accessed without authorization from the individual. such attacks may happen at an individual level through phishing emails, or at an organizational level, like the data breach at Equifax that exposed the personal information of thousands of individuals.
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Of course, this does not mean that you stop using online financial services. today, most companies are heavily investing in cybersecurity with data protection as their topmost concern. however, breaches do happen, and it is best to acquaint yourself with these easy steps to protect your credit and financial wellness in the case of a breach.
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get information
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change your passwords
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get in touch with your financial institutions
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review your bank statement regularly
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protect your credit score
why fixed deposits may never make you rich
before we jump the gun, let’s get the basics sorted.
there is no denying that fixed deposits are one of the safest investment instruments that you can get your hands on. but there is a catch (there always is).
before we dive into the heart of the matter, let’s build the case by looking at some of the long-term pitfalls of investing only in fixed deposits (FDs):
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inflation significantly erodes values
fixed deposits are most likely to only get you your money back. the keyword here is ‘at most’. while a return of 7-8% may look lucrative on the face value, most of the investors forget to account for value erosion due to inflation. use CRED's financial calculator to find your estimated return on investment. -
penalties on exits before maturity
however comprehensive your investment plans be, there is always a high chance that you may need to dissolve your FD before your maturity period. most of the banks levy a penalty of 0.5% - 1% in such cases. on top of this, your applicable interest rate may also change.
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FIRE (Financial Independence Retire Early) is a financial lifestyle movement with the motive of gaining financial independence to retire early. This can be achieved by extreme savings and investment. With the saving of 70% of the annual income FIRE proponents line to retire early and live off small withdrawals from the saved funds.
Everyone wants to be wealthy. But it could be achieved by following some healthy financial steps for living a financial freedom life. The below mentioned are the lifesaving tips, which if you make a regular habit of your life.
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Do a Budget Every Month
Live Below your means
Check your spendings
Keep an Emergency Fund
Save for Big Purchases
Make an extra income source
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Atal Pension Yojana (APY) is a government-backed pension scheme, this scheme is specially targeted at the unorganized sector, for the people who work under the unorganized sector, so they can receive regular income after retirement.
This scheme was formerly known as Swavalamban Yojana. This pension scheme was launched on May 9th in Kolkata by Prime minister Narendra Modi. Under the APY Scheme tax benefit is offered which is risk-free and a pension up to Rs 5,000/- is paid per month for the scheme holder.
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Eligibility for APY Age Limit- 18 to 40 years Exit Age - 60 years Contribution Period - Minimum 20 years Pension Amount - Up to Rs 5,000/- How to get the APY form Get the physical APY application from any nearby bank (operated by the government).
Also, you can download the APY copy from the official website of the banks- Pension Fund Regulatory and Development Authority (PFRDA).
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What is the Process to Apply for APY Scheme?
Get the APY Application Fill in all the details required Provide a valid mobile number Photocopy of Aadhaar and PAN should be provided with the APY application. Once approved you will receive a confirmation message from the bank.
Pay later is the new digital payment option similar to a credit card. Using it you can make purchases today and make the payments within the specified period. There are several Pay later products available in India and the time period is different based on the payment option you choose. The payment days vary from 15 to 45 days with no interest charged.
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Pay later products available in India:
- Lazypay Epay Later
- Simpl pay
- Amazon Pay Later
- Flipkart Pay Later
Lazypay
LAZYPAY comes with “Buy Now. Pay Later” and Personal Loan options. Through the Buy Now Pay Later feature, Lazypay offers payment options on more than 250+ websites and Apps.
The shopping can be done directly selecting the Lazypay feature on the payment screen or buying a voucher to shop on the website.
Epaylater
Epaylater has come up with a problem-solving solution to emerge in a unique way in this pay later platform.
Pay later has a tie up with Indian railways to bring 'BUY NOW & PAY LATER’ ability while booking train tickets. Especially at the time of tatkal ticket booking, as we know the tatkal booking is time-sensitive and each and every second is important at the time of payment.
Simpl Pay later
Simpl Pay later works for purchases that are simple and regular like groceries. Your billing cycle is bi-monthly (Twice a Month). Transactions done from 1 - 15th are billed on 15th and transactions done from 16 - Month End is billed on the last day of the month.
It also allows you to pay the bill within the billing cycle as well through a mobile application or web application by going to the payment screen and selecting the payment option to clear the due.
Flipkart Paylater
Flipkart comes with the tagline, Buy now and Pay later option that enables the customer to build confidence in online purchases. Using Filpkart Pay later customers will pay for the purchases after experiencing and knowing the quality of the product.
Amazon Pay Later
Buy Now Pay at your Convenience. Amazon provides a maximum credit limit of up to ₹60,000 for each account. This feature can only be utilized for shopping done on the Amazon app/site.
If you are planning to convert credit card transactions into EMI, then if you make those transactions using Amazon pay to convert these transactions into EMIs is very easy. Any transaction can be converted to EMI at the time of payment.
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Dynamic Asset Allocation Funds is one of the best investment instruments which invests in different sectors like equity funds, real estate, bonds, stokeslet.
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Factors to be considered before investing in Dynamic Funding:
Risks:
Analyze the risks associated with different funds and go for the safer option.
Diversified investment Options:
As the dynamic funding offers many investment options like equity, stocks, bonds, etc. During the market crisis shuffle to the reasonable or suitable option to park your money.
Returns:
As there are different options, the returns offered by different schemes will also be different, for instance, the returns are higher for the equity funds, but the risk is also higher at the same time. In the case of balanced funds, the investor can receive assured returns and risk is also lower, so before going for an investment plan according to your portfolio.
Advantages of Dynamic Funding: Higher returns Liquidity Tax Benefits Diversification of assets Pull control over any market volatility. List of Top Dynamic Funding Houses in India: Union Balanced Advantage Fund offers 11.78% returns for 3 years. Edelweiss Balanced Advantage Fund provides 10.95% returns. ICICI Prudential Balanced Advantage Fund offers 8.95% returns for 3 years. Aditya Birla Sun Life Balanced Advantage Fund for 3 years offers 8.78% of returns. IDFC Dynamic Equity Fund offers 8.33% returns for 3 years.
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health insurance plan protects you from the financial burden arising from unforeseen medical treatments and other related expenses such as pharmacy, consultation, etc.
But does health insurance provide anything extra? Yes, it does! Benefits like bonuses, restoration, cash allowance and more have become synonymous with most health insurance plans. But how they add value to your plan is something you need to know about. Let’s spare time for these special features of health insurance.
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What are the Special Features of Health Insurance?
The special features of health insurance will add to your savings, give you that extra flexibility you seek amid medical contingencies, besides helping you take care of your health, etc. Let’s learn about these features individually.
No Claim Bonus
Daily Allowance
Healthcare Benefits
Lifetime Renewability
Collectors gain a position of prominence in the company as they are the ones who bring in revenue and are the first point of contact for debtors. More productive agents mean more efficient collections and higher company income. Although ‘debt collection’ has traditionally been a “call-and-respond” industry in the past, today, more automated tools are available to improve the process and reduce the limitations of humans.
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What is an Automated Debt Collection System?
An automated debt collection system is software, that allows lenders to keep track of the loans disbursed and follow-up with their respective debtors, estimate, and prioritize debt collection and recovery. A debt collection software is integrated with the enterprise resource planning (ERP) software of the lender. A loan management system will help the lenders get an overview and hold over the debt management procedure while automating debt collection using technology.
Visit on credit cards justpaste.
the answer might surprise you.
if you own a credit card that you don’t use anymore, canceling the card seems like a no-brainer. however, credit card pundits would disagree. unless it comes with an annual fee, you’re better off keeping the card. even if your card does come with an annual fee, cancelling the card should be your last option as there are other solutions you could consider. Click here to know more:- https://www.flickr.com/photos/193870647@N08/51506546124/in/dateposted-public/ is it worth keeping unused credit cards?
assuming you have a credit card that has no annual fee and you care about your credit history, it is definitely worth keeping your credit card even if you don’t use it. here are a couple of reasons why:
it does no harm
a free unused credit card does not cause any harm apart from occupying more space in your wallet. even if you don’t use a lot of its benefits, for the sake of your credit score, you should consider keeping it.
emergency line of credit
it’s always good to know that you have backup funds on a rainy day. while it is generally not advised to use a credit card for emergencies, it still brings about a sense of financial peace of mind.
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Universal Account Number or UAN is generated and allotted by Employee Provident Fund Organization which is authenticated by the Ministry of Labor and Employment, this unique code is provided for every employee who is contributing to the EPF, by the government of India. As EPF service is operated online UAN is very important as the whole process is linked to the unique number with UAN the individual can access his/her personal PF account for services like withdrawal. to check the EPF balance by self, and application for a loan could be very easy with the help of UAN.
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What are the Features of UAN?
- UAN Number is permanent (remains same) for the employee even if the employee changes the job, but the employee will be provided with the new Member ID when the employee switches to a new job.
- UAN keeps track of how many times the employee changes the job.
- It helps in getting access to the bank and KYC of the employee with EPFO.
- It has reduced the number of withdrawals from EPF with the introduction of UAN.
- It makes the easy verification of the employee for the company and organization.
contactless transactions feature, targeted on the high-net-worth individuals, this card is packed with multiple benefits like traveling, dining and offers 24/7 ultimate concierge helpline for its users. This credit card offers the reward rate up to 3.3% which is more than that of the other cards like the HDFC Infinia, Diners Club Black and other credit cards available in the market. Additional information about this black plastic card is mentioned below that will help you decide whether this is the right one for you or not.
Benefits and Features:
Welcome Benefit -
- Get 6000 reward points as Welcome bonus, this reward itself covers the joining fee.
Renewal Card Benefits -
- Get up to 5000 reward points upon renewal.
Reward Program -
- Get up to 5 reward points on every Rs 150 spent.
- 1 reward point is equal to Rs 1.
Travel Benefits -
- Get 1.5% cashback on international spending’s.
- On duty free transactions get up to 5% cashback
- Get 4 complimentary domestic airport lounge accesses per quarter.
- Get 1 complimentary international airport lounge access per month (Terms Apply)
Dining Privileges -
- Via Dine out plus membership get up to 25% discount at the partnered restaurants
Golf Privileges -
- Get 1 complimentary golf game per month for sure.
- User will get 1 complimentary golf lesson per month.
Insurance Coverage-
The credit card holder will get insurance coverage on air accidents, baggage loss, etc. (Terms Apply)
Bottom Line -If you are not satisfied with the HDFC Bank Infinia or Diners Club Black Credit Card, then get Standard chartered ultimate credit card for your wallet as it is the best one that fits for your wallet and lifestyle as it has wide range benefits as the rewards, dining Privileges, travel, insurance, etc.
But the irritating feature of the card is that though the reward rate is 3.3% but the redemption procedure is a bit headache as the reward redemption is limited but keeps on changing, the user must track regularly to get the meaningful redemption. And to get the complimentary lounge access depends on the monthly spending criteria (more than 20,000). But the default 3.3% reward rate makes it the best credit card.
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From groceries to fuel to movies, rewards cards help you earn cash, points or miles from your everyday purchases. You can redeem your rewards for cash, shopping or travel. We analyzed different reward cards to give you the best recommendations. You'll learn how to choose the best rewards credit card for your lifestyle. The best rewards credit cards are about as rewarding as they’ve ever been, offering signup bonuses and with reward rates upto 2%+ on purchases.
Should I use only one credit card?
Though managing one credit card is easy so that you can keep your spending and payments manageable, using a single card in most cases does not provide the best overall benefit. It is a choice you make between easy maintenance and enjoying overwhelming rewards. Because not all cards are made to provide equal benefits, every card is unique and card issuers partner with service providers to offer specialized offers, so it is advisable to do the math to see if utilizing more than one credit card offers you an overall best reward.
For example, if you have 2 credit cards one will give the best value for fuel and another card gives the best cashback on groceries, departmental store, and payments to utility bills. You can maximize your benefits by using two best cards from the respective category.
Maintain a credit utilization below 30%
Just because you have a high spending limit doesn't mean you should use all of it, keeping the utilization below 30% can help you maintain a high credit score. It is not only to maintain a high credit score, but you are also advised to have lower utilization of your credit, having a buffer on your credit limit can help you out during emergency situations, though 100% utilization cards affect your credit score.
Redeem your rewards regularly
We all save for the future but rewards have an expiration and in some cases, you won't even remember you have rewards. So making a habit of redeeming your rewards regularly is as important as choosing the right credit card that offers you the best rewards. There is no point in finding the right card if you don't utilize the benefits offered. Usually, most of the credit cards have a reward expiry of 2 years, so better use it to recharge your phone or redeem a gift card of your favorite store. If you have long term goals like a vacation trip, you can accumulate enough points to pay for a plane ticket to your vacation trip.
If your reward card has a redeemed option of a statement credit or direct deposit to your bank then redeem it as soon as you hit the minimum redemption amount.
Pay credit card monthly balance on time
The rule of thumb for maintaining a good credit score is to pay your monthly dues on time. Regularly paying monthly dues not only helps your credit score but also helps you avoid paying late fees and accumulating interest.
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