When it comes to planning you finances it will be best if you seek help of a financial advisor. Not everyone has knowledge about financial matters and it will be better if you take professional advice for managing your finances. By managing your own finances or taking advice from friends and relatives, you may not be able to successfully manage your finances and thereby miss your goals.
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The Income Tax Act has made several provisions which allow you to reduce your taxable income. Many of these provisions allow you to not only save tax, but also serve as good investment options. The budget 2019 further brought tax cheer to people, especially the middle class. Now individuals with income up to Rs.5, 00,000 will get full tax rebate. Standard deduction has also been raised to Rs.50, 000 from 40,000. Given below are some useful tips on how can save taxes.
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LTA doesn’t need any introduction; but has a tricky claim process & understanding.
First & foremost, one can claim LTA only for 2 years in a block of 4 years (current block is 2018-21). In case of no-claim in this block of 4 years, you are allowed to carry forward one-year, i.e. if you have not claimed in previous block (2014-17), now for current block, you can claim for three years 😉.
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It is seen that many people take financial decisions based on recommendation by their family, friends, colleagues, etc. These are the people whom we know well and therefore take their advice without thinking too much. However, these people may not be knowledgeable enough to give you advice or recommend a financial product.
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A will is a legal document by which a person can express what should be done with their assets when they die. Very few people however prepare their will. When a person dies without a will, it can lead to disputes among family members regarding who will have claim to the assets. The true heirs may also have to spend time and money to claim the assets which are rightfully theirs. In such cases, the assets are passed on according to the succession laws of the religion to which the deceased person belongs.
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Are you among those people who think that they are too young to start saving for retirement? If yes then there is a need to change your outlook. Many people start retirement planning only when they are close to retirement. This is not a good idea as the later you start the lower will be your retirement corpus and vice versa. This is because it takes time for money to grow and give reasonable returns and if you start late your money will not have enough time to grow.
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Every parent wants the best for their child. They want them to get the best of education and be financially secure and are willing to compromise or postpone their own dreams for the sake of their children. It therefore becomes necessary to choose the right financial plan for their future. Planning for their future needs to be started as early as possible. Assuming an inflation of 8%, it is safe to conclude that cost of education will rise significantly in the next 10 to 20 years. Many companies offer Child plan for these needs. So is Child plan the right option for your child’s need or should you consider other options?
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Good investment strategy is the key to achieve your financial goals. This can be done by minimizing risks and thereby maximizing returns. Risks can be minimized by diversifying your investments. In simpler terms it means `do not put all your eggs in one basket’. Your investments should not be focused on just one asset class. It should be allocated strategically in different asset classes. Diversified portfolios are proven to have reduced losses in events such as economic crisis or bearish stock market.
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Critical illness insurance is a policy that covers some specific life threatening diseases. It typically covers illnesses like cancer, heart attack, organ transplant, kidney failure and paralysis. These conditions may seriously affect your lifestyle and your ability to earn income in the future. The cost of treatment of such illness is also very high and can easily drain your lifetime worth of savings.
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Planning abroad trip is high on the bucket list of many families. People love to explore new countries, its places of heritage, their food, culture and traditions. Travelling abroad is quite different to travelling in your country. It requires advance planning and a bit of research. So if you too are planning an abroad trip, here is how you can do it.
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