Smart Finance Zone

"Buy now pay later" (BNPL) is a payment option that has become increasingly popular in recent years, allowing consumers to make purchases and defer payment until a later date. BNPL services are provided by various companies and are often integrated into online shopping platforms and retail checkout processes. Many times companies collaborate with some finance agencies to provide this option to their customers like Bajaj Finance. You can find a bunch of these companies online like Amazon buy now pay later, PayTM postpaid etc., The BNPL model can be beneficial to both consumers and merchants, but it also comes with some risks. How Buy Now Pay Later Works BNPL allows consumers to make purchases and pay for them later, usually in installments. When using a BNPL service, consumers can choose to spread their payments over a few weeks or months, making it easier to manage their cash flow. Some BNPL services charge interest, while others do not. Some also charge late fees or penaltie

Filing income tax returns is a time-consuming and tedious task for many of us unless we approach a chartered accountant or a tax consultant. As a salaried employee in India, it is essential to file your Income Tax Return (ITR) every year. The ITR filing process can be a bit intimidating for those who are not familiar with it, but with a little bit of guidance and understanding, it can be easily done. In this blog post, we will walk you through the steps you need to take to file your ITR for the year 2023.  Step 1: Gather all the necessary documents Before you start the ITR filing process, you need to gather all the necessary documents. Some of the important documents that you will need are your Form 16, salary slips, bank statements, investment proofs, and PAN card. Step 2: Choose the appropriate ITR form The next step is to choose the appropriate ITR form. As a salaried employee, you will most likely need to file either ITR-1 or ITR-2, depending on your income and sources of income. T

Layoffs are becoming common these days, Not only big companies even startups have laid off many employees. As per a website that tracks layoffs more than 100000 employees were laid off till Feb end of 2023. Some of the companies that laid off their employees are Amazon, Meta, Microsoft, Alphabet, etc., In today's uncertain economic climate, many employees are worried about the possibility of being laid off from their jobs. With companies cutting back on staff to save costs and stay afloat, it's important for employees to be proactive and take steps to protect themselves from the possibility of job loss. Here are some tips on what employees can do to protect themselves from layoffs: 1. Keep your skills up-to-date : The first thing you should do to protect yourself from a layoff is to keep your skills up-to-date. Take courses, attend workshops, and stay informed about new technologies and industry trends. This will make you more valuable to your employer and increase your chances

Narendra Modi, the Prime Minister of India, launched the Digital India campaign in 2015 with the goal of transforming India into a digitally empowered society and knowledge economy. Here are some of the different steps taken by his government to promote digital India: Digital Infrastructure : The government has invested in the creation of digital infrastructure, including the establishment of the National Optical Fibre Network (NOFN), which aims to connect over 2.5 lakh villages in India with high-speed broadband internet. e-Governance : The government has implemented various e-governance initiatives such as the Digital Locker, which allows citizens to store their documents securely in the cloud and access them from anywhere, and the e-NAM (National Agriculture Market), which provides a platform for farmers to sell their produce directly to buyers online. Mobile Connectivity : The government has launched various initiatives to increase mobile connectivity in rural areas, including the

Over the last decade, financial technology (fintech) has transformed the financial industry by making it more accessible, convenient, and efficient for consumers. With the rise of fintech, managing your money has never been easier. In this post, we’ll explore how fintech is changing the way we manage our money along with some popular tools that we have in India. What is Fintech? Fintech refers to technology-enabled financial services and products that are designed to make financial transactions and services more efficient, accessible, and convenient for consumers. Fintech encompasses a wide range of services, including online banking, mobile payments, digital lending, investment management, and insurance. The Rise of Fintech The fintech industry has grown rapidly in recent years, with investments in fintech reaching an all-time high in 2021. The COVID-19 pandemic accelerated the adoption of fintech, as consumers increasingly turned to digital financial services to manage their money fr

Accounting is the language of business, and it's essential to have a basic understanding of accounting principles in order to manage your personal finances or run a successful business. However, many people find accounting intimidating and complex. In this post, we'll go over some basic accounting knowledge that a layman should have, that may help him in understanding any financial report or managing his own accounts effectively. 1. The Accounting Equation : The accounting equation is the foundation of accounting. It states that assets are equal to liabilities plus equity. In other words, everything a company owns (assets) is either financed by borrowing money (liabilities) or invested by shareholders (equity). This equation must always balance. 2. Cash vs. Accrual Accounting : There are two main methods of accounting: cash accounting and accrual accounting. Cash accounting records revenue and expenses when cash is received or paid out, while accrual accounting records revenue

Medical insurance is an essential investment that everyone should make to protect themselves from the high costs of medical care. With the rising costs of healthcare, medical insurance is more important than ever before. In this blog, we will discuss the importance of medical insurance. One of the most significant benefits of medical insurance is that it covers the cost of medical treatments, which can be very expensive. Medical emergencies and illnesses can occur at any time and without warning, and medical insurance can help you pay for the cost of medical care, including hospitalization, surgery, and other medical procedures. This can help to alleviate the financial burden and ensure that you receive the medical care you need without worrying about the cost. Medical insurance can also provide you with access to quality healthcare services. With medical insurance, you can choose a healthcare provider that suits your needs and preferences, and you can receive treatment from experience

International vacations can be an enriching experience, but they require significant planning and financial commitment. If you’re a salaried employee, there are steps you can take to make your international vacation a reality without compromising your finances. 1. Start Saving Early Planning for an international vacation requires adequate savings. Set a realistic budget for your trip, including airfare, accommodations, food, and activities, and start saving as early as possible. Create a separate savings account for your vacation funds, and automate your savings by setting up regular transfers from your salary account. 2. Choose the Right Time to Travel Traveling during off-peak seasons can help you save significantly on airfare, accommodations, and other expenses. Research the best time to travel to your desired destination and plan your trip accordingly. 3. Optimize Your Travel Rewards Maximize your travel rewards to save on your vacation expenses. Check your credit card rewards, air

Your 20s is a crucial time for your finances. It’s the time when you’re starting to build your career, and possibly starting a family. It’s also the time when you have the most opportunity to save for your future. Here are five smart financial moves you should make in your 20s to set yourself up for financial success. 1. Create a budget Creating a budget is the foundation of financial success. It allows you to see where your money is going and identify areas where you can cut back. Start by tracking your expenses for a few months to get a sense of your spending habits. Then, create a budget that includes your fixed expenses (rent, utilities, etc.), your variable expenses (groceries, entertainment, etc.), and your savings goals. 2. Start saving for retirement It’s never too early to start saving for retirement. The earlier you start, the more time your money has to grow. There are multiple options you have at this age. Try to have balanced or high-risk options based on your risk appetit

Your 30s can be a pivotal decade for your finances. You may be well-established in your career, possibly have a family, and have a clearer idea of your long-term goals. However, it’s also a time when you may face major expenses like a mortgage, childcare costs, or paying off loans. Here are five smart financial moves you should make in your 30s to set yourself up for financial success. 1. Revisit your budget Your budget needs to evolve as your life changes. Take a look at your budget and adjust it accordingly. Are you spending more on housing, childcare, food, or transportation? Are you saving enough for your long-term goals? Make sure your budget reflects your current priorities and goals. 2. Increase your retirement savings By your 30s, you should be contributing a substantial amount towards your retirement savings. If you’re not, it’s time to step up. Aim to save at least 15% of your income towards retirement. Take advantage of provident funds, indexed funds, and some other investme

Real estate has always been a popular investment choice for many people. Traditionally, it was seen as a means for wealthy individuals to diversify their portfolios and generate passive income. However, in recent years, investing in real estate has become increasingly accessible to salaried people as well. One reason for this is the availability of home loans. Banks and other financial institutions offer loans for purchasing properties, which means that even those with modest incomes can invest in real estate. In addition, there are tax benefits associated with owning a property, which can further enhance the appeal of real estate investments. Investing in real estate can be a smart financial move for salaried people for several reasons. Firstly, it is a tangible asset that can appreciate in value over time, providing long-term capital gains. This makes real estate a good option for those looking to build wealth over the long term. Secondly, rental income from real estate can provide a

Reading is an essential part of professional development. It can help you stay up-to-date with industry trends, gain new knowledge and skills, and improve your overall performance. However, in today's fast-paced world, finding the time to read can be a challenge. In this blog, we will discuss some strategies on how to read more for professional development. 1. Set a goal:  The first step is to set a goal for how much you want to read each day, week, or month. It can be a small goal, such as reading 10 pages per day, or a larger goal, such as finishing a book each week. Setting a goal will help you stay motivated and track your progress. 2. Make it a habit: Developing a habit of reading is essential to read more. Schedule a specific time each day to read, whether it's during your morning coffee break or before bed. Try to stick to this schedule as much as possible to make it a part of your routine. 3. Choose relevant material: Choose reading material that is relevant to your p

The Bhagavad Gita is an ancient Indian text that is revered by Hindus and has been a source of inspiration for people all over the world. The Gita is a spiritual guide that provides a wealth of wisdom and knowledge that can be applied to all aspects of life, including professional development. I personally have completed my diploma in Bhagavad Gita from Iskcon Mahavidyalaya and below is my small attempt at summarizing a few learnings from Bhagavad Gita that can be applied in our professional life. One of the most important lessons of the Gita is the concept of Karma Yoga. Karma Yoga is the idea of performing actions without attachment to the outcome. In other words, one should focus on the effort, not the result. This is a crucial lesson for professionals, who often get caught up in the outcome and forget to enjoy the process. Another important lesson of the Gita is the concept of Dharma. Dharma is often translated as duty or righteousness, but it is much more than that. Dharma is th

Asking for a high salary can be a daunting task, especially during the appraisal cycle. However, if you believe that you deserve a higher salary based on your contributions and the market value of your skills, it is important to make a strong case for yourself. In this blog post, we'll provide some tips on how to ask for a high salary in the current appraisal cycle. 1. Do your research Before asking for a higher salary, it's important to do your research and understand the market value of your skills and experience. Look up salary benchmarks for your role and industry, and compare your current salary to the market average. This will help you make a more compelling case for a higher salary. 2. Highlight your achievements During the appraisal cycle, you'll likely be discussing your performance over the past year. This is a great opportunity to highlight your achievements and the impact you've had on the company. Be specific and use data where possible to show how you'

Investing is an important step towards building wealth and securing your financial future. However, if you're new to investing, it can be overwhelming to know where to start. Here's a beginner's guide to investing to help you get started: 1. Set your investment goals : Before you start investing, it's important to have clear goals in mind. Determine what you want to achieve, whether it's saving for retirement, buying a home, or building a nest egg. 2. Understand different investment options : There are many investment options available, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs). Each type of investment has its own risk and reward profile, so it's important to understand the basics before you start investing. 3. Start small : It's best to start with a small amount of money and gradually increase your investments over time. This helps you get comfortable with the process and learn from any mistakes you make. 4. Diversify your inve

Tracking your finances is an important step toward achieving your financial goals. By keeping a track of your income and expenses, you can identify areas where you can cut back on spending and save more money. The first step in tracking your finances is to create a budget. Start by listing all of your income sources and then list out all of your expenses, including fixed expenses like rent or mortgage payments, utilities, and insurance, as well as variable expenses like groceries, dining out, and entertainment. Be sure to include all of your expenses, no matter how small. Once you have a clear picture of your income and expenses, you can start tracking your spending. There are many tools available to help you do this, including apps available online. These tools can link to your bank accounts and credit cards, making it easy to categorize your expenses and track your spending in real-time. Make sure you read their data sharing policy before taking their services. Another method to trac

Personal finance can be a complex topic, but it's an important one to understand if you want to achieve your financial goals. Whether you're just starting out in your career or you're looking to take control of your finances, there are a few key principles to keep in mind. Budgeting: First and foremost, it's important to create a budget. This means tracking your income and expenses and making sure you're not spending more than you earn. A budget can help you identify areas where you can cut back and save money, as well as help you plan for future expenses.  Saving: Another key principle of personal finance is saving. Ideally, you should aim to save at least 10-15% of your income each month. This can help you build an emergency fund, save for big expenses like a down payment on a house or a new car, and invest for your future. Investing: Investing is another important aspect of personal finance. It's a way to make your money work for you and potentially grow your