In today’s uncertain times, having a financial safety net is more important than ever. An emergency fund can provide you with peace of mind, helping you navigate unexpected expenses or sudden income disruptions. And one effective way to save for emergencies is by using a savings account. So, let’s look at the five simple steps through which you can build your emergency fund while making the most of your savings account. 

Step 1: Open a savings bank account

The first step towards saving an emergency fund is to open a savings bank account. A savings account offers a range of features designed to help you grow your money while keeping it easily accessible. Look for a bank that offers competitive interest rates, low or no maintenance fees, and convenient access through online banking and mobile apps. Comparing different savings accounts can help you find the one that best suits your needs.

Step 2: Understand the features of a savings account

A savings account typically comes with various features that make it an ideal choice for your emergency fund. These may include a minimum account balance requirement, an ATM or debit card for easy withdrawals, and the option to set up automated transfers from your primary account. Additionally, some banks provide tools like a savings account calculator, which can help you estimate how much you need to save and how long it will take to reach your goal. 

Step 3: Compare different savings accounts

Not all savings accounts have the same features. It’s important to compare the interest rates offered by different banks, as even a small difference can have a significant impact on your savings over time. Consider factors such as account fees, customer service reputation, and the bank’s stability. This research will help you select a savings account that maximizes your savings potential while providing the necessary security and convenience.

Step 4: Establish a realistic savings goal

Determining how much to save in your emergency fund depends on your individual circumstances and financial obligations. A commonly recommended rule of thumb is to save at least three to six months’ worth of living expenses. However, if you have dependents or work in a field with a higher risk of job loss, consider aiming for a larger emergency fund. Use the savings account calculator provided by your bank to help you set a realistic savings goal and track your progress over time.

Step 5: Allocate and automate your savings

To ensure consistent progress towards your emergency fund, it’s important to allocate a portion of your income specifically for savings. Set up an automated transfer from your primary account or salary account to your savings account on a regular basis, such as monthly or with each pay cheque. This way, you won’t have to rely on willpower alone to save. Treating your savings as a fixed expense will help you build your emergency fund steadily without feeling the pinch.

To summarise 

Saving for an emergency fund is an essential part of personal finance, providing you with a financial safety net when unexpected situations arise. By utilising a savings account, you can take advantage of its features to meet your savings goals for building an adequate emergency fund. Remember, the key is to start small and be consistent. With each contribution to your emergency fund, you’re taking a significant step towards securing your financial future.

Investing your hard-earned money in the right place is always a tricky decision, especially if it’s your first time. There are a lot of things to consider before making any investment decision, and even if you have good knowledge about investments, practical knowledge is always different. But worry not, there is a solution to this predicament. Mutual funds could be an excellent option for beginners who are unsure about how to invest their money. The beauty of mutual funds is that they allow you to get exposure to the markets while following the guidelines of an experienced fund manager.

Among mutual funds, ELSS (Equity Linked Saving Scheme) could be an ideal option for beginners as they offer tax benefits under Section 80C of the Income Tax Act. Learn more about ELSS funds and see why it could be your first mutual fund investment. 

What are ELSS funds?

ELSS is an abbreviation for Equity-Linked Savings Scheme. Section 80C of the Income Tax Act provides tax benefits for this type of mutual fund investment in India. The majority of the corpus of ELSS funds is invested in equity and equity-related instruments. These funds have a three-year lock-in period, which means the investor cannot redeem their investment before three years have passed. ELSS funds are regarded as one of the most advantageous tax-saving investment vehicles due to their potential to generate significantly higher returns than other tax-saving instruments.

Reasons why ELSS is a good investment option for beginners

• ELSS offers tax benefits to investors under Section 80C of the Income Tax Act. Investors can claim a tax deduction of up to Rs. 1.5 lakh per year on the amount invested in ELSS funds. The lock-in period for ELSS is 3 years, which is the shortest among all tax-saving investments. ELSS is a popular investment option, as it provides the dual benefit of tax savings and wealth creation.
• ELSS funds can be an excellent option for beginners as it eliminates the need to invest directly in the market. Investing directly in the market requires a thorough understanding of the market trends and keeping a close eye on how the markets are doing. However, with ELSS funds, you don’t have to worry about market timing or keeping track of stock prices. ELSS funds are managed by professional fund managers who are responsible for investing the money collected from investors into the stock market.

Once you have chosen an ELSS fund based on your investment goals and risk tolerance, you only need to assess its performance every now and then. The fund manager will take care of all the buying and selling decisions, making the investment process hassle-free for you.

• ELSS funds are designed to promote long-term investing, and it works best when investing in equities. Equities, being a high-risk asset class, require a longer investment horizon to realize their full potential. Therefore, by investing in ELSS funds, investors can build a disciplined approach towards long-term investing in equities.
• One of the significant advantages of ELSS funds is the mandatory lock-in period of three years. This lock-in period means that investors cannot withdraw their investment before three years from the date of investment. The lock-in period ensures that investors stay invested for the long-term and do not withdraw their money during market volatility or short-term fluctuations.

Conclusion

ELSS funds offer a compelling investment option for beginners who are looking for a hassle-free way to invest in the equity market while enjoying tax benefits. With the professional expertise of fund managers, ELSS funds provide investors with a disciplined approach towards long-term investing in equities.

Exploring the possibility of negotiating your personal injury claim settlement yourself can be a wise decision to save on legal expenses, but make sure you’re well-equipped for the task. For minor injuries or clear faults, self-representation can prove to be more economical. However, seeking guidance from an experienced auto accident attorney is always recommended to accurately determine the value of your case. Schedule a case evaluation to evaluate your case and offer valuable insights on calculating the damages you’re entitled to. As unexpected injuries resulting from car accidents can be financially burdensome, securing adequate compensation is of utmost importance.

Why Hiring a Personal Accident Attorney is Essential in Car Accident Cases

If you’ve been involved in a car accident and suffered personal injuries, you might be facing a lengthy legal battle to receive the compensation you’re entitled to. The duration of this process depends on several factors, such as determining fault, calculating damages, and your recovery. Trying to negotiate a fair settlement with an insurance company on your own can be a daunting task, and insurance adjusters often aim to offer less than you deserve. Additionally, they may not consider unique circumstances that warrant additional expenses.

This is where a personal accident attorney can help. By hiring an experienced lawyer, you can be assured that your interests are protected, and you can secure the full compensation you’re owed. An attorney can negotiate with the insurance company on your behalf and help you navigate the complex legal system. In short, having a personal accident attorney by your side is essential in car accident cases to ensure you receive the justice and compensation you deserve.

What are the benefits?

One of the most significant benefits of hiring an attorney is the knowledge and experience they bring to the table. Personal injury attorneys are well-versed in the legal system and can help navigate the complexities of a case. They can provide valuable insights on calculating the damages you’re entitled to and help determine the worth of your claim.

Moreover, an attorney can handle all negotiations with the insurance company on your behalf, ensuring that you receive fair compensation for your injuries. Insurance adjusters often aim to offer less than what you deserve, and an attorney can protect your interests and help you secure the full amount you’re owed.

Final Thoughts:

Securing adequate compensation for personal injuries resulting from car accidents is crucial. Seeking legal counsel from a personal accident attorney can significantly increase your chances of receiving a fair settlement and ensuring that justice is served.

In the modern world, owning a car insurance policy is necessary. This is due to the numerous safety hazards present on the roads. This has anything to do with the rise of vehicles and resulting traffic. Unexpected accidents are covered by insurance coverage for both your vehicle and the third party’s vehicle. *

It’s crucial to remember that third-party car insurance is required in India for all vehicles, new or used. In addition, there are various insurance policies available in addition to the one that is required that provides comprehensive coverage with add-on options to tailor your protection to your unique needs. It is also important that you do not forget to follow the process for your car insurance renewal.

While purchasing motor insurance coverage online for a brand-new car is simple, there is a procedure in India for insuring used cars, which also lets you know what is covered in car insurance.

What is insurance for used cars? 

A type of motor insurance policy called used car insurance coverage is designed to safeguard pre-owned vehicles. It shields a car against sporadic dangers and difficulties that could potentially result in significant harm or loss.

It is crucial to remember that moving states necessitates re-registering the used car with the (new) neighbourhood RTO within thirty to ninety days of the move. The actions required to transfer ownership and buy motor insurance for your used car in India are described in the sections that follow.

Indian procedure for transferring used-car insurance *

• The current RTO must issue you a No-objection certificate (NOC) confirming your transfer. 
• You must also get a NOC from the bank if the vehicle has any bank obligations. 
• Then, to start the transfer procedure, deliver the required papers to the current RTO: 
• Application for the transfer of the NOC between states 
• Certificates for registration, insurance, taxes, and pollution under control (PUC) 
• The vehicle’s original chassis imprint 
• CMV form 28 in four copies. 
• The procedure might go more quickly if you get a NOC from the police. 
• Additionally needed is a NOC from the traffic police confirming “no culpability.” 
• You can drive your car to the new state without any fear if you follow the aforementioned approach. After presenting all the transfer documentation, you must re-register the automobile with the neighbourhood RTO.

Again, these are the primary documents you will need: 

• To register the number, use forms 29-30. 
• A duplicate of the genuine RC. 
• A copy of the car’s insurance coverage. 
• A duplicate of the NOC that was acquired from the prior RTO. 
• A duplicate of the PUC or emission test certificate. 
• Vehicle’s original chassis imprint. 
• A copy of the id card of the new owner and documentation of the local address. 
• Receipts for applicable fees. 

Once the ownership has been transferred, you must submit an endorsement request to the vehicle’s insurance provider in order to change the policyholder’s name to yours. 

Consequences of not transferring insurance when purchasing a used automobile 

• Only the policyholder may file an insurance claim in the event that the vehicle is involved in an accident. This means that unless the insurance policy is in your name, the insurance company will not consider your claim. 
• Again, because you are not the legitimate policyholder, you would not be able to obtain medical expenditures coverage from the insurance policy covering the vehicle. 

“Tomorrow is a mystery,” they say. Therefore, it is advisable to follow the proper procedures after buying a used car. Furthermore, there is no more expensive outcome for this process than having to pay for a future accident out of pocket. To protect yourself against financial losses, don’t put off purchasing a used car insurance policy.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

As a business owner, it’s essential to have the right financial tools in place to help your business succeed. A current account can be one such important tool to give you and your organisation the financial flexibility to support growth. It is a type of bank account that allows all types of businesses to easily manage day-to-day transactions, such as regular deposits and unlimited withdrawals.

However, besides higher transactions and fluidity of operations, there are certain critical features of a current account that can contribute towards the growth of your business. Have a detailed look at each of these aspects.

• Separation of personal and business funds to track financial transactions 

Generally, when you have all of your expenses and income listed on one statement, it can be difficult to track where your money is going and how it is being spent. By having a separate current account, you can easily distinguish between personal and professional expenses, allowing you to streamline your budgeting process and better understand where you should be investing or cutting back to maximise profitability. 

• Helps establish legitimacy and build a professional image

By having a business current account, you can establish its credibility and enhance your professional image. Such legitimacy can open up doors for more opportunities, such as obtaining lines of credit from banks or other lenders. Having a separate account also helps demonstrate financial responsibility, which is essential when pitching potential investors or partners who may want assurance that they are making the right decision by trusting their funds with you. 

• Overdraft facility 

Another valuable benefit offered by many current accounts is an overdraft facility – which allows businesses to spend more than what they have in their accounts. This feature helps you stay afloat during times when cash flow is low or unexpected costs arise without having to worry about hefty fees or late payments on bills due to insufficient funds.  

• Conduct bulk payment transactions and foreign transactions 

A current account also makes it easy for businesses to conduct bulk payments at once such as paying salaries instead of having to make multiple payments one at a time, which can be time-consuming and tedious. Additionally, a current account helps facilitate international transactions with ease and expand your business internationally without having to worry about foreign exchange transactions.  

• Get additional value-added features

Besides a higher number of withdrawals and transactions, additional benefits of current account for startups and businesses include free NEFT/RTGS/IMPS transactions, free demand drafts, higher pay order limits, etc. These value-added features can make a real difference, especially for businesses starting out and those looking to expand, offering them essential support in their growth phase.

Final words

Opening a business current account gives you easy access to the right set of banking tools, allowing for greater financial management and strategies for success. From keeping track of payments and records to making informed decisions based on clear data-driven insights, dedicating a current account to your business can significantly contribute to its growth. 

And if you are wondering how to open a current account without hassle, the most convenient way is going digital. Simply visit your selected bank website, fill out the form, upload the documents required, and post approval, you can have instant access to your current account.

Imagine your life without the stress of financial worries. Picture yourself years into retirement, having saved enough to live the rest of your days in comfort and engage in every hobby you ever dreamed of. However far away it might seem, this goal does not have to stay a dream – you can turn it into reality with a retirement planning calculator and plan your financial future.

A retirement calculator is an online tool that helps you figure out the projected size of your retirement fund, based on your current income and expenditure, to ensure financial security in your post-retirement years. With its detailed analysis and predictions, you can develop a proper savings strategy, set realistic goals, and estimate how much income or investments you need to make for a comfortable retirement. 

Given its importance for your future, here is a detailed look at how a retirement calculator works and helps you examine your savings rate, plan your goals, and achieve your retirement objectives.

How does a retirement planning calculator work? 

To use a retirement calculator, simply enter some basic information about you and your finances into the calculator. This includes:

• Your current age 
• Your expected retirement age 
• Current income and monthly expenses 
• Your investments, such as mutual funds investment or Unit-Linked Insurance Plan (ULIP), and the amount that you want to invest  
• Expected return rate (in percentage)
• Factors that could affect your financial situation in the future, such as – provision for travel, annual healthcare expenditure, and expected inflation per year

The results displayed by the calculator will be as follows:

• Total invested amount 
• Assumed growth  
• Total value of your investment
• The total amount you need to invest for retirement to achieve the desired corpus   

For example, say you are 25 years old with an income of Rs 50,000 and plan to retire at 60. If you save Rs 10,000 per month and invest an additional Rs 10,000 of your annual income towards a mutual fund retirement plan, the calculator, by assuming your investing period of 35 years, will display the corpus you will have by retirement. 

Why use a retirement calculator? 

Here are the four key benefits of using a retirement calculator: 

1. You will get an accurate picture of the corpus you will have after retiring. This will help you determine if there are any gaps in your retirement plan and give you time to make any necessary adjustments before it is too late. 

2. Most retirement calculators also take into account the effects of inflation on your savings rate to estimate your retirement needs. Moreover, you can enter multiple investments to compare different yields earned through varying interest rates. This can give you an idea of which investment options may be more beneficial for your situation.  

3. Most retirement calculators are free and easy to use, even if you lack technical knowledge or experience in investing. Once you input some basic details, most calculators provide results within seconds.

4. To ensure you have enough funds to secure your retirement, you can also use a retirement calculator to estimate the amount you should be regularly investing. This allows you to plan how much you need to invest in mutual funds or other investments to create a sizable retirement corpus before your desired retirement date. 

Closing thoughts

Retiring comfortably is what most people strive for and that takes planning and dedication – two things that are often easier said than done! A retirement calculator can make the process easier, but it is important to understand that retirement planning is a continuous journey. You will need to review and update your plans regularly to ensure you are still on track to reach your goals. Working with a financial advisor can also be helpful – they can offer guidance on the best retirement plans and strategies based on your current financial status.

When a company finally decides to go public, many things need to be considered. It’s essential to understand all the factors that come into play when launching an IPO in Hong Kong. 

Here are the top things to think about:

The current market conditions when it comes to timing an IPO, one of the most important things to consider is the current market conditions. 

• Is the market bullish or bearish? 
• What is the sentiment towards IPOs? 
• What is the prevailing interest rate? 
• All these factors will affect how successful your IPO will be.

The company’s financials

It’s essential to know your company’s financials before you go public. It includes having audited accounts and disclosing all relevant information to potential investors. If you can show the company is healthy and growing, investors will be confident in your business.

Critical aspects of an IPO

Gain knowledge of the current market conditions before launching an IPO. It will help you determine whether or not the time is right for your company and give you a recommendation of what to expect in terms of demand from investors.

The amount of capital you want to raise

Another factor to examine is how much money you want to raise through the IPO. It will determine the type of investors you target and how much paperwork you must complete.

The structure of your company

When it comes to deciding on the structure of your company, there are a few things to take into account. For example, do you want to be a publicly listed company, or will a private placement be more suitable? What type of shares will you issue (ordinary, preference, convertible)? It’s essential to get professional advice to make the best decision for your business.

The listing venue

Decide where you want to list your company. Several venues in Hong Kong offer different benefits and drawbacks. Choose one that best compliments your company’s needs.

The disclosure requirements

When you go public, you will be required to disclose a lot of information about your company to investors. It includes financial statements, business forecasts and insider trading policies. Understand disclosure requirements so you can be prepared for them.

The underwriter

An underwriter is a financial institution that helps companies launch their IPOs. They pose as a middleman between the company and the investors and play an essential role in ensuring a successful IPO. It’s essential to choose an underwriter who has experience in the Hong Kong market and understands your business.

The listing fees

One of the costs associated with an IPO is the listing fee paid to the stock exchange where your company is listed. The fee amount varies depending on the stock exchange and the size of your company. Make sure you budget for this expense when planning your IPO.

The legal and accounting fees

Another cost you need to consider when planning an IPO is the legal and accounting fees. These fees can be expensive, so it’s essential to get quotes from a few different firms and choose one that fits your budget.

The marketing expenses

Launching an IPO takes a lot of work and a lot of money. One of the most significant expenses is usually the marketing budget, which promotes your company to investors. Set enough money aside for this to generate as much interest in your IPO as possible.

The timeline

Finally, it’s essential to have a clear timeline for your IPO and stick to it as closely as possible. It will help ensure a successful launch and avoid any last-minute surprises.

It’s essential to keep in mind that an IPO is a complex process, and there are many things to consider before launching one. 

By understanding these factors, you’ll be in a better position to make the right decisions for your business.

Link to Saxo and visit their website for more information.