Money Sanchay

Why You Must Deposit Money In PPF Accounts Before Or On 5th Of Every Month Investment of up to Rs 1,50,000 in PPF account deposits per year ensures tax deduction under Section 80C. The interest rate offered on PPF accounts is currently 7.6% April 5 is important for Public Provident Fund (PPF) investors. Not just the fifth of April but the fifth of every month is significant for PPF subscribers. PPF accounts are a decent investment venue for customers not only because they help you save your money, but also help you cut down on income tax outgo. But PPF rules are hugely beneficial for people who deposit their installments before or on the fifth of every month. This is because the interest rate offered on PPF accounts - currently 7.6 percent -  is calculated on the minimum balance in the account between the fifth day of the month and the last day of the month. If you deposit your money after the fifth day of the month, you stand to lose out on substantial i...

7 Finance Liabilities That Will Ruin Your Net Worth Building net worth is about accumulating money and assets, but it's also about reducing liabilities. In short, it's about making sure debt isn't hurting your ability to achieve your financial goals. Here are some 7 Finance Liabilities  that can hurt your chances to build a high net worth.  If you're passionate about personal finance, you know about the importance of building net worth. This means accumulating things that will grow in value, while reducing your liabilities. A person with no debt, a home that they own free and clear, and a sizable retirement account likely has a high net worth.  A person with thousands of dollars in credit card debt, a burdensome mortgage, and no cash savings has a low or even negative net worth. 1. Car loans Many people live with car payments as a permanent part of their lives. Financing the purchase of a vehicle is a common practice, but is also an easy way to add...

5 Savings Mistakes to Avoid Regardless of why you're saving, be sure to avoid these common errors. You know that have a savings plan is important. Whether you are saving for retirement or college, it's important to consider your options and stick to your plan. Unfortunately, there are some obvious, and some not so obvious, pitfalls that could cost you dearly. Here are five savings mistakes to watch out for. 1. Waiting Too Long No matter your savings goal, it is important to start now. No more excuses. Waiting too long to start saving, whether it's for a home down payment, retirement or a vacation next summer, cost you money in the form of compound interest. You've seen those comparisons that tell you that you could have more than $500,000 socked away, instead of $245,000, if you just started saving for retirement 10 years earlier. The longer you wait to save, the less time the  magic of compound interest  will be working for you. 2. Neglecting Tax Adv...