5 Money Matters You Must Know | Tips for Financial Planning

June is one of the Accounting periods as per fiscal year or calendar year. The beginning of the entities with respect to the accounting period is recorded on the 1st of January. The Accumulation closes in the month of December (A Calendar Year). The beginning of the entities is recorded from any day in the month of April with the accumulation of 1 year and closes in March (Fiscal Year). There is always a financial change in the month of June which is to be noticed. Check Five important money matters in June that need your attention.

The Five Important Money Matters in June

State Bank of India- Home loan creditors
Axis Bank
Indian Post bank
Higher Third-Party Premium in Insurance
Gold Hallmark

State Bank of India- Home Loan Creditors:

These financial changes tend to have a direct impact on their credits.
SBI has increased its External BenchMark lending rate by 40 points to 7.05%.
The Repo-Link Lending Rate is 6.65%, whereas the previous RLLR was 6.25%.
Bank’s website says, “External Benchmark based Lending Rate (BLR) = External Benchmark Rate (EBR) + Credit Risk Premium (CRP).”

Axis Bank:

The private lender – Axis Bank, increases the average monthly balance requirement. The salary program deposition ranged from 15,000 to 25,000 or 1,00,000 in a term.

Indian Post Bank:

The India Post Payments Bank has issued charges for the Aadhaar Enabled Payment System, which has been implemented. These fees will be imposed on June 15, 2022.
The cash deposit, The cash withdrawal costs Rs. 20 plus GST and the mini statement transaction costs Rs. 5 plus GST after the first 5 transactions, which comes cost-free.

Higher Third-party Insurance Premium:

Being not Exceeded, The annual Third-party Insurance for Private cars 1000 cc has been fixed at Rs 2,094, up from Rs 2,072 as per the new rates, third party insurance for private vehicles with an engine capacity between 1000 cc and 1500 cc has been hiked to Rs 3,416 from Rs 3,221 in 2019-20. The engine capacity for the more prominent private vehicles above 1500 cc ranges premiums from Rs 7,897 up to Rs 7,890.

Gold Hallmarking:

On June 1, the effective second phase of gold hallmarking happens by the RBI; in the existing 256 districts and 32 new districts and Hallmarking Centres, the hallmarking was made non-exceptional.
The gold jewelery and antiquities weighing 14, 18, 20, 22, 23, and 24 carats can be sold with compulsory hallmarking in the districts mentioned above.

Along with the five money matters we have discussed, check out the below money-saving measures in case of financial implementation to reduce the stress of being overtaken.

Personal Finance.
Maintaining Credit score.
Mutual funds.
Making Insurance plans.
Managing Credit loans.

Personal Finance:

A budget works when you determine your income, revenue, and expenses. An effective plan needs to work with complete and accurate data on your earnings and spending habits.

Personal finance.
Income calculation.
Expense listing.
Expense analysis
Income with expenses estimation.

Maintaining Credit score:

Maintaining a good credit score allows you to get an instant credit line approval without any hassle
A good credit score can help you get a lower interest rate on loans.
Having a good credit score ensures good credit health & financial stability

Mutual Funds:

Without the Substantial risk, it helps increase your financial wealth—the fluctuation-free returns in a short period. Since it is managed by experts, this is the safest and perfect way of investing in stocks.

Reliability in Mutual Funds:

The Diversity of Investment – The critical rule of investment is extended assets. Multiplication of investment through Mutual funds is that a Stock under a single stand; though few stocks decline in their value, the other stockers compensate for the loss.
Expertise Analysis – As it is Maintained and managed by Analysts, Mutual Funds remain in the best position to get higher returns on investment. It is driven mainly by the Qualified Professionals who do good research on the performance and prospects.
Pellucid in Nature – A set of agencies monitors mutual Funds to keep track of their stocks; their holders get periodic updates about their investments and performances. SEBI regulates the Mutual Funds investment assuring the safety of the investment.
Increased volatility – The unit gets redeemed in case of an unspecified locked period. The amount gets transferred to the investor’s bank account after the redemption.

Making Insurance Plans:

As a step toward creating a financial plan, you need to identify your goals and your disposable income. You also need to allow your disposable income to different investment avenues to create a fund to fulfill your goal.

Managing Credit Loans:

Pay off personal loan EMIs before dues
Ignore creating additional credit card debt
Attention on pre-closing one loan at a time
Opt for a debt consolidation loan

Conclusion:

Without proper Financial discipline, it becomes hard to maintain economic stability. Through this article, we can understand the various tools involved in maintaining the financial status of marginal balancing of loans.

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