A medical emergency can present itself anytime, anywhere. So, it's prudent to stay prepared. Fortunately, there are several avenues at your disposal when faced with a financial challenge in the event of a medical emergency.

Imagine someone in your family who has to undergo a bone marrow transplant. In addition to the stress of having a loved one undergo a life-threatening surgery, you are faced with the prospect of footing medical bills that will run into tens of lakhs, if not more.

In such a dooms-day scenario, what is your way out? Running high credit card bills? Health insurance? Investment liquidation? Or should you take a loan? Read on to find out.

Can Your Employer Help?

Have a stable job? You're in good hands!

Almost all large or mid-sized companies that offer full-time employment also provide health insurance as a workplace benefit. Additionally, they also subsidize the insurance premiums of their employees, including their children, spouses, and dependents.

How About An Emergency Fund?

As ideas go, this is not a bad one. Imagine a safety net, something to fall back on in the event of a financial emergency.

The rule of thumb to creating a financial emergency corpus is that it should preferably last you for a good six months.

When starting a financial emergency fund, don't forget the rule of thumb. Also, if it's worth doing, its worth doing well.

Maintain the financial emergency fund religiously. Make sure that you transfer a predetermined amount every month without fail. Unless, of course, it's a financial emergency!

A good practice is to create a wholly separate bank account for this purpose. Alternatively, you could also invest in an instrument that can be liquidated with ease while delivering a decent rate of return.

The first step is always the hardest. Fortunately, once you start saving, it gets easier. With every passing month, you'll be able to save more.

Don't lose sight of the reason you got into the financial emergency fund in the first place. The fund is for a medical emergency and not for the latest accessories to your smartphone.

Medical Insurance

All said and done, this is the most common remedy from financial challenges during a medical emergency. As already discussed before, if you are a full-time employee of an organization that provides health insurance, you're saved.

However, if you're self-employed, you should ensure that you and your family are covered. Subject to the amount of premium you're willing to pay, you can avail a host of insurance options.

Subject to the plan of your choice, you can either pay the premium monthly or annually. There are 2 ways in which an Insurance company reimburses its takers.

One way is to offer hospital services in a cashless manner to a patient in a hospital that is within the insurance network. The other is to reimburse the cost that has been incurred.

Furthermore, medical insurance is tax exempted under section 80D of the Income Tax Act, 1961.

No, Selling Physical Assets Is Not The Answer

Unfortunately, most of us do not really take adequate precautions to prepare for a rainy day. This puts us in the spot when it comes to dealing with a medical emergency.

In addition to a series of steps that you can take in order to face a medical emergency, there are pitfalls you should avoid at any cost.

One of these pitfalls is to look upon physical assets such as gold and real estate as a source of money, especially during a financial emergency.

Of all assets, real estate is the least liquid one. Selling it during a boom can sometimes be daunting. Trying to sell it in a rush, such as when you need urgent cash, is even worse.

A distress sale will severely hurt your bargaining power which, in the worst-case scenario, could altogether defeat the very purpose of your sale in the first place.

Rule of thumb? Never rely on real estate to bail you out during a rainy day.

Compared to real estate, gold is an easier sell. Having said that, recovering the full value is always difficult. During the purchase, the making charges will always be deducted by the buyer. This includes bars as well as jewelry.

Additionally, the purity of gold is also an issue. To be sure, gold is more liquid than real estate. At the same time, it is always a hard sell. What complicates selling gold further are the sentiments, nostalgia, and memories that people associate with their gold.

At mPokket, we understand that, despite your prudent financial planning, from time to time, you may face a financial emergency of some form. During those testing moments, you'll need a trusted friend by your side, someone who will not just provide moral support but will help you out financially as well.

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Personal finance management was an important lesson learnt during the COVID crisis. As we have already stepped into 2021 with high hopes, let's make this year better than the last one. If you're among the ones to whom money and finance seem confusing and boring, we suggest making it entertaining through finance movies.

We have curated a list comprising the top 10 movies to watch to improve your Finance knowledge.

The Top Picks of All Time!

1. Wall Street (1987)

Wall Street is an American dramatic film and one of the most popular finance movies. The movie showcases Oscar-winning performances by stars Michael Douglas, Charlie Sheen, and Daryl Hannah. Charlie plays the character of Bud Fox, a young and ambitious stockbroker inspired by the wealthy corporate raider Gordon Gekko played by Michael. Fox aspires to be rich and wanted to be mentored by Gekko, he resorts to insider trading to entice Gekko into mentoring him. The important lessons to learn from Wall Street movie are – Money either works for you or against you, and time is as precious as money. It has been over three decades, but the movie and its insights are still relevant today.

2. Margin Call (2011)

Margin Call is the most insightful finance-related movie ever. Written and directed by J. C. Chandor, the movie narrates 24 hours in the life of a fictional investment firm. The story places you amidst the chaos of a crumbling Wall Street firm, mirroring the 2008 financial collapse. Margin Call explains the benefits of portfolio diversification for real-life companies and how to leverage investing comes with additional risks. Another important lesson is – stock markets fluctuate and are corrected after each monumental gain or loss. The movie has a pleasantly unbiased approach, which makes it the best stock market movies of all time.

3. The Wolf of Wall Street (2013)

Directed by Martin Scorsese, The Wolf of Wall Street is the biopic of Jordan Belfort. The famous stock scammer was portrayed by Leonardo DiCaprio and was one of his best performances. Based on true events, the movie circles around stock fraud and money laundering. It will improve your knowledge about the stock market before you plan to invest your hard-earned cash. Besides the importance of diversifying your investment, the movie reflects on the prominence of research before investing and how cautious buying based on company fundamentals is essential. Long-term success needs experimenting is another valuable lesson from this masterpiece of stock market movies.

4. Trading Places (1983)

Trading Places is an American comedy film that addresses key issues of the financial markets in a light mood. Louis Winthorpe (Dan Aykroyd) is a wealthy stock trader, while Billy Ray Valentine (Eddie Murphy) is a criminal. In the course of the movie, Billy is appointed as the Managing Director of the firm Duke & Duke, while Winthorpe is convicted on false charges of fraud and drug dealing. Being one of the top movies on the stock market it deals with the financial concepts of commodity markets. It closely depicts the impact of demand and supply in the stock market. You can also catch a glimpse of manual trading through ‘open outcry' on a traditional trading floor setup.

5. Boiler Room (2000)

Ranked among the iconic finance movies, Boiler Room offers action-filled sequences for day traders and investors. The story portrays Seth Davis (Giovanni Ribisi) as a college drop-out who joins a stock brokerage firm and convinces people to invest in pump and dump schemes. Boiler Room raises alarm against these schemes, which are prevalent in the markets even twenty years from when the movie was released. It warns inexperienced traders of the unprecedented outcomes of investing in penny stocks.

6. Rogue Trader (1999)

Rogue Trader is a great lesson in risk management and financial oversight. It is the story of an ambitious investment broker, Nick Leeson (Ewan McGregor) whose greed led to the insolvency of Barings Bank, one of the most important banks in Britain. He used malpractices and took advantage of the weak compliance practices of the bank leading to its downfall. The movie lays down the importance of implementing a logical trading plan and establishes doubling down as a bad trading strategy. Another important lesson is to not consider random success as talent and skill, like in the case of Leeson, who was driving 10 percent of the bank's profits through sheer luck.

7. Bazaar (2018)

Bazaar is one of the best Bollywood movies on the stock market. The thriller revolves around Rizwan Ahmed, a stock trader from Allahabad. He arrived in Mumbai with the determination to join the trading firm of Gujarati financial maven Shakun Kothar. The movie gives us important trading lessons like fact-checking, and not going carried away while investing. Also, for sustainable returns keep track of company fundamentals and avoid quick money tips. Rizwan's character also shows us that without proper research you cannot excel in the market by copying others.

8. Gafla (2006)

Gafla was directed by Sameer Hanchate and was released in 2006. It is one of the most popular Bollywood movies on the stock market. It is inspired by the stock market scam of 1992 involving Harshad Mehta. The movie outlines the loopholes in the system and showcases how Harshad took advantage of the situation. The matter was blown out of proportion by the Government's response while the Indian public suffered huge losses.

9. The Big Short (2015)

The Big Short is based on a nonfiction book by Michael Lewis. ‘The Big Short: Inside the Doomsday Machine' was the inspiration for this movie. The story revolves around a group of traders, played by stars like Steve Carrell, Ryan Gosling, and Christian Bale. These characters predicted the US housing bubble and planned to make money from it. It explains how the financial crisis in 2007-2008 was triggered. The main learnings from the movie are – ratings and rumors must not be believed. It also establishes the importance of grabbing opportunities, even during a market collapse.

10. Glengarry Glen Ross (1992)

The classical cult, Glengarry Glen Ross, was written and directed by David Mamet. The Broadway award-winning story revolves around four salespersons working in the cutthroat real estate business. These desperate men con the weakest by selling properties to them at rates higher than their valuation. The sales race got ugly when they started conspiring against each other and Jack Lemmon even broke into Glengarry's office to steal sales leads. Their sales attitude wasn't rewarding, and they were far from the principles of honest living.

Facing Money Crunch?

You must watch these finance-related movies to brush up your knowledge through these entertaining resources. They will help you gain insights into personal finance management and manage your money better. In case you are facing a money crunch, remember to make informed decisions and avoid falling in for scams and fraud.

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From work and play to eating and travelling, digitisation has played a key role in dramatically changing the way we go about our lives.

Nowhere is this more apparent than in the banking sector today. Digital banking is increasingly becoming the norm while physical transactions are going the way of the dinosaurs slowly but surely.

That's why we decided to go through a few key features of digital banking that you need to be aware of.

Whether you're a senior citizen who's still getting to grips with the nuances of digital banking or a school-going student taking the first strides into financial independence, it's important to be aware of these features of digital banking.

Online banking and mobile banking

This is the aspect of digital banking that is most commonly known to most of us. Almost every bank with the possible exception of some post office banks have adopted online banking.

It is beneficial for both the bank as well as its customers. Not only can the account holders carry out their transactions from the comfort of their home at any time of the day – including bank holidays – it also reduces the load on the bank personnel.

During the ongoing coronavirus pandemic, in particular, online banking has been a boon, especially for those most vulnerable to the virus.

Aside from your basic transactions, online banking also offers other convenient services like issuing new chequebooks, credit and debit cards, applying for loans, or making new investments.

Mobile banking takes online banking to the next level, as you can do all of the above on the go on your smartphone.

Opening an account

While the activities described above are no doubt immensely convenient, until recently, certain needs still require you to go to the bank, such as opening an account. This is no longer the case, as many banks now allow you to open a new account from the comfort of your couch.

All you have to do is head to the bank's website, type in a few details, upload scans of the necessary KYC documents, and presto, your new account will be up and running within minutes.

Whatsapp banking

Most of us use Whatsapp to chat, video call, and send images. It is the most popular messaging tool in India, used by everyone from uncles sending ‘Good Morning' messages, to kids sharing the latest memes.

Taking note of this immense reach offered by the presence of Whatsapp on everyone's smartphones, many banks have gone ahead and introduced Whatsapp banking.

By simply connecting to the bank's Whatsapp number, you can check on the various particulars of your account such as your account statement, credit card balance, investment offers, nearby ATM locations, and lots more.

You can obtain the necessary information simply by typing the respective keyword from their list of options that show up on your screen.

Note that this is more of an informational interaction than an operative one. Its goal is primarily to give you quick information at a glance and save time by not having to log into your bank account or have to visit your bank physically to check up on minor details.

Digital Wallets / e-Wallets

While the introduction of credit and debit cards made our lives immensely easier, digital wallets or e-wallets are the next big step in adding another layer of convenience to cashless transactions.

Credit and debit cards reduced the dependency and risk of carrying large amounts of cash on your person. However, you still had to take care of the cards themselves. If they fell into the wrong hands, their misuse was almost guaranteed.

With e-Wallets, such as Paytm, Google Pay, and PhonePe, to name a few, all you need is the phone you carry around in your pocket. By simply entering the payee's number or scanning his QR code, you can safely carry out the transaction from your bank account.

Unified Payment System

Similar to digital wallets, Unified Payment System (UPI) is another boon that cuts down significant hassle compared to the olden days.

Back in the day, depositing money into a friend or family member's account meant writing out a cheque and queueing up to submit it with a payment slip physically at the bank.

Today, just like with digital wallets, you can transfer money with a few taps on your smartphone using a UPI app.

The main difference between digital wallets and UPI is that UPI transactions occur between two different banks while digital wallets involve transactions between two accounts within the same e-wallet (For example, Paytm).

Planning Finances

Another value-added service that more and more banks have been coming up with are tools that help you manage your wealth as per your means and requirements. These tools include loan, premium, and tax calculators, investment analysis, and budgeting, to name a few.

These extra features go a long way in helping out those customers in particular who are not too well versed in matters of money. Not only does it help them grow their savings but also avert any costly lapses.

Bill payments

Life in modern society involves using a lot of services such as electricity, gas, the internet, and television, and that means a pile of bills land up outside your door every month.

With the convenience of digital banking, you can set-up all your bills with your bank account for convenient auto-payment every month.

Notifications

While online banking has its merits, it also has its pitfalls. Given the nature of the digital landscape, hackers and scammers are always prowling about, looking for ways to relieve you of your hard-earned savings.

One of the most important defenses against this is real-time message alerts or notifications that banks send to your phone as soon as a transaction takes place.

Should an unauthorized transaction take place, you are immediately made aware of it and can reach out to the bank to take timely action.

We must stress that it's important to arm yourself with the knowledge to be aware and avoid scams in online finance.

Our mPokket instant loans involve a fully online paperless process with the amount transferred straight to your bank account and as such, we highly encourage you to avail the online banking facilities offered by your bank.

Also, when you share your personal details with us, we ensure that it never falls into the wrong hands. We employ state-of-the-art technology and online safety standards to ensure that your confidential and sensitive information is always in safe hands.

Nouveau digital banks are disrupting conventional financial services and how!

They are making them cheaper, easier, faster, and more accessible.

The expectations of modern banking customers have changed. So have the trends in digital transformation.

Competition from mobile-only banks, digital banks, and Fintechs has given conventional financial institutions something to think about.

To be sure, the gamut of services offered by digital banks and are identical to the ones offered by brick-and-mortar banks. Yet, Fintech enjoys certain subtle but undeniable advantages over traditional banks.

FinTech consumers have greater power and control over their financial decisions. This, in turn, leads to enhanced financial literacy.

By incorporating Big Data and the latest digital technology with conventional financial instruments, the FinTech industry has made the life of its customers easy.

Contactless Payments And e-wallets

The Apple Card and the success that it enjoyed drove the rapid adoption of e-wallets. The Mercator Advisory Group conducted a mobile payments research just before the launch of the Apple Card in Aug 2019.

It clearly shows that the traction of mobile payments substantially picked up after the launch of the Apple Card.

According to the Mercator Advisory Group, the initial launch of mobile wallets was greeted with a lot of optimism by the market. Unfortunately, the subsequent adoption of the technology failed to live up to the initial hype.

The lack of user-friendliness when it came to these apps was one of the contributing factors behind this lack-luster acceptance.

Thanks to the launch of the Apple Card, e-wallets once again enjoyed an upsurge in applications across industries. Among these, retail leads from the front with widespread adoption across global chains such as Walmart and Starbucks.

Apple Pay uses near-field communication technology, unlike the e-wallets used by the aforementioned retail giants, which use QR codes or barcodes.

Industry experts are of the opinion that both technologies will continue to enjoy healthy traction within the industry.

Bar codes are independent of carriers or devices. This means that you do not have to split your revenues with a device maker – something all card issuers must do when operating with Apple.

Contactless card usage is also expected to surge in the coming years. Industry leaders are ready to jump on the bandwagon, upgrading their card proposition with additional tap-and-go features.

This can only be good for the speedy adoption of e-wallet technology. With a better part of their day spent on their smartphones, Gen Z and millennials are more comfortable making payments via their handheld devices than plastic cards.

The next step in contactless payments would be a smartwatch or some other form of wearable device. It can be used with ease while even holding a cup of coffee.

The Retail Banking Disruption

How we choose to pay for our goods and services says a lot about the adoption of financial instruments.

According to a Digital Banking Consumer Survey conducted by PWC, 46 per cent of the participants use digital channels exclusively when conducting their financial transactions. This includes tablets, PCs, and mobile phones.

According to the same survey, 82 per cent of those surveyed who belonged between the age groups of 18 to 24 submitted that they use mobile banking.

60 per cent of all smartphone using participants in the survey admitted to availing mobile banking in some form or the other.

Financial institutions all over are experiencing one trend across the board. Previously, they catered to customers who were omnichannel users – banking through their smartphone apps, call-centres, website and even visiting their physical branches.

Slowly but gradually, omnichannel customers have paved the way for Omni-digital customers. Needless to say, this has led to widespread disruption across the traditional business model – staffing, investments, strategy, etc.

Modern banks need sophisticated personalization capabilities and analytics. They also need to become nimble in order to keep up with their younger and digitally savvy consumer base.

Digital transformation affects every facet of the traditional banking model – native core transformation, faster integration, and API rethinking.

Even business agility is affected – product customization, customer value propositions, pricing, real-time distribution and learning, and product manufacturing.How we choose to pay for our goods and services says a lot about the adoption of financial instruments.

According to a Digital Banking Consumer Survey conducted by PWC, 46 per cent of the participants use digital channels exclusively when conducting their financial transactions. This includes tablets, PCs, and mobile phones.

According to the same survey, 82 per cent of those surveyed who belonged between the age groups of 18 to 24 submitted that they use mobile banking.

60 per cent of all smartphone using participants in the survey admitted to availing mobile banking in some form or the other.

Financial institutions all over are experiencing one trend across the board. Previously, they catered to customers who were omnichannel users – banking through their smartphone apps, call-centres, website and even visiting their physical branches.

Slowly but gradually, omnichannel customers have paved the way for Omni-digital customers. Needless to say, this has led to widespread disruption across the traditional business model – staffing, investments, strategy, etc.

Modern banks need sophisticated personalization capabilities and analytics. They also need to become nimble in order to keep up with their younger and digitally savvy consumer base.

Digital transformation affects every facet of the traditional banking model – native core transformation, faster integration, and API rethinking.

Even business agility is affected – product customization, customer value propositions, pricing, real-time distribution and learning, and product manufacturing.

The Challenges to Digitization

Retail banks, which include credit unions and thrift banks, continue to spend tens of billions of dollars developing their in-house IT personnel, software, and hardware services.

The modern consumer demands services that require banks to innovate, both in terms of their business models as well as technology.

Unfortunately, the going consumer perception is that the industry is not innovating at a pace that is warranted.

According to a Banking Report by Salesforce, around 25 per cent of the participants surveyed that retail and healthcare are experiencing digital transformation faster than the banking sector.

As is clear from the discussion above, FinTech ventures are offering new avenues to consumers to manage, lend and borrow money. They are giving the traditional brick-and-mortar banking institutions stiff competition when it comes to keeping up with the digitally savvy customer.

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The Employees' Provident (EPF) is also commonly referred to as the PF. It is a savings scheme that has been established by the government for employees in the organized sector.

The Employees Provident Fund Organisation (EPFO) declares the EPF interest rate every year. It is a statutory body that comes under the Employees' Provident Fund Act, 1956.

In 2020, the EPF account interest rate was 8.5% annually. Only companies that are registered under the EPF Act can allow their employees to invest in PF or EPF.

Both the employee and employer contribute 12 percent of the employee's dearness allowance and basic salary to the EPF account every month.

What is PPF?

PPF, short for Public Provident Fund, is a savings scheme that is offered by the government. It is a popular tax-saving instrument that comes under section 80C.

The objective behind PPF is to serve individuals across all sectors. Even blue-collar job holders can invest and save small amounts.

A PPF account delivers higher returns than a savings account. How? PPF accounts are locked in for a period of 15 years.

In a year, you can invest up to Rs. 1,50,000. A minimum investment of Rs.500 is mandatory every year.

The complete Rs. 1,50,000 qualifies as tax deductions annually.

What is the difference between PPF and PF?

ParameterPPFEPFInvestment eligibilityEmployees enjoying salaries with reputed organizationsAll individuals, including those with informal jobsWho contributes?SelfEmployer and employeeWhat is the minimum investment?Rs.500/year12% of basic salaryWhat is the maximum investment?Rs.1,50,000/yearEmployer contribution capped @ 12%; employees can contribute as much as they wantLock-in period15 yearsTill retirement

What are the disadvantages of PPF?

You cannot withdraw the amount partially from PPF 5 years from the year you opened the account. This is applicable even in the case of emergencies or if you are unemployed.

The time duration for PPF is 15 years – a considerable span that extends beyond a single generation.

Traditionally, EPF always had a higher rate of interest than PPF.

The rate for PPF is fixed. This means that instruments such as the National Pension System (NPS) or mutual funds will deliver higher returns since they are equity-linked.

What are the disadvantages of EPF?

Only employees of organizations that come under the EPF Act can avail EPF benefits.

Organizations that have 20 or more employees are eligible under the EPF Act. Retired or self-employed individuals cannot avail EPF.

The EPF contribution is fixed. It is 12 percent of the DA and Salary from the employee and employer. The amount cannot be less than this.

Employees, can, however, contribute more through the Voluntary Provident Fund (VPF).

In case of PF withdrawal from EPF before 5 years, the amount is taxable.

Imagine you have shifted base from an EPF registered company to a non-registered one. Or, you've become self-employed.

If either of the aforementioned scenarios come to pass, you cannot contribute to your EPF anymore.

What's worse, after 3 years, your account will stop accruing interest.

The NPS (National Pension System) or Mutual Funds will always deliver higher long-term returns than EPF.

How does taxation work for the 2 instruments?

If you withdraw your EPF within 5 years from the start date, it becomes taxable. PF withdrawal from PPF is not taxable.

If you invest in the EPF, you qualify for tax deduction under Section 80 C of the Income Tax Act. Up to Rs.1.5 lakh is exempted annually.

Both employee and employer contributions are included in this exemption. Unless you're unemployed, interest on EPF is also exempted.

If you withdraw more than Rs.50,000 within 5 years from your EPF account, TDS will be deducted.

The Income Tax Act of 1961 allows up to Rs.1.5 lakh investment per annum in PPF to be tax-deductible under Section 80C.

If you declare the interest that you earn on your PPF in your annual returns, it is also tax exempted.

Furthermore, even the PPF maturity amount is exempted from tax.

Which is the better instrument to invest in?

Simply put, EPF is a better option than PPF. This is because the employer also contributes to the EPF account.

No such provisions exist for PPF.

Secondly, to meet personal contingencies and emergencies, you can withdraw your EPF amount anytime.

With PPF, you can only withdraw the funds upon maturity.

Third, EPF delivers a higher interest rate than PPF.

Fourth, you can transfer EPF from one employer to another.

Fifth, under certain conditions, you can withdraw the amount partially.

Sixth, EPF is deducted directly from the salary. This means that you do not have to take additional steps to deposit the amount from your savings account every month.

All said and done, it is up to you which instrument you choose to invest in. We hope that the aforementioned pointers will help you make informed decisions.

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Love to travel but facing a money crunch? Here's how you can manage!

One of the more popular memes while scrolling through our social media feeds is the one that proclaims, “If traveling was free, you'd never see me again!”

Unfortunately, as we all know, not only is traveling anything but free, the expenses that go into even a quiet little weekend getaway at the other end of the state are significant enough these days that many of us need to set aside a travel kitty just to ensure that our little sojourn doesn't eat into our core expenditures.

This is particularly true for those who are still in the process of paying their dues for funding education as well as those who've freshly stepped into the working life, and any spare change that goes towards luxuries such as pleasure trips has to be managed meticulously.

With that in mind, here are some suggestions for optimizing your travel budget to ensure you extract the best experience for your buck.

Stay grounded

While the miracle of modern flight has made covering vast distances quickly a cinch, they also come with a pinch – to your wallet, that is. When every rupee counts, you're better off sticking to a travel plan that you can pull off via rail or a road trip rather than by splurging on an air ticket. The money you save can help offset the costs you will incur once at your destination, such as the hotel stay, food, mementos, and whatnot.

Trim the fat before flying

However, there may be other considerations at play such as a limited number of leaves from work, for example, and as such, not everyone might have the time for slower land-based travel modes. So, if you must fly, make sure you do your homework before purchasing your flight tickets.

One of the first things to do is try and plan your trip well in advance. This will allow you to book your tickets months in advance when they are at their cheapest. That is even more true now than ever, as the travel and tourism industry is in the process of bouncing back from the devastating after-effects of the coronavirus pandemic and many companies are offering unprecedented discounts and offers to encourage travelers.

Go Public

Once at your destination, avoid the temptation to book an Uber or hail a taxi or auto to get around and stick to buses, local train or metro rail network instead. All available bus and rail routes you need to use to reach your destination are just a click away on your smartphone.

Using public transport will also give you a better feel for your surroundings than being ensconced in a private air-conditioned cab that shuts out most of the aspects of a road trip like sights, sounds, and smells.

Sleep under the stars

Unless you have a friend or relative living in your chosen destination where you can shack up during your stay, hotel stays take up a significant chunk of change while traveling.

However, if your destination is located in the great outdoors enveloped with a pleasant climate to boot, you might be better off opting to set up camp under the stars instead. It's a growing trend with many youngsters in particular, who prefer to ditch hotels and opt to get up close and personal with the fauna instead.

However, do ensure you're adequately stocked up on essential supplies like a tent (obviously!), sleeping bag, medical supplies, food, clean water, basic cooking equipment, flashlight, and power banks, to name a few.

Also, a trip like this is best and most safely experienced as a group, with at least one member having prior camping experience.

Travel when everyone's not

Most tourist destinations have a peak season and an offseason, whether it be due to favorable climatic conditions during a few months of the year or an event such as a festival or carnival taking place, and as such, it's generally not preferable to visit outside that favorable travel window.

However, when you're on a slender budget, it's better to go off-season than not go at all. Sure, Goa during the monsoon season is hardly as much fun as when the sun's out and the crisp ocean breeze is flowing through your Aloha shirt, but you can still enjoy a worthwhile and memorable time nonetheless. Perhaps you can spend the spare change on some of the choicest local Vindaloo instead!

Food for thought

You can always stroll down to your local upmarket restaurant near your home when your finances are flush after a payday, but when you're traveling, pass on the pricey places and take in the local street food instead. If you want to take in the soul of a place through its food, a swanky restaurant is no match for the fare on offer at a bustling street-food joint, imbued with the zing and spice of the local culture. And, it's immensely cheaper!

Better yet, if you're even a bit gastronomically-inclined and are staying at a dormitory equipped with a kitchen instead of a hotel, you can buy fresh local produce and whip up a quick meal yourself and completely opt-out of having to spend money at eateries.

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After close to a year of being cooped up within the four walls of your home, you are probably more inclined to head out and travel than ever before. Fortunately, with COVID-19 lockdown restrictions easing up across the nation and a nip in the air, many Indians are beginning to resume pleasure travels. However, if you are reconsidering it lest it dents your finances, don't pocket a handout from a close friend or loved one but mPokket a travel loan instead!

Simply download the mPokket app on your Android smartphone and fill out your basic information. That's all you need to do to apply for a instant travel loan. Whether it be ₹500 or ₹50,000, mPokket will approve and disburse your travel loan straight to your bank within a span of just 48 hours.

Now that the Government is announcing its annual budget, it's time for you as a student or a young professional to plan your own personal expenses. This article will explain what you can learn from the annual budget and how you can get started on your own personal budgeting.

Budget Terms: All you need to know

Let's try and understand some budgeting terms so that when you read about the annual budget.

Revenue deficit

In an ideal scenario, a revenue deficit should be zero. But in case the Government is unable to match the revenue disbursement with the revenue receipts, it might have to borrow money from other sources.

Revenue receipt

Just like you have a savings bank account, the Government has, what is called, a revenue account. This account is a detail of all revenues earned by a Government. For instance, all tax collected will be categorized under revenue receipt.

Capital receipt

Just like it has a revenue account, the Government also has, what is called, a capital account. This refers to details of all government expenses that have led to the creation of assets that will in turn lead to revenue.

Fiscal deficit

A fiscal deficit is a phenomenon when the Government has gone over budget in expenses and will be required to borrow money from the public to meet the shortfall.

The above-mentioned terms are just a few terms to get you started. You might want to deep dive into all the terms around budgeting to understand the subject better.

Factors that may affect the budget 2021

Some of the factors that will affect the 2021 budget are the industries that did not do well this year – like airlines, hospitality, travel, and tourism. India's job market is under duress and as such, India needs to actively advocate and implement Ease of Doing Business policies that will allow foreign companies to set up manufacturing in India. India also needs to focus on encouraging domestic trade in a time when transit and logistics are taking a hit because many countries have closed their borders and subsequent transit routes.

Why is Budgeting so important?

For a Government, a budget is a blueprint that it will stick to for the next financial year. All of its future expense allocations will be dependent on how it allocates its budgets for the next financial year. Now let's understand why budgeting is important for a young student or young professional like you. Budgeting allows you to understand how much you have and how much you can spend versus how much you want and how much your wants cost. It is a clear framework of your wants and needs. It helps you prioritize between spending on the essentials and spending on the impulses. It helps you start preparing for the bigger picture.

Types of Budgeting

Now, a Government budget is usually of three types – balanced, surplus, and deficit. Each budget allows the Government to allocate its funds on the basis of the availability of funds. A balanced budget is structured and allocated on the basis that the estimated Government expenditure equals the expense receipts in the current financial year. In line with that concept, a surplus budget is when the estimation of revenues is likely to exceed expectations in the financial year and a deficit budget is when the estimation of revenues is likely to be below expectations in the financial year.

As a student or a young professional, you too can plan your budget for the next month on the basis of your expense experience in the current month. At the end of the day, budgeting is all about making personal finance decisions that are comfortable and well suited to your needs and expenses.

5 Ways to Manage your Personal Budget

Just like the Government has a federal reserve for all its savings and revenue, you too need to have a secure place to collect your savings.

Let's say you have your savings in one place – like a savings bank account – next, you need to learn how to spend your money. Here's how you can budget your expenses easily.

Switch to a payments bank

Payments bank applications like Paytm are easier to use because you can add a specific amount of money from your bank account to your digital wallet – so you only spend according to your expense budget.

Save for a rainy day

Unforeseen expenses can make managing your expense budget very difficult. So make a note of possible and potential expenses and collect small amounts of money for any possible large expenses in the future.

Look out for large expenses and see if you can curb them

When you allocate your monthly expenses, you will notice there is always that one large expense that takes up a large chunk of your monthly budget. For instance – if your travel budget for the month is ₹3,000 because you always call a cab service, can you switch to taking the train and reduce that budget from ₹3,000 to ₹300?

Don't spend everything at once

A budget means spending your money in a specific time frame – if you spend everything in one go, you're unlikely to have enough to carry on for the rest of the month. So, learn to control your impulse buys and start spending in bits and pieces.

Make a note of your transactions

Always thinking “Where did all my money go?”

Take note of every transaction that you conduct because this will unearth all those tiny transactions like a random cup of tea or earrings etc that don't let you realize that you might be going over budget.

Budget template

If you're living up to your budget allocations or spending lower than expected, great! Keep it up. But if you're overspending and need help managing the excess expenses, read on to find out how mPokket can help.

Feeling the Cash Heat? Get a quick loan today!

While the country has an entire team of seasoned professionals to manage its budgets, you need to manage your personal budget. You might successfully allocate expenses each time, but there will always be some unexpected expenses that might turn budgets upside down. What can you do in such a situation? When you feel the cash heat, you might usually turn to a friend or a loved one to borrow some cash. But that's always an awkward conversation, isn't it? Why not turn to the friend in your pocket?

Just download the mPokket app on your smartphone and fill out your basic information. That's all you need to do to start applying for a instant short term loan, short amount, instant personal loan. From ₹500 to ₹50,000 – mPokket can approve and disburse your loan – into your bank account within just 48 hours. Click here to know more about mPokket.

Planning for higher education abroad? How about higher studies at a premier institute within India? Quality education is expensive! No two ways about it.

Of course, there are many ways of providing for an expensive education. The two most common ways students fund their higher education is through self-funding or Education Loan.

With self-funding, the full fees have to be paid upfront. Additionally, the living costs are separate which also have to be provided for.

Sometimes, the living expenses may be almost as high as 50 percent of the educational costs.

In addition to the tuition fees, and education loan will take care of your living expenses as well. After you complete your course, you can start repaying the loan.

Furthermore, lenders allow borrowers up to 6 months of moratorium after the completion of their courses.

If you are self-financing your education, you pay the whole amount in one shot. No EMIs!

Contrast that with your education loan. Almost all banks offer easy repayment options in terms of EMIs. Some even allow their borrowers to repay the amount over a decade.

When self-funding, you have to dig deep into your savings. This, in turn, could erode your investment opportunities or worse, emergency contingencies.

With an education loan, you have it covered.

Challenges Faced During Higher Education

In India, the challenges to finance higher education are myriad –

• Personal finances: We may be one of the fastest-growing economies in the world. We may even be one of the biggest economies in the world. All said and done, there is still a significant population in our country that does not have access to even primary education, much less higher studies. Financially challenged, a vast majority of our youth cannot afford quality education because they hail from impoverished backgrounds.
• Eligibility for education loans: Conventional banking institutions lend money to borrowers against collaterals. With a large section of the population unable to put up the commensurate assets to be eligible for a loan, students are unable to avail financial aid to secure a good higher education.
• Over-expenditure: Sometimes, even after personal finance and financial aid kick in, it's not enough. A student may get through a University that does not grant him or her a full scholarship.Pupils may simply lack the financial background to be able to afford the balance amount. Banks or other financial institutions may be unwilling to provide the requisite support needed to make up the deficit.

Tackling The Financial Challenges To Higher Education

Fortunately, there are avenues where meritorious students can seek financial aid in order to fulfill their dreams of higher education –

• Government grants: More often than not, governments run schemes that help gifted students secure a berth for higher education. These schemes are customized to suit the unique needs of the ones seeking financial aid. This includes special cases such as government employees, single parents, etc.
• Scholarships: Scholarships are financial incentives that are merit-based. They enable gifted students to pursue higher studies. Scholarships are tailormade to each course within an academic institution. One of the most attractive attributes of scholarships is that they are not geography-specific.
• Student loans: In the event that a student does not secure a scholarship or grant, he or she can always seek a student loan. Banks offer student loans at acceptable interest rates. What's more, financial advisors will guide you every step of the way in order to ensure that you make the most informed decision.

Self-Funding Or Education Loans

Over and above the pros and cons of taking an education loan vs self-financing one's higher education that has already been discussed at the beginning of this article, there are additional benefits to taking an education loan –

• Tax exemption: When you avail of an education loan, the complete interest on the loan is exempted from tax – an enviable attraction you cannot avail of when self-funding.
• Timely payments: If you are paying for your higher education yourself, you have to keep a constant eye out for those deadlines to the installment payments. Contrast this with an education loan where the bank takes care of these formalities.
• Credit History: Anybody who has ever paid a loan on time knows that timely payments positively affect your credit score. This, in turn, helps you to procure more loans in the future for a car, house, etc.

An education loan will take care of your larger expenses such as college tuition and living expenses. Unfortunately, it may not always help in meeting daily or petty expenses. What if you were in need of some stationaries? Or pay for your gym membership?

At mPokket, we understand the importance of loans to meet emergencies, even if they are short-term. This is why we offer loans, not just to college students but to young professionals as well.

Simply download and install the instant loan app, register with a handful of documents, and apply for a loan. Once approved, up to Rs.50,000 will be instantly credited to your bank account.

The nightmare that was 2020 has passed and it is time to actively reflect on our financial goals for the new year. Yes, the past year has passed on ordering take out, online shopping and binge watching on entertainment streaming services.

Needless to say, spending has taken precedence in 2020. But now is the time to find the right balance between saving, investing and spending. If we were to describe the difference between saving, investing and spending in a nutshell, we'd say each is a way to not only spend our income but also grow our income.

Wondering how? Our spends are generally for things we want – to want those things, we need to save up and to save up, we must invest that income. With us, so far? Let's make this simpler and understand each concept, one at a time.

Savings

Let's start with savings. There are different ways to save your money – the simplest way is to let it sit in your bank account and let it build over time. But with today's savings account interest rates offered by banks, your savings will build up at a tediously slow pace. Additionally, your savings are not going to be able to keep up with the rapidly increasing prices. Most banks offer several ways to save money like fixed deposits, term deposits and recurring deposits. These tools can actually help you make disciplined savings – especially if you instruct your bank to auto deduct the amount each month.

You can also save money by tracking your expenses, planning your goals, cutting costs by cutting down on impulse purchases and managing your budgets better. But managing your expenses and setting up a savings account will only get you so far. A great way to save and build your money is through investments. But before we cover investments, let's understand spendings.

Spending

Spending money can be interpreted in many ways – spending money can help you buy what you want but it can also help you save your money. For instance, spending money on motor insurance can help you save money in case of an accident. The same stands true for health insurance. Spending money on the new PlayStation 5 is just that – spending money. But let's say you're spending money to buy supplies for your business. That's spending money to make money. It's a well planned expense which will eventually help you grow your income. Speaking of growing your income, let's understand how spending is different from investments.

Investments

Spending money is not necessarily done with the goal of receiving a return. But investments always have the goal of either saving your money or growing your money. In today's financial market, potential investors have access to several investment instruments like mutual funds, stocks and shares, bonds and securities etc. These investments can help you save money by reducing your income tax burden and can help you grow money by giving you returns after a certain period.

Now that you have a fair idea of what are savings, spendings and investments, let's look at understanding how you can go about getting started on each of them.

Save, Invest then Spend

Every person has a different appetite for savings, spendings and investments. This is usually dependent on how much money they make, their age and their financial goals. Let's say you're a student. Most of your income comes from a parent or a guardian and in the odd case, a part time job. But that income is usually used for expenses like food and entertainment. As you grow older, you transition into being a professional and start making your own money. At this stage you're usually advised by your parents or anyone in a senior position to start saving actively. This means you open up a savings account and might even experiment with deposit schemes. This stage also puts you in the bracket of having a taxable income. So for the first time, you will start to spend on tax saving instruments like life insurance, public provident funds etc. As your income grows, you automatically start considering where you can invest your money. At this stage, you need investment options that will help your wealth grow. This means investing in mutual funds, stocks and bonds and other market securities that will help you accumulate enough wealth to meet your financial goals.

These financial goals could include larger purchases like a home or a car or even a holiday abroad. The wealth accumulated from your investments can also be used to fund further education, your wedding or your own business. All in all, savings, spendings and investments are inversely related to each other. They are a part of your financial life cycle and the state of each determines your financial health.

Don't let expenses cut a hole in your pocket

Whether you are a student or a professional, your financial cycle of savings, spendings and investments has to start somewhere – each element leads to the other. A great way to start saving is to budget your expenses. Sometimes, unforeseen expenses can mean our savings can take a hit. Wouldn't it be better to avail of a quick, instant personal loan than dig into your savings? It is easier to repay off a personal loan at a reasonable rate of interest over a period of time than to deplete your accumulated wealth in one go.

Instant personal loan apps like mPokket can help you get started on the right financial path by approving and disbursing a quick cash loan online small amounts, so that your savings are not burdened. With mPokket, you can apply for an instant personal loan through the app on your phone, use minimal documentation for your application and once approved, you can avail of a short term loan ranging between ₹500 and ₹50,000 within a mere 48 hours. It's safe, convenient and quick – exactly what you need to step onto the road to financial freedom.

An instant personal loan is an invaluable tool, especially during financial emergencies, etc. It offers a one-stop solution to our money problems. Unfortunately, people in dire need of financial assistance also tend to be vulnerable.

They often fall easy prey to unscrupulous opportunists looking to take advantage of unwitting victims who urgently need money.

Fortunately, instant personal loan scams are easy to detect if you stay vigilant. They usually demand advance payments, guarantee approvals, and promise no credit check.

They also try to snare unsuspecting loan-seekers by offering very aggressive schemes for a “limited period only.”

Phishing

Phishing is a form of cybercrime. Hapless victims are contacted via SMS, phone calls, or email.

On the other end of the call, a con-artist poses as a representative of a well-respected institution and manipulates them into giving up confidential information such as passwords, credit cards, and banking details.

Procured information is then used to commit financial crimes and identity theft.

Some of the most common attributes of phishing scams include:

• Irresistible offers:Almost all phishing scams are preceded by snappy statements and eye-catching imagery tailor-made to grab attention.It may say that you have won the lottery or an iPhone.An easy way to avoid falling for such traps is to simply not open such emails.Creating pressure through urgency: The usual catch behind the exceedingly attractive schemes that phishing scams pitch is that it's always for a limited period only.Often, the mail, message, or call will ask you to supply the necessary details within just a few minutes in order to avail of the offer.Sometimes, it will also be accompanied by threats of suspending your account or relationship with the institution that the fraudsters are pretending to be if you do not do as they say.
• The URLs:Dishonest instant personal loan lenders often induce gullible online users into clicking on links that will redirect them to a dubious site. An easy way to counter such a move is to hover over the hyperlink. It will instantly show the actual site to which you will be redirected.Fraudulent sites are invariably a corruption of the site name of a well-known organization. For example, it may say sitibank.com, falsely representing Citi Bank in an effort to dupe unsuspecting visitors.

Guaranteed Approval

There is a simple thumb rule for instant personal loan approvals the world over – there are no guarantees.

In fact, those who fight white-collar and financial crimes advocate looking out for tell-tale signs such as words and phrases like “guarantee”, etc. Any instant personal loan lender that promises instant personal loan approval without a debt score, credit score, or history and income check should not be approached in the first place.

Before approving any instant personal loan, a credible lender will always perform due diligence in the form of employment details, income, and credit score. Only after proper vetting of the borrower will an instant personal loan be disbursed by licensed lenders.

No Credit Checks

There is no exception to this rule – registered lenders always carry out a credit check. In fact, they will verify a host of other factors related to you before lending money to you.

So, if there is a lender somewhere that is offering an instant personal loan without credit checks, you can rest assured that you are being taken for a ride.

Unsecured Website

A secured website will always have the following 2 things –

• A URL that starts with “https” and not “http” (the “s” denotes security).
• Any page that solicits personal information from you will be accompanied by a padlock symbol.

The aforementioned security measures help protect your website from identity theft and other forms of online criminal activity.

The lack of these security measures with any instant personal loan lender's website should be an immediate cause of alarm. For one, it shows a complete disregard for safety protocols, especially when the product or service you're offering is money.

There may also be a sinister aspect to this seeming indifference to online safety. Dishonest instant personal loan lenders often sabotage their own digital security on purpose so that their customers fall easy prey to online criminals.

When a reputable instant personal loan lender installs these security measures, it becomes difficult for unscrupulous digital operators to breach your confidential information. It also builds trust in the relationship between the instant personal loan lender and its customers.

Protection From Instant Personal Loan Scams

Fortunately, there are just a handful of steps that you can take to protect yourself from instant personal loan scams –

• Phishing:The simplest and the best way to protect yourself from phishing is to only open or respond to a communication from sources you are intimately familiar with.That being said, it is not always possible to restrict oneself to trustworthy sources. If you have to open an unsolicited mail, make sure that you do not click on any link within it. Do not download or open any attachments either.Legitimate organizations, agencies, or companies never ask for sensitive information on pop-up screens. If you are being asked to do so, you're being swindled.Phishing filters are also very effective against unwanted emails and messages. They can be installed in both your browser and mail inbox. While these measures are not full-proof, they do provide optimum protection.
• Guaranteed approval and no credit-checks:The easiest way out is also the safest way. Simply do not respond or reach out for an instant personal loan to lenders who espouse these services.The same advice goes for unsecured websites. It is better to stay away from unsafe business practices than to be sorry after.

At mPokket, we treasure the trust that our customers put in us. This is why our safety and security measures are the best in the instant personal loan app business.

When you share your personal details with us, we ensure that it never falls into the wrong hands. mPokket offers world-class protection against instant personal loan online scams. Our systems are state-of-the-art so you know that your confidential and sensitive information is in safe hands.

Do you know how blockchains work? How about Robo-advisors? Or Unified Payments Interface?

Trying to understand FinTech terms can be an arduous task.

Forget the fact that many of them are difficult to pronounce. As they stare at you from your phone or laptop screen, some of these terms can be straight up intimidating.

Unfortunately, there is no way out of it. The FinTech industry is here to stay and how!

According to thebusinessresearchcompany.com, the global FinTech market is expected to be valued at USD 158 million by 2023. That number is expected to reach USD 191 million by 2025 and USD 325 million by 2030.

Cryptocurrency

A cryptocurrency is a virtual or digital currency. It is created to ideally serve the same purposes that physical currencies do.

They function as limited entries in a database. Unless certain specific conditions are met, these entries cannot be altered.

Cryptocurrencies get their name from the exceedingly powerful cryptography used to safeguard its processes. Thanks to them, digital currencies no longer require blind trusts and third parties to function.

Bitcoin

In 2009, an anonymous entity identifying itself as Satoshi Nakamoto introduced the world to Bitcoin. Described as a “peer-to-peer cash system”, Bitcoin is completely decentralized with no controlling authority or servers.

With the third-party approach, authorities were in control of your personal details and your funds. With Bitcoin, this is executed via Blockchain – a public ledger that records all transactions and makes it available to everyone within the network.

Blockchain

Blockchain makes any digital asset transparent and unalterable with the use of cryptography and decentralization.

A simple way to understand Blockchain technology is to think of it as a Google Doc. Google Docs are distributed instead of being transferred or copied.

This allows everyone involved to access the document simultaneously. Any changes made are in real-time and wholly transparent to all the stakeholders.

Blockchain is a revolutionary and promising technology. It brings transparency, eliminates fraud, and reduces risks.

Anti-Money Laundering (AML)

Anti-Money Laundering (AML) comprises of all those procedures, regulations, and laws that stop criminals from disguising funds obtained through dubious means as legitimate income.

Even though AML laws cover criminal behavior and transactions in a limited capacity, their applications have far-reaching consequences.

For instance, AML laws require financial institutions and banks that allow customer deposits or issue a credit to actively stop money-laundering.

AML regulations monitor illegal activities such as tax evasion, public funds corruption, illegal goods trade, and market manipulation. They also target the means of procuring such ill-gotten money.

Know Your Customer (KYC)

KYC is the abbreviation for know your customer or know your client. It is the mandatory process of verifying the identity of any bank customer.

It is a way for banks to validate the identity of their clients on a regular basis.

KYC helps to identify and prevent corrupt activities such as terrorism financing, money laundering, etc. It involves biometric verification, address proof, face verification, ID card verification, etc.

The responsibility to comply with KYC guidelines squarely rests with the banks. Failure to comply incurs heavy penalties.

Robo-Advisor

Robo-advisors are online platforms that provide financial planning services that are algorithm-driven and automated. With the help of an online survey, they collect information about the future goals and financial situation of their clients.

They then utilize this data to invest their client assets and also offer advice. Some of the features of Robo-advisors include competitive rates, customer education, attentive customer service, security features, portfolio management, account services, goal planning, and easy account setup.

Betterment was the first Robo-advisor that was launched in 2008. It started operating with investor money in 2010, at a time when the great recession was in full swing.

Unified Payments Interface (UPI)

The National Payments Corporation Of India has developed the instant real-time payment system called the Unified Payments Interface (UPI). It facilitates inter-bank transactions and is regulated by the Reserve Bank of India (RBI).

It operates by transferring funds from one bank account to another across a mobile platform. In November 2020, UPI hit 2.2 billion monthly transactions.

UPI is an interbank payment system that allows the requesting or sending of money in real-time. A single app can link multiple bank accounts.

Money can be requested or sent using any of the following ways:

• QR Code: Money can be sent via QR code which has an enclosed mobile number, account number, and IFSC or VPA.
• Aadhaar: Money can be sent to any bank account that is mapped to an Aadhaar number.
• Account number and IFSC: Send money directly to someone's bank account.
• Mobile number: request or send money to any bank account that has a registered mobile number.
• UPI ID or Virtual Payment Address (VPA): Request or send money to-and-fro a bank account that has a mapped VPA.

EMV

EMV is a form of payment that adheres to a standard complied by all smart payment cards. It is widely accepted by automated teller machines and payment terminals.

Visa, Mastercard and Europay are the 3 companies that pioneered this standard together. As such, its nomenclature is the first letter of each company.

EMV cards are also called IC cards, integrated circuit cards, chip cards or smart cards. They save their data on magnetic stripes or integrated circuit chips.

Instant personal loan app services are one of the most promising verticals within the FinTech domain. With just a handful of documents and no collaterals, users can register and avail instant personal loan online of small to medium ticket size for a short duration.

By regularly transacting on the personal loan apps and maintaining a healthy credit score, consumers of instant personal loan app services can increase their loan amount.

mPokket is one of the best personal loan apps in India. We provide loans up to Rs.50,000 to young professionals and college-goers.

The mPokket app is available for download from the Android Play Store. To know more about our offering, get in touch with us today!

For any youngsters out there, college is the first step towards adulthood. Unless you're a day-scholar, this is also the first time you will have to live completely on your own.

Whether it's cooking, cleaning, or laundry, young people have to experience a learning curve that comes with acquiring any new skill. Personal Finance is no exception to this rule.

Around Feb 2020, the Mumbai Mirror reached out to a handful of college students within the city and asked them what their monthly allowance was.

The students came back with a range that varied anywhere between Rs.15,000 – 30,000 per month.

Even with such generous allowances, the youngsters reported difficulty in managing their traveling, tuition, food, and recreational expenses.

Personal Finance Challenges

The idea of money in hand gives young people a false sense of freedom. Add peer pressure to it and you have a recipe for disaster.

Unfortunately, this fallacy is an indispensable rite of passage in their eventual journey towards personal financial independence and success.

• Personal Finance Literacy: Lack of financial literacy is very common among Indian college students. Fortunately, it is never too early to plan for the future.
  Frugality is a skill that sets one up for lifetime success. Learning how to stay debt-free, saving every month, and living within one's budget are all essential to long-term prosperity.
• Learning To Invest: Often, youngsters are caught up in the rush to make a quick buck.
  If it's not an internship, it's a gig. Sometimes, it's a hot tip on volatile shares in the stock market.
  At this age, there's still time before you start investing. However, it doesn't hurt to become knowledgeable about personal finance.
  Cultivating a curious attitude towards financial planning will stand you in good stead in the long term.
• Loan App For Students: Today, instant personal loan app products allow college students to borrow money without collateral. Unfortunately, young people get carried away and end up incurring large debts.
  Using instant personal loan app products wisely can help youngsters maintain a healthy credit score. By closely monitoring how much they borrow and spend at a time, they can learn financial planning at an early age.

Ways To Improve Personal Finance Literacy

The OECD/INFE 2020 International Survey of Adult Financial Literacy was conducted across 26 countries from Latin America, Asia and Europe.

According to this report, young people aged between 18-29 years consistently display lower financial literacy when compared to other age groups.

Thankfully, just a handful of good practices daily can help the youth of our country gain their financial prowess in no time.

• Reading: If you are not a habitual reader, start with the very basics.
  Begin with the Finance section of your daily newspaper. Once you are comfortable with common financial terms, you can move on to publications such as The Economic Times, The Mint, The Wall Street Journal, and The Economist.
  The internet is a limitless source of financial materials through which you can improve your understanding of the economy.
  In addition to well-known publications and authoritative sources, you will also find bloggers with unique insights into personal finance that can help you achieve success.
• Apply The Learning To Your Own Personal Finance: All the reading will be to no avail if you fail to apply your learning and manage your personal finance better.
  Luckily, knowledge brings about a change in habits and mindset, often causing a paradigm shift in one's perception.
  Applying your learning to planning for the future, managing debts, and making monthly budgets will help you achieve your long-term personal finance goals and enjoy a lifetime of prosperity.

Managing Personal Finance Effectively

Learning to manage one's personal finance prudently at an early age is easier said than done. Financial literacy is an acquired skill that takes years to mature.

Thankfully, there are a handful of tips that one can adopt with relative ease. These serve as the building blocks to a lifetime of financial planning and security.

• Sticking To A Personal Finance Budget: College life can be fairly routine. The same group of friends, familiar hangouts, and favorite places to eat.
  Once you've settled into a groove, it's a good idea to stick to a monthly budget. In addition to the ease of mind that comes with financial discipline, you may also end up saving for a rainy day.
• Do Not Overspend: We know. Peer pressure eventually gets to everybody. College is as good a place as any to choose your circle of friends wisely. The company you keep not only shapes your present but also your future. A well-chosen group of friends will not force you to validate yourself or seek their approval constantly. This means less time spent in idle shopping and at expensive coffee shops and more time having meaningful conversations, forming close bonds and lifelong friendships.
• Student Discounts: These days, student discounts are all the rage.
  Not just non-profits or government-run institutions, even corporates are sold on the idea.
  Offering student discounts is one way to attract your target group early and build lifelong brand loyalty.
  Be it gadgets, vehicles, traveling, study materials, or dining out, don't shy away from grabbing your student discount at your favored outlets.
  You've earned it.

If you are a college student or a young professional who can manage your personal finance well, mPokket is the right instant personal loan app for you.

Simply download and install the Instant loan app for students. Register by uploading a handful of documents and get approved.

Voila!

Now borrow instant personal loan online up to Rs.50,000 depending upon your credit score and your repayment history with us.

We credit the money directly into your bank account.