Learn How to Save Money

While everybody makes big plans including new year resolutions for saving money, very few are able to actually save as per their set targets. Sooner or later we encounter unforeseen expenses and our saving plans go haywire. Here are a few simple tips on how to save money:

Cash Over Credit

Credit card definitely has its benefits. Today most shops and service providers across the globe accept it as a mode of payment. While travelling, it is much more convenient to carry the credit card rather than wads of cash and it also helps in making emergency payments. However, fact is when you are shopping with a credit card you lose track of the amount of money spent. Paying with cash on the other hand helps you set an upper limit and you do not end up making unnecessary purchases. Trying to use cash more often than card is one of the easiest money saving techniques. Next time you go to your favourite store, try keeping the credit card at home and see the difference it makes to the bill.

Shop Smart

Rather than indulging in impulsive shopping, if you plan and organize your shopping you will be in a better position to leverage discounts, sales and coupons. Before making big purchases do some research online to determine which providers offer the best rates. Sometimes it might be worth delaying a purchase to enjoy a better rate.

Cook at Home

When you eat home cooked food not only are you saving money but also eating healthy. For most people, dining out is one of the biggest buckets for household expenditure. If it is not feasible for you to cook everyday, you can cook in bulk and store in the freezer.

Curtail Unnecessary Expenses

A little bit of diligence can go a long way in cutting down on unnecessary expenses. The electricity bill is a good example of how some good habits can greatly cut down your consumption and thus how much you pay. Similarly discontinue any service subscriptions that you don’t really use. You can optimize phone bills by signing up for family packs. The list is endless and there are a lot of money saving opportunities here.

India’s Life Insurance Business Just Got Its Biggest Player

2014 - 2015 saw a record number of mergers and acquisitions in the Insurance industry worldwide. UK alone had more that 64 insurance companies that were either merged or acquired by bigger rivals. As the industry learns to live with consolidations, we see similar trends in the life insurance business worldwide.

Creating India’s Biggest Insurance Company
Two Indian companies are making news headlines as they have came together to form India’s biggest insurance company. Insurance is a relatively small industry in India. For a country with a population of over 1 billion people,  only a small percentage of people have access to general and health insurance. There are about 50 odd insurance companies in India and the country accounts for 1.5% of the world’s total insurance premiums.

MAX Life & HDFC Life Merge
HDFC bank has earned a reputation for itself as India’s most valuable lender over the last 20 years. The HDFC Standard Life Insurance Company is India’s third biggest life insurer in the private sector. Max Life, a subsidiary of Max Financial Services is India’s fourth biggest life insurer. As these two big players come together, they will create HDFC Life - India’s biggest insurance company. The new company is valued at $10 billion, a big deal for the Indian Life Insurance business.

Src: Youtube

A Well Timed Move
HDFC Life should greatly increase market penetration as the two insurance companies complement each other’s customer base and services. It definitely is an exciting time for their shareholders who have seen their shares go up in value. HDFC Life is also expected to make insurance more affordable in India - this has always been the challenge in getting people to sign up for insurance in the country. A KPMG report pegs the Indian insurance industry to be worth more than $400 billion by the year 2020. Hence this is the right time for Max Life and HDFC life to come together and make a joint effort to leverage the huge opportunity the country life insurance business promises.

As with all mergers, this one will also need to go through the mandatory approvals from shareholders, regulators and government authorities in India.

Save Yourself From Online Scams

In recent years, there has been a big increase in the number of online scams. Cyber criminals are always coming up with new and innovative ways to gain access to unauthorized data - both personal and payment related information of internet users.

As reported by Payza scam alerts, one very damaging attack in recent years was the Heartbleed bug wherein hackers were able to exploit a weakness in the encrypted data of the OpenSSL protocol. While Payza states, its servers were not exposed and its users were safe, several e-commerce vendors were forced to reconsider their security measures on account of this attack. As businesses learn and further strengthen their servers, it is becoming very important for internet users especially those making online purchases, to be aware of ways to keep their information safe and secure.

Here are a few watch outs recommended by online payment processor Payza’s scam alert system, that can save you a lot of trouble.

Basic Measures

As far as possible, avoid storing credit card information online. If your credit card is the number is stored by the web application, then there are various means by which hackers can try to access and misuse it. It is better to enter sensitive information every time you make a purchase. Always ensure that data is being transmitted over SSL. You must also verify the site’s security certificate while entering credit card information.

Payza scam alerts also recommend that online shoppers should make it a habit to regularly check their credit card statements. This way they can find fraudulent charges on their cards if any. There are also online banking apps which help users to check their statements. You should always double check any charges that you do not recognize and contact your bank immediately if you suspect a fraud. A little diligence can go a long way in protecting you from online frauds.

Virtual Credit Cards

Use virtual or disposable credit cards for your day to day online shopping. Most virtual cards let you create prepaid cards. They can be used as normal credit cards and your real credit card number is safe. Thus keeping your personal information away from online merchant sites.

Watch Out For Phishing Attacks

Phishing is an attempt by fraudsters to gain access to your personal and bank/ credit card related information by pretending to be a trustworthy entity - this could be via an email or an online form. Never click on links in an email if you do not know the sender.

Remember, a few simple measures can keep you safe online.

Indian Cuisine: Dal Makhni and Paneer Masala at Rio Olympics

As the Olympic fever rages on, here are some facts about the Rio Olympics village that you were probably not aware of. Also referred to as the Sportsmen Village, the Rio games village is the biggest ever in the history of the Olympics games. It’s 31 odd buildings can house up to 18000 people from across the world. It also includes shops, restaurants, cafes, transportation and a main cafeteria for meals.

Indian food on the Menu

What might surprise you is that this is the first time Indian food is available on the official menu for athletes. There are strict rules and regulations regarding food for players at Olympics Games. They are only allowed to eat food cooked in the village kitchen and they are not allowed to bring their own food into the main dining area. While there has always been international, continental and Asian food on the Olympics menu for a long time, Indian food has so far never been served to players.

Behind the scenes

India Won 2 Medals - Sakshi Malik Won Bronze Medal in Women's Wrestling & P.V.Sindhu Won Silver Medal in Badminton 

Indian food has made it to the Rio Olympics menu after consistent efforts by the Indian side. It is a proven fact that familiar food keeps players physically and mentally fit and accelerates their acclimatization to a new place. Under the leadership of Prime Minister Narendra Modi, the Indian sports ministry was determined to ensure its players were provided with everything they needed to deliver a grand performance.

Repeated requests were made to the Olympics Games Association to allow an Indian kitchen at the Olympics games village. Initially their request was turned down on the premise that a separate kitchen for a single country’s players would not be cost effective. India responded by assuring the Rio Olympics Association that its contingent would be bigger than ever before. Besides Indian food is popular with players from other countries as well especially Bangladesh, Sri Lanka and Pakistan. Consistent efforts by the Sports ministry and Prime Minister Narendra Modi have finally helped bring Indian Cuisine on the Olympics games lunch table.

Need Help With Financial Matters?

Financial planning is a must for all individuals today irrespective of their profession, marital status or age. Adequate planning at the right time can help ensure financial well-being. The idea behind financial planning is to create wealth through strategic investments. This is a continuous process that reaps benefits over a period of time.

Protection and risk management are an essential part of financial planning.  Since financial matters are complex, it is strongly recommended to seek the services of professional financial advisers. There are many financial companies that manage portfolios for their clients as per their investment objectives. These companies offer various services in financial matters such as Investment planning and Tax Management, Stock selection advice, Estate planning and so on.

Benefits

It definitely helps to leverage the knowledge and experience of a professional consultant in financial matters. The biggest benefit is usually in terms of tax savings. A financial consultant can advise you on how to make smart investments that not only give good returns but also help you save on the amount of tax to be paid each year.

In addition, financial consultants can also help define strategies for your estate taxes, help you with the lifelong planning of your earnings, asset allocations and managing a portfolio that best meets your risk appetite.

Money matters are indeed complex but with the right partner, you can turn your money into wealth.

Choosing the right provider

So how do you choose a financial services company and which services do you avail? Do remember you will be paying the company for their services and you want to make sure you get maximum value for your money.

Choose a company that offers customized solutions tailored to your needs. Many firms offer a variety of services and packages, make sure you ask them how their services can be tweaked to your benefit. You do not want to be paying for services that do not generate expected returns. Also, confirm that there is complete clarity on how your funds will be handled and how you will be charged. Lastly, the company should have a good track record and it is vital that they provide you with accurate and timely information.