Tag Archives: financial literacy

Investing isn’t about beating others at their game. It’s about controlling yourself at your own game.  -By Benjamin Graham  When it comes to investing, many investors restrict themselves to only India. This may be because of a lack of knowledge, expertise, a certain perspective, and/or many other factors. Let’s simplify the equation of whether should you consider investing in the US market or not.  When you invest in the US market, there are two returns that an Indian investor gets:  Returns from rupee depreciation Return that the US market is generating Rupee depreciation against the Dollar  When the rupee becomes less valuable with respect to the dollar, that means the rupee has depreciated. This means that to buy 1 USD, we need to pay more rupees than we used to pay earlier.   Due to Interest Rate Parity, inflation is likely to be higher in emerging economies like India because of the growth and inflation in developed counties will always be lower. Because of this difference in inflation and interest rate, the currency of an emerging economy is likely to depreciate. So, if we look at the rupee, it has depreciated by almost 4% annually in the last 10 years. If we look at the graph below, we can see that every year the rupee has depreciated.   Source: EduFund Research Team Note: Period understudy is between Jan’12-Dec’21.  Therefore, the Indian investor will be benefitted from the rupee depreciation of approximately 4% annually. And we should not rule out that this 4% depreciation in the rupee is compounding. If you invested $1000 (Rs.53000) in the year 2012 when USDINR was at Rs.53/Dollar, it would have now become Rs. 75000, without even considering the returns of NASDAQ.  NASDAQ performance  Now, let’s look at the performance of the NASDAQ compared to the Sensex Index, Mid-cap Index, and Small-cap Index.   Source: EduFund Research Team Note: Period understudy is between Jan’12-Dec’21. When we look at the Indian market, we say that better returns are generated in mid-cap & small-cap sectors, where the risk is also high. when compared to the large-cap sector.   In the above graph, if we compare the performance, we can say that NASDAQ has given better returns than the BSE mid-cap & BSE small-cap index in the past 10 years, whereas the risk is also low when investing in NASDAQ (Index). NASDAQ has generated more than 17% CAGR (Compounded Annual Growth Rate) over the past 10 years whereas BSE Sensex, and BSE Mid-cap BSE Small-cap have given CAGR of 13%, 15%, and 16% respectively. The US market is generating more returns than the Indian market when compared with the benchmark.  Let’s talk about the US market  Some of the companies’ size is more than double the economy of some developing countries. For example, the revenue of Amazon and Apple both surpassed the value of the GDP of Pakistan (296 $ billion) by almost 90 $ billion and 69 $ billion, respectively.   Source: EduFund Research Team  Companies like Amazon & Apple; have achieved economies of scale and their traction in the market is constant. Despite excellent performance over the years, these companies are still generating wealth for investors. Amazon and Apple have given 1525% & 953% returns in the last 10 years.  The story doesn’t end here There are some large companies across the globe like Alibaba & Industrial & Commercial Bank of China (ICBC), with a market size (capitalization) of $314.76 Bn. & $254.65 Bn., respectively. So, investing in these companies is also possible through investing in US ETFs, which gives global exposure. Having said that, investing in the US market not only helps you to generate good returns but also helps to diversify the risk.   An opportunity for Indian Investors  Interest rates in India are likely to increase, which is a cause for concern. Due to this, many foreign investors are pulling out their money from India to their home country because many attractive asset classes are present outside India. All this will also lead to demand in the US market.  After the Covid rally in the market, it has bottomed out, and there are high chances that the US market will see a rebound.  Let’s consider three scenarios:  Best scenario – If we look at the past returns of NASDAQ, which has delivered 17% annually, and the rupee depreciation which is depreciating at 4% annually. Then, the Indian investors will get 21% returns, which is most likely to continue.  Average scenario – Even if the rupee doesn’t depreciate, the returns that NASDAQ has delivered are higher than the BSE Sensex, BSE Mid-cap, and BSE Small-cap.  Worst scenario – Even if NASDAQ doesn’t deliver or delivers fewer returns, then the rupee depreciation will help to generate the returns, which is likely to happen.  FAQs What are the benefits of investing in US market from India? When you invest in the US market, there are two returns that an Indian investor gets:  Returns from rupee depreciation Return that the US market is generating A chance to invest directly in big companies like Apple, Microsoft, Netflix, etc What does Nasdaq stand for? Nasdaq is an American stock exchange. It stands for National Association of Securities Dealers Automated Quotations. It compromises of US's top 20 companies like Apple, Amazon, Google, Meta, etc. Some of these companies have a market value bigger than of countries like Pakistan and even India! How can you invest in the US from India? You can invest in the US market from India by downloading the EduFund App. Open your US account on the App in a seamless process with no extra charges. Click here to know how US stocks! Therefore, the rupee will work as a hedging tool with no extra cost and risk while investing in the US market.  If you are investing in the US market (dollar currency) either of the three things is going to happen, which is in your favor. Start investing in the US market as the market has bottomed out, and the market will see a rebound. 

Introduction To be able to understand why you need a good credit score to represent you, it can be useful to be aware of the basics first. Once you grasp how credit works, you can not only avail all of the benefits, offers and rewards that come with different credit card transactions but also improve your credit score drastically.  What is credit?  In economics, a debit is a decrease in one’s assets and a credit is an increase in the same. When you get a bank account, a credit would mean an increase in your bank balance while a debit would mean a decrease in your balance.  Debits cause the flowing out of money from one’s expense account due to the costs incurred by the consumption of goods and services. Credit is the opposite. However, credit can become a liability in the case of an unpaid credit bill which is a debt that you must clear within a stipulated amount of time. What is an ideal credit score?  A credit score is a three-digit number that indicates how credit-worthy you have proved yourself to be with your past transactions. This is done by analysing your credit files which show how successful or unsuccessful you have been in clearing your credit bills on time. Thus, it indicates to your potential lenders how capable you are in handling the risk factor involved in borrowing money.  In India, credit scores can range from 300 to 900. Credit bureaus like CIBIL (Credit Information Bureau India Limited) are in charge of evaluating your credit score. You might have a score of about 700 and wonder what it means. Any credit score in the range of 700 - 750 is usually considered a decent one. Likewise, anything above 800 is considered an excellent score. However, credit scores of 650 or less might not be considered strong enough for lenders to approve high-interest loans to you.   How to build a good credit score? To build your credit score from scratch, you can start by applying for a secured credit card scheme. You can also choose the shortcut of building credit faster by becoming an authorised user of someone’s else preexisting account. It is easy to attain an ideal credit score with a few months of consistent credit activity. Once you have indulged in an amount of credit activity that is enough to generate a score, you can then focus on making it better.  The rules are simple - do not borrow more than you can pay back and make it a point to pay all your credit bills on time. Your credit score will get adversely affected if you miss a payment or default on a loan. Also, make sure to settle any pre-existing debts so that it does not prevent you from attaining the desired score.  Another factor that improves your credit score effectively is the diversity of your credit. A credit mix shows that you are equally capable of responsibly handling different kinds of credit, be it mortgages, personal loans or credit card bills.     What are the benefits of maintaining a good credit score?  The benefits of maintaining a favourable credit score are manifold. First and foremost, it creates a favourable impression upon prospective lenders. Building a good score and maintaining it helps you to easily avail future credits and loans. The higher the credit score, the more qualified you are to avail of low-interest loans.  The amount of money you get to borrow, known as the credit limit, also increases with a high credit score since money lenders or banks are thereby satisfied with your capability of paying back the money on time. Sometimes it even allows you to negotiate with lenders on interest rates. With an impressive credit file, you get to reap better rewards and benefits on credit products.  Even for your own financial health, building credit works as a favourable sign. Other than coming in handy while making big investments like getting a car or buying a house, it also implies your adeptness at managing your finances. In fact, car buyers with high credit scores often get better insurance rates than the ones with unsatisfactory scores.     You can also avail of education loans at affordable rates with a good credit score. You can download the EduFund app and apply for an education loan right away! FAQs What is credit? A credit means an increase in your bank balance while a debit would mean a decrease in your balance. What is a credit score? A credit score is assigned to every credit card owner, capable of borrowing money from a financial institute. The score indicates the borrower's potential in terms of trusty worthiness, repayment behaviour and past financial history. For example, you have defaulted on your credit card payments, then you are likely to have a bad credit score. But if you have financial discipline and make routine payments then you will have a good credit score. In India, credit scores can range from 300 to 900. Credit bureaus like CIBIL (Credit Information Bureau India Limited) are in charge of evaluating your credit score. What is a credit score and what is it used for? A credit score is usually a three-digit number to determine your borrowing capability, The lender can decide whether you are credit- worthy for applying for car, home or education loans in the long run. Credit worthiness is extremely important in building trust and showing your lender that you have the means and intent to pay back the borrowed money on time. Conclusion The thumb rule for building the ideal credit score is to borrow only as much as you can repay and to pay your bills timely. It is equally important to maintain that standard once you get to the top and secure it from any kind of deterioration. Knowing the correct ways of achieving these can make you more confident in choosing the right financial goals for yourself. Moreover, the added benefits of having an impressive credit score can work as the right kind of motivation for improving it.  

Goals that individuals plan for themselves before marriage can vary from person to person. Sometimes the goal is to have a fit body that looks amazing in a wedding dress and at other times, the goals are more long term like buying a house of their own or a car.  Marriage is a big event in anybody’s life and it is normal to divide your goals into pre and post-marriage. However, it is not enough to just have goals. You should plan out how you are going to lead your life post-wedding to achieve these goals. While money is not the only important factor in a marriage, setting concrete and judicious financial goals becomes crucial to leading a happy married life.  Below is a list of things that you can do as a married person to lead a better financial life after marriage. 1. Open a separate bank account You might already have a joint account with your spouse but that is not enough. It is always advisable to get another bank account that will be solely devoted to your monetary expenses as an individual. Having a bank account exclusively for this purpose serves many purposes other than keeping you from mixing up your finances.  It might bear witness to how independent and responsible you and your partner are. Offering each other time and space can be as important as contributing to your relationship, financial or otherwise. In the long run, it bears testimony to how invested you are in your marriage.  Moreover, being in a marriage does not have to mean that you don’t have any personal goals anymore. These individual goals can be for yourself, your parents, your child, and so on. Having a separate bank account will also prove how invested you are in yourself despite being married.  2. Talk about finances  It goes without saying that in any relationship, communication is key. In a marriage, too, it is important to keep your partner in the loop, as you have decided to live your life together. Among other things that partners should talk about, money is one of the most significant. Being actively involved in marriage also means that partners should stay aware of each other’s monetary difficulties like debts. If your partner is trying hard to pay off debts, home loans, education loans, and the like, it should be a priority to help them overcome it. Romantic gestures need not just be about taking your partner out on dates or handing them a bunch of flowers. Being the person they can depend on in times of adversity can strengthen your bond tenfold.  3. Make a priority list  One of the most important steps in navigating finances is to make lists that state your financial priorities in order. Sit down with your partner and discuss at length if rent should come first or debts, or retirement savings.  Financial planning takes into account things like emergency funds and the first step to start planning these is to place them on your priority list. Ideally, emergency funds should come before investment plans. You should also start clearing up your debts as soon as you can. This way your EMI money will be ready to be spent whenever you need it.  4. Get started with budgeting immediately  Budgeting is indispensable if you are looking to manage your finances effectively. In marriage, you need to go about every step of budgeting along with your partner as you are managing a household together. Budgeting includes your daily expenses and putting away a part of your income as savings every month.  Planning is key, be it for expected or unexpected expenses. Put aside money on regular intervals for expenses you are expecting - those can be a phone or car upgrades or even getting a new house. For unexpected expenses, save money every month as part of an emergency fund. Be in constant touch with your partner about their financial goals so that you can find out how to be compatible.    Surveys often indicate that couples might face stress in their married lives over their unregulated spending habits. Creating separate buckets of savings for different expenses is the healthiest and most systematic way of budgeting. It saves you and your partner the extra tension and ensures happy married life.  FAQs How finances are best handled in marriage? The best way to handle finances is to have an open discussion around money and expenses. Talk about the shared expenses and individual expenses. Whether you have dependents like children, siblings and parents? Try to have two separate accounts for personal expense and a joint account for shared expenses. Plan and save for major events like raising a child, their education, buying a house and trip. What is the best way to budget in a marriage? The right way to budget in a marriage is to discuss the income resources and expenses with each other. Divide the expenses, find out how much you and your partner can contribute and follow the 50-30- 20 rule. Herein you can dedicate 50% of your shared income towards household needs, 30% towards wants and 20% towards savings. Who should be in charge of the finances in a marriage? Both partners should be equally in-charge and responsible for finances in a marriage. Its important to budget, save and investment as partners and discuss the well of contribution towards shared expenses openly. Conclusion Managing finances together with your spouse might not always be easy because as individuals you might have different monetary goals and spending habits. Nevertheless, keeping judgments at bay and instead, helping each other overcome their unhealthy lifestyles and financial adversities can go a long way in securing your marriage.  You can start your investment journey right away with your partner by downloading the EduFund app. Consult an expert advisor to get the right plan TALK TO AN EXPERT

A full and fruitful life necessitates a high-quality education. For several, it is the equivalent of graduating from a prestigious university. However, the cost of education is increasingly rising. In reality, the price of attending a reputable university is already very high. Parents who plan their child’s education in advance and want to provide them with the best opportunities possible to invest their money in mutual funds (MFs), fixed deposits (FDs), and unit-linked insurance policies (ULIPs). However, amid all of this, there could be a financial shortfall. In such a situation, an education loan plays a critical role in bridging the gap between the amount in hand and the total amount needed. According to research, education costs are rising at a rate of 15% per year on average. In 15 years, the cost of an MBA is expected to rise from Rs 2.5 lakh to Rs 20 lakh. So, if a couple saves Rs 2,500 per month for 15 years at a rate of 12%, they would have saved about Rs 12.5 lakhs. Now, you all must have some questions in your mind regarding the intricacies of availing of an education loan. We have tried to answer a few commonly asked questions to enhance your understanding 1. Who can apply for the loan? The primary creditor is a student. A co-applicant may be a parent, partner, or sibling. 2. What is covered by a student loan? It includes the basic course fee and other costs such as (college) housing, exams, and other miscellaneous expenses. https://www.youtube.com/watch?v=4gTQkdePOWM 3. To whom is the loan being extended? It is available to students who wish to study in India or further their education outside of the country. The overall sum available for studies in India and abroad differ from one bank to the next. 4. For what courses can the loan be availed? It is available as a full-time, part-time, or vocational course leading to graduation or post-graduation in engineering, management, medical, hotel management, architecture, and other fields. 5. What are the eligibility criteria and documentation requirements? To be eligible for the loan, one must be an Indian citizen who has been accepted into a college or university that is recognized by a competent authority in India or abroad. The applicant must have completed his senior high school education. Some banks provide a loan even before a student has been accepted to a university. The Reserve Bank of India (RBI) guidelines state that there is no upper age limit, but some banks may impose them. Additional documents such as the institution's admission letter, fee structure, and Class X, XII, and graduation (if applicable) mark sheets are required by the banks. The co-income applicant's records, such as salary slips or income-tax returns (ITR), are also needed. 6. Is collateral required for financing the loan? Depending on the number, banks will fund up to 100% of the loan. There is currently no margin money available for loans up to Rs 4 lakh. To study in India, the applicant must contribute 5% of the necessary funds. The needed margin money for international studies, on the other hand, rises to 15%. Banks may also need collateral for loans exceeding Rs 7.5 lakh. For loans up to Rs 4 lakh, financial institutions currently do not need any collateral or third-party guarantee. A third-party guarantee is required for loans between Rs 4 lakh and Rs 7.5 lakh. For loans exceeding Rs 7.5 lakh, a security deposit is required. According to the fee structure, when a loan application is approved, the banks send the funds directly to the college or university. 7. What is the rate of interest charged on the education loan? To set an interest rate, banks use the Marginal Cost of Funds based Lending Rate (MCLR) which in India ranges anywhere from 7% - 8% plus a spread (about 1-2.5%). The additional distribution is currently in the 1.35-3 percent range (as of 2017). 8. What is the process of repayment? The individual availing the loan for their education is responsible for repaying the loan. In most cases, repayment begins when the course is completed. Some banks also give you a six-month grace period after you get a job or a year after you finish your studies before you have to pay back your loan. The repayment period is usually between 5 and 7 years, but it may also be extended. The bank charges a basic interest rate on a loan over the repayment period. The student's equated monthly installment (EMI) burden for future repayments is reduced by paying basic interest during the course duration. 9. What precautions should one take while applying? When availing of the loan, one must consider bank fees such as transaction fees, pre-payment fees, late EMI payment fees, and so on. The majority of lenders charge a processing fee of 0.15 percent of the total loan amount. 10. Are there any tax benefits? The interest paid on the repayment is deductible under Section 80E of the Internal Revenue Code. This tax benefit is only available to people who are paying interest on a personal loan. The whole amount of interest charged is deductible from your taxable profits. This deduction can be taken for up to 8 years. There are no tax deductions available for the principal sum. FAQs What is an education loan? An education loan is a type of loan given to students who wish to pursue higher education but fall short of finances. Its primary goal is to help students sponsor their higher education. The eligibility criteria for education loans is simple, it requires students to be above the age of 18 and must have an offer letter. Is collateral required for financing the education loans? There are two types of education loans, one with collateral and the other one is without collateral requirement. Depending upon the loan amount, banks may require the applicant to submit a collateral as security. Loan below 4-5 lakhs do not require collateral, however, the policy may differ based on the issuing party. What are some precautions one should take before taking an education loans? When availing of the loan, one must consider bank fees such as transaction fees, pre-payment fees, late EMI payment fees, and so on. The majority of lenders charge a processing fee of 0.15 percent of the total loan amount. Conclusion Good education is extremely important in the present dynamic world which not only boosts self-confidence in students but also equips them with skills that in turn help them lead their best lives. Hence, taking a loan might look frightening but in the long run, it definitely pays off provided the student is focused and makes the best of the opportunity. You can fill in a simple form to get started with your education loan application. Also, since an education loan is a person's first loan, it aids in the creation of a good credit score. If you repay the loan on time and without defaults, it would be easier for you to obtain a home loan, car loan, or any type of loan in the future. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Student credit Card is meant for students and their expenses. They are extremely helpful with daily payments, offer rewards on shopping and travel, and can help a student build their credit score over the years. While the concept of student credit cards is literally new in India, it is fast emerging as a tool for financial independence and growth. Let’s find out what is a student credit card, how it works, and its benefits. What is a Student credit card and how does it work in India?    A student credit card is a credit card meant exclusively for college students. Students must be above the age of 18 years of age to avail of this card. Only some specific banks like SBI and HDFC banks offer this facility in India. A majority of college students going abroad generally opt for credit cards or forex cards. It is a new and emerging financial concept in the country.  Some state governments help students get student loans at a concessional rate and have also launched Student Card Schemes such as West Bengal Student Credit Card Scheme and Bihar Student Credit Card Scheme.   In order to apply for these cards, students must be above the age of 18 and enrolled as a student in a recognized institution. These cards are valid for 5 years with minimal or no annual fees. Banks do not charge a maintenance fee for student credit cards. Student credit cards have a relatively low credit limit so that students do not end up overspending.  It is a great way to help your child learn finances and budgeting. Maintaining their credit limit and credit score can help them create a healthy financial record over a long period of time.   Who can apply for these cards?     The basic criteria for student credit cards are age and enrolment. A student needs to be above the age of 18 years and must have a valid student ID from a recognized university/institution. Being enrolled in college is one of the most important criteria for acquiring this card. Why should you get a Student credit card?    There are many reasons to get a student credit card, let’s look at some of them:    Student credit cards help build creditworthiness and credit score. Students can start building a financial record and gain financial independence. It helps them understand the importance of limit utilization, regulate their spending habits, and understand reward features, and repayment mechanisms while building a strong credit score for their adult lives.   Student credit cards can be a backup and an emergency plan. If you as a student are in need of funds but don’t have cash reserves, then you can use your credit card immediately. It allows you to make the repayment later and fulfill your financial obligations  Helps in saving money and using discounts. A student credit card can get you amazing offers and discounts. It can help you minimize your expenses since books, stationery and gadgets can be expensive. Many platforms offer exclusive offers exclusively to students. This can help you stay on budget and build savings for yourself as well.  Another reason to get a student credit card is to gain financial independence and learn budgeting. As a cardholder, you will be responsible for all your expenses and repayments. This will help you analyze your spending habits and understand how to stay on track. Defaults on credit cards reflect poorly on your credit score and history, this is a good incentive to manage your repayments and spending carefully.  List of best student credit cards    Here are some of the best student credit cards in India    SBI Student Plus Advantage Card  Axis Bank Insta Easy Credit Card    ICICI Bank Student Travel Card  HDFC Bank's ISIC Student ForexPlus Card  What is the application process for student credit cards in India?     You do not require a list of documents to apply for a student credit card in India. Here are the following documents you must provide along with an application form given by the bank:  PAN or any other government-approved photo ID    Aadhaar Card or any other government-approved address proof    Birth Certificate    College Identity Card or any other proof of enrolment    Passport-sized photographs    Evidence of Education Loan and or Fixed Deposit (as per the credit criteria of the bank)    Consult an expert advisor to get the right plan TALK TO AN EXPERT FAQ What is a student credit card? Student Credit Card is meant for students and their expenses. They are extremely helpful with daily payments, offer rewards on shopping and travel, and can help a student build their credit score over the years. What are the eligibility criteria for a student credit card?  The basic criteria for student credit cards are age and enrolment. A student needs to be above the age of 18 years and must have a valid student ID from a recognized university/institution. Being enrolled in college is one of the most important criteria for acquiring this card. What are the benefits of getting a student credit card? Student credit cards have many benefits, they help with the following:  Provide financial independence  Helps you learn budgeting and financial management   Builds credit history and score  Have a reward system   Useful during emergencies What are some of the best credit cards in India?  Here are some of the best student credit cards in India:    SBI Student Plus Advantage Card   Axis Bank Insta Easy Credit Card     ICICI Bank Student Travel Card   HDFC Bank's ISIC Student ForexPlus Card  Student credit cards are the best teachers of financial management and spending. They have a relatively low credit limit and students are less likely to misuse the financial tool. It helps them learn about budgeting and build creditworthiness for borrowing funds in the future. In the modernized world, the advantages of student credit cards are unlimited, they help students make transnational payments and come in handy during emergencies.

Parenting is difficult. There are too many things going on at once. Without a doubt, you devote a lot of time to caring about the safety, academic success, and social skills of your children. To help them achieve great things, you need to start setting money aside for your child's education as soon as possible. But in order to save effectively, you need a plan and a cautious estimate of future costs. The following formula can be used to determine how much money you should set away for your child's education. How much do you need for your child’s higher education? Let's look at the price of several well-known courses in India at prestigious institutions and estimate their future cost 15 years from now, assuming inflation at 10% p.a., to determine the amount of the Investment Corpus necessary. How to invest in child investment plans? If you want to be completely prepared for any circumstance, you should invest time and effort into your child's future. When deciding when to begin investing, the following factors should be taken into consideration. The length of time you intend to continue making the commitment is one of the most crucial factors to take into account when planning future investments, therefore you must decide on the time frame for your investment. The advantages are frequently greater as the time horizon gets longer. The second factor to be taken into account is the typical expense of your child's future education. Although this varies by school, costs for postgraduate study might occasionally be more than those for graduation. Consider whether you want your child to have a local or a global education as well. You may also take into account your child's graduation from high school in your own country and their following post-graduation in a different country. You must first assess your existing condition before formulating future goals. Consider all of your options carefully before making a decision. If you're investing a portion of your money in a child plan, you should be fully aware of its current worth. Knowing the current worth of an investment may help you avoid overspending on other financial goals, such as retirement. Please don't utilize the Child plan for other low-priority expenses like home improvements. It's a good idea to always be ready for the unexpected. Other expenses, such as rent and pocket money, might be included. In addition to school and tuition fees, there are a number of other considerations after your child reaches high school. Even if these amounts initially seem small, they could wind up costing you more over time. It is much more crucial if your child intends to pursue graduate or postgraduate education abroad. Different investment options for your child It's possible that fixed deposits and other conventional products won't be sufficient to pay for your child's education expenses. It is important to consider other products like shares, balanced funds, and equity funds. Depending on your time range, you can choose one of the following investing strategies: If your child will want the cash within five years, debt mutual funds are the best choice. Such funds have the ability to produce returns that are higher than the rate of inflation while also supplying liquidity. For long-term objectives, you can combine several financial instruments. Gold, equities, and debt are all investment options available to you. Although being exposed to the stock market might be risky, buying stocks allows investors the possibility to make more money over time. One of the best investment alternatives for supporting a child's education is the PPF. You must start this early and invest continuously in order to build up a sizeable capital. A variety of kid-focused services are offered by several insurance companies. You may decide to put more responsible rules into place when your child needs the money to pursue further education. Investment strategy for children's investment plan List specific goals upfront, such as the child's preferred education and related costs. After paying all of your regular costs, you'll be able to estimate how much you can afford and how much you'll need to set aside each month. However, you must remember that loans can also be utilized to fund your education. As a result, you do not have to sacrifice other expenditures like healthcare and retirement to save for your child's education. As the financial goal draws near, reduce your stock exposure to lessen the likelihood of adverse market movements. Children's investment plans can assist you in preparing financially for rising education costs, unexpected illnesses, and unfortunate circumstances. As soon as you can, you should start making plans for your child's future. By doing this, the associated risks are dispersed and your assets have more time to grow. Consult an expert advisor to get the right plan TALK TO AN EXPERT

One of the largest AMCs in India, DSP has been helping investors make sound investment decisions responsibly and unemotionally for over 25 years. DSP is backed by the DSP Group, an almost 160-year-old Indian financial giant. The family behind DSP has been very influential in the growth and professionalization of capital markets and the money management business in India over the last one-and-a-half centuries  Let us talk about the flagship product of the DSP Equity & Bond Fund About DSP Equity and Bond Fund  Investment objective The primary investment objective of the Scheme is to seek to generate long-term capital appreciation and current income from a portfolio constituted of equity and equity-related securities as well as fixed-income securities (debt and money market securities).  Investment process    The scheme invests in equity (for capital appreciation) and debt (for income generation). It has an auto-balancing element wherein the portfolio is rebalanced to maintain the 65:35 equity-to-debt allocation. The investment framework is such that equity investments seek long-term growth opportunities across market caps and debt investments are only in highly rated instruments with short-term maturity profiles.  Portfolio composition  The portfolio's major exposure of more than 60% in large-cap followed by 28% in mid-cap. The top 5 sectors hold nearly 41% of the portfolio, with major exposure to Banks and Finance. Note: Data as of 30th Nov 2022. The bar graph shows the top 5 sector weightage of the fund’s portfolio. Source: dspim.com  Top 5 holdings in DSP Equity & Bond Fund Name Sector Weightage % HDFC Bank Ltd. Bank 7.20 ICICI Bank Ltd. Bank 5.73 Bajaj Finance Ltd. Financial Services 4.24 Infosys Ltd. Information Technology 2.99 Axis Bank Ltd. Bank 2.85 Note: Data as of 30th Nov 2022. Source: dspim.com Performance over 23 years  If you would have invested 10,000 at the inception of the DSP Equity & Bond Fund, it would be now valued at Rs. 2.21 lakhs. This fund has outperformed the benchmark in all time horizons. Note: Performance of the fund since launch. Inception date – May 27th, 1999. Source: Moneycontrol  The DSP Equity & Bond Fund. has given consistent returns and has outperformed the benchmark over the period of more than 23 years by generating a CAGR (Compounded Annual Growth Rate) of 14.23%. Fund Managers  Atul Bhole - Total work experience of 10 years. He joined DSP Investment Managers in May 2016 as Vice President-Investments.  Dhaval Gada – Total work experience of 13 years. He joined DSP investment managers in Sept-2018 as Associate Vice President and was promoted to Vice President in Feb-2022.  Vikram Chopra - Total work experience of 14 years. He comes from L&T Investment Management. He has also previously worked with Fidelity, IDBI Bank, and Axis Bank Ltd.  Who should invest in DSP Equity and Bond Fund?  Investors  Want to invest in the equity markets but don't know how to begin?  Accept that equity investing means exposure to risk and recognize market falls as good opportunities to invest even more.  Why invest in DSP Equity & Bond Fund?  The simplest way to get the benefit of asset allocation is with a balance of growth & stability orientation.  Offers potential capital preservation during falling markets due to debt allocation.  Horizon  One should look at investing and holding the investment for more than 10 years.  Investment through a Systematic Investment Plan (SIP) may help in tackling the volatility of the broader equity market.  Conclusion  This scheme offers a diversified portfolio to investors who do not have much experience in the equity markets. Diversification is such that equity investments offer capital appreciation and debt investments offer wealth preservation. The scheme has a slightly lower impact on market fluctuations compared to pure equity funds 

Do you plan on buying a laptop? Do you also wish to save for your child’s education? These are two different financial goals, and both require good planning and execution. This blog will discuss “How to Budget for Short-Term and Long-Term Goals”.  It is better to be aware of your financial situation and the different expenses that you incur to plan accordingly.   Budgeting helps to identify financial spending and understand how to allocate the leftover money to various needs for a better future. It encourages people to stay organized and appreciate the value of accounting. Steps needed to budget for short-term and long-term goals Step 1: Prepare for life’s contingencies Life is unpredictable, and it is necessary to be prepared for any events that might set you back, like recession, job loss, illness, or even death. Prepare for some of the contingencies with the help of insurance plans, for example, health insurance or Mediclaim plans are suited for illness and hospital bills, and life insurance plans like term insurance for financial assistance in case of death.  For a recession or job loss, you need to create an emergency fund where you put aside some money regularly. Automate these payments so that they can continue without any hassles.  Step 2: Define the financial goals Identify both short-term and long-term financial goals so that it becomes easy to segregate them and make budgeting plans accordingly. Short-term goals can be credit card payments, emergency funds, or personal expenses, whereas long-term financial goals often include retirement funds, a child’s education fees, and paying off the mortgage.  Define the financial goals and be specific with the goal, be it about buying a new house in 5 years or your child’s education down the line, or a retirement fund? Step 3: Prioritise the financial goals Once you have defined and sorted out the financial goals, it becomes imperative to prioritize them. Consider the time you have in hand to meet them and how vital these goals are for yourself and your family’s future.  Step 4: Consider the timeline  By this time, you have identified and segregated the financial goals and have a few specific goals in mind. Think about the time in hand for instance, for the child's education goal, you need nearly 10 - 15 years, but for buying a house, you need 5 years. Step 5: Consider the money  The next question to consider is the money you will need to fulfill the financial goal, for instance, the estimated price of the house you want to buy (nearly INR 80 Lakhs) or the amount you want to save for the education corpus (nearly INR 60 Lakhs).  Step 6: Review all your expenses Record all the spending for at least a month to know how much and where you have been spending. Review these expenses and identify which ones are necessary, which ones can be reduced and how much money you have left after meeting them.  Step 7: Set a savings target The money must work for you and provide maximum advantage hence look for ways to save it. There are numerous short-term and long-term investment plans available in the market, like SIP, liquid funds, debt funds or PPF, etc.  Take the help of a financial advisor at Edufund to know more about short-term and long-term investment options. Look at your total savings and make sure it accounts for everything from the contingency fund to the long-term and short-term financial goals. The ideal ratio for spending and saving should be 50:50, but you can mold it as per your requirements up to 60:40. Any more spending will create worries hence try to maintain a balance. Step 8: Divide the savings for important goals Divide your savings for all the important goals. Prioritize necessary long-term goals like education corpus for the child, retirement plan, and necessary short-term goals like purchasing a home. Now put the focus on comparatively less important goals like marriage, family vacation, home renovation, etc., and lastly, consider the short-term lifestyle goals.  Tips to make budgeting a success The premium of health insurance and life insurance policies must be on time. Automate the process from your salary account to avoid any discrepancies. Always keep the contingency fund aligned with current income and expenses. Club similar lifestyle purchases and expenses to get better value. Take the help of a credit card to pay for your expenses but pay back the amount within the stipulated time to avoid any charges.  Conclusion It takes both planning and budgeting to stretch your money to the last unit and meet your financial dreams effectively. Once individuals are aware of how to budget for short-term and long-term goals, then it becomes easy to manage their expenses and put focus on spending that will have more value. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Planning to align your short-term and long-term plans and want to know the best way to do so? Well, this blog will answer your queries and explain how to go about it systematically. Individuals often have a list of financial goals that will secure their financial future. Both, short-term and long-term goals are equally important and serve different purposes in real life. In most cases, you cannot achieve one without the other. Hence, it becomes feasible to align them as short-term goals depend, to a great extent, on long-term strategy. What are short-term goals? Short-term goals are the goals that have to be met in the immediate future and cannot be avoided. For instance, you might be interested in creating and managing an emergency fund or have to make regular payments towards an insurance scheme that you have taken out or simply your credit card payments. Short-term goals are actionable steps that improve productivity and help to remain focused.   What are long-term Goals? The long-term goals are the financial goals for the future or down the line in the next 10 or 15+ years. These often include a child’s education corpus, retirement fund or mortgage payments, as these will be needed after several years and not just now. Long-term goals give direction and help to develop plans and steps that will take an individual towards his dream.  Steps for aligning short-term and long-term plans 1. Look into the financial goals Look at your financial goals and divide them into two different categories short-term and long-term. Be aware of your goals to know where you have to spend your money. Are you creating an emergency fund or paying rent, or making home improvements? These are short-term financial goals, but if you want to maintain a retirement fund or an education fund for your child, then these will be treated as long-term goals.  2. Prioritize your goals Identifying the various goals is the easy part but prioritizing them is a very different scenario. Every goal looks important at the onset hence you need to sit down and think carefully about the ones with the maximum impact.  3. Be realistic People need to be realistic about their expectations because you need to have the means to fulfil your wishes. Look at the amount left after meeting your expenses and decide how to manage it constructively. You can take the help of the 50/30/20 equation or adjust it according to your personal needs. Realistic and clear goals will enable the alignment process and lead to success.  4. Set long-term goals before the short-term tactics There is a misconception that you have to set up short-term goals first because they are related to the present and need to be addressed first. The truth is that aligning both sets of goals requires you to set clear and defined goals for the future at first. When you know the direction, you need to take it becomes easier to break the long-term goals into specific and measurable short-term tactics, follow a definite timeframe and uphold the long-term vision.  5. Break the long-term goals into shorter goals Aligning and solidifying the short-term and long-term plans will have a positive impact on future objectives, and one of the best ways is by breaking the long-term goals into small defined goals that can be achieved within a specific and small timeframe. Make sure the long-term goals are identifiable and concrete because vague goals will make the alignment process difficult. 6. Specific goals When the goals are specific, it becomes easy to create and follow a definite plan of alignment. For example, if a person has INR 4000 left for savings and investment and he has to pay INR 1000 every month towards his retirement plan, then his path is clear. It becomes vital to keep up with your rising income. If at the start of your professional career, you were saving and investing only a small amount because of a small salary, then you should increase your savings as your salary increases.  7. Take the help of financial experts Sometimes it is better to opt for expert advice and work accordingly. Financial counsellors at Edufund can create a financial plan that will align your short-term and long-term goals perfectly. This will make the journey comparatively easy.  Conclusion  It is important for short-term planning to align with long-term goals and not the other way around. When an individual has a specific long-term plan which is concrete and identifiable, then it becomes easy to mould the short-term tactics and uphold the longer visions. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Saving money is tough and overwhelming. With the internet filled with different methods of saving money, it can get difficult to pick which is the best choice for you!  In this article, let’s find out what are the varied methods of saving money and where you should park your money for the best returns. Methods of saving money  Here are some methods of saving money that can help you achieve your long-term and short-term financial goals 1. Invest and Save  Investing and saving are one of the most crucial methods of saving money. It is also the most underrated method. Most Indians do not invest in the stock market or take benefit of its varied opportunities. If you want to invest and save then here are some investment options to explore 2. Direct mutual funds Direct mutual funds are a good way to start investing and saving. As there is no middleman in between, there is no extra cost.  Regular mutual funds are another type of mutual fund. These charge more in terms of expense ratio but are professionally managed and maintained by an experienced fund. This is a great investment for investors who are new to investing and need a helping hand to make the most of their investments. 3. Digital Gold Digital gold, gold bonds, or gold ETFs are also a way. There are alternatives for physical gold but it is a way of investing. You can do all of this online; there is no need to go to a jewelry store. It’s the more suitable way of buying gold. Investors who want to sell or buy gold can do it without any problems with one click in an app. The minimum cost of buying or selling gold can be as low as Rs 1. 4. US Stocks US Stocks are another method of saving money! That’s right. Suppose you plan to send your child abroad to study in USA or Canada. The currency difference between USA and India will make the education cost higher for you. Imagine if you start investing that money regularly in US dollars so that by the time your child is off to the USA, you will be able to fund his/her dream without any loss!   Real estate investment involves buying, managing, and selling a property. It’s a type of investment and has different parts. 5. ETFs ETFs (Exchange-Traded Fund) are somehow similar to mutual funds. It’s a type of pooled investment security. It can be sold and bought much like other stocks.  Daily savings and budgeting  Many people ignore saving and budgeting as a method of saving money. It can help you cut costs and recognize areas where you may be losing money.  Create a budget for the month. When there’s a fixed budget for the month, you tend to spend less. Settle everything under your budget.  Don’t just save your money, think about your future too. Set aside some money for an emergency fund. So that you are prepared for any emergency like job loss.  Start saving for your life after retirement. Make sure you have a retirement plan or fund in place way before time. This will help you amass more money over a long period of time. In fact, the sooner you think about your retirement, the more money you are likely to save up!  Save and invest your bonuses or tax refunds. Put them into your savings account and consult your financial advisor on how to make the most of it.   Manage your debts before making creating any extra costs like starting a new EMI.  Save electricity. It will also save you money. By not using unnecessary fans, lights can cost you more than you can think.  Cancel your automatic transactions, and memberships, and unsubscribe from unnecessary emails because by seeing offers you tend to make unnecessary purchases.  Decrease your mobile bills. Cut off unnecessary plans from your bill. Use free Wi-Fi instead of buying extra data plans.  Banking saving tips  Use your credit less. Pay your credit card bills timely to have less burden on your shoulder later.   Use only your ATMs or debit cards because every time you use your ATMs or debit cards, you are not charged any withdrawal charges.   Keep your monthly bills on automatic. It will free you from hassles and also pay your bills on time.  Entertaining saving If you love reading and like to have physical books then use your nearby libraries.  Watch films at home instead of going outside and spending more there. Going to a theatre means buying popcorn, seats, transportation, etc. but when you watch films at home you don’t spend extra.  Reduce your trips to coffee shops. It doesn’t cost you $2 - $3(Rs 200 - Rs 400), but it costs you more than that in long term.   Instead of eating out regularly, cook your own food at home.  Cut off your grocery expenses. Don’t shop extra from that grocery store. It helps you in saving extra money here and there. Make a budget for that too and stick to it.   Consult an expert advisor to get the right plan TALK TO AN EXPERT FAQ Are ETFs a good investment?  ETFs are actually low-risk investments because they are low-cost and hold a bag of stocks. What are the 2 methods of saving?  Cutting off extra expenses and investing money in mutual funds, digital gold, etc. Helps in saving money. How much should I save every month?  Saving 10% - 20% every month should be the goal so that in long run you will be saving more. Is investing money a good way to save more?  Investing money is a good way to save more but it’s an individual’s own choice to invest or not. But now, it’s a proven method to save money by investment.

Living expenses in Canada for Indian students are very high and aspiring applicants need to be aware of them before traveling abroad for the desired study course. Canada is the preferred study hub because of its growing economy, cultural diversity, access to seamless medical care, and unlimited job opportunities.  The country is known for its excellent education system, distinctive curriculum, numerous study courses, and reputed colleges and universities. A promising future encourages Indian students to travel to Canada for higher studies but what about the living expenses?  There has been a lot of speculation about the living cost in Canada hence let us find the answers to the queries related to the cost of essential expenses. Living expenses in Canada for Indian students The average living expenses in Canada for Indian students vary between 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year based on individual lifestyles and different cities across the country.  The essential living expenses that an Indian student has to incur include- 1. Accommodation (average monthly cost) The most popular options for accommodation are dormitories which house many students and townhouses which house three to six students. Both on-campus accommodations have several facilities like hot water, internet, and heat. Other popular choices are shared apartments and unfurnished rental apartments. The average monthly living cost of the accommodations is-  Dormitories 350 CAD – 600 CAD (nearly INR 20,958 INR 35,928)Townhouses 250 CAD – 650 CAD (nearly INR 14,970 - INR 38,922)Shared Apartments 400 CAD – 800 CAD (nearly INR 23,942 – INR 47,904)Unfurnished Rental Apartments300 CAD – 500 CAD (nearly INR 17,964 – INR 29,940) 2. Food (average monthly cost) It is easy to get an estimate of food expenses by going through the rates of some of the most common food items. Water (1.5 liters)1.84 CAD (nearly INR 110)Rice (1kg)3.74 CAD (nearly INR 224)Apple (1 kg) 4.24 CAD (nearly INR 254)Cheese (1kg)12.99 CAD (nearly INR 778 )Milk (1 Liter)2.46 CAD (nearly INR 147)Eggs (12)3.63 CAD (nearly INR 217) 3. Transportation (average monthly costs) Students use public transport in Canada as it is quite safe and easy to navigate. You can get student discounts by showing your student ID card. The average monthly costs of using some of the common modes of transportation are –  Bus 100 CAD – 150 CAD (nearly INR 5,988 – INR 8,982)Subway65 CAD – 99 CAD (nearly INR 3,892 – INR 5,928)Taxis per km40 CAD -50 CAD (nearly INR 2,395 – INR 2,994) 4. Health Insurance (average annual premium) Every international student must have a health insurance policy in Canada. The coverage depends upon the province where one lives. Some popular medical insurance plans with their costs are BC MSP Program74 CAD/month (nearly INR 4431)iMED 225 CAD for 3 months (nearly INR 13,473) 5. Miscellaneous (average monthly cost) It is important to factor in personal expenses like clothing, laundry, toiletries, etc. which are part of everyday spending and depend upon an individual’s lifestyle.  Other important expenses include Electricity (average monthly costs) – 50 CAD (nearly INR 2,994) Phone bill - (average monthly costs) – 40 CAD – 100 CAD (nearly INR 2,395 – INR 5,988) Internet (average monthly costs) – 30 CAD – 50 CAD (nearly INR 1,796 – INR 2,994) Tenant’s Insurance (average monthly costs) – 15 CAD – 30 CAD (nearly INR 898 - INR 1,796) Additional read: Living expenses in Germany for Indian students Cost of living in some of the cities of Canada The cost of living for Indian students depends upon their lifestyle and the city they live in. Some of the popular and most costly destinations for students and the average cost of living in that city are mentioned below- City The average cost of living every yearToronto37,000 CAD (nearly INR 22 lakhs)Montreal 25,000 CAD (nearly INR 14.9 lakhs)Ottawa20,000 CAD (nearly INR 11.9 lakhs)Calgary26,904 CAD (nearly INR 16.1 lakhs)Vancouver38,484 CAD (nearly INR 23.08 lakhs) 10 Tips to save money in Canada 1. Try to save money Save money whenever you can. If you find alternatives to doing something on your own then instead of spending it, save the money.   2. Apply for scholarships Every college has scholarships. Canadian universities offer amazing scholarships to potential students, so take advantage of them.     3. Keep a budget To save money as a student, you need to keep a budget for everything. When there’s no budget maintenance, people tend to spend more. Have a fixed budget for the month and don’t spend more than it.  4. Cook your meals University campuses are filled with food stalls and fast food joints and when you are hungry, you buy them, and then your bank balance drops.  So cook for yourself.    5. Claim student bank discounts and offers All bank in Canada has offers for students. Take advantage of them. Save every penny.   6. Buy second-hand stuff if you can You might need something but you don’t need to buy everything new. You can buy them in any second-hand marketplace and you can find anything there.  So instead of buying everything new or on amazon search it in these marketplaces.  7. Don’t use credit cards Credit users tend to spend more as they think they have enough money but you spend more than they need.  So cut them off.  8. Start doing a side hustle  Start earning!   Start doing a hustle so that you can earn more. Then you don’t have to worry much about your expenses. There are too many ways to earn more.   9. Use a bicycle If you need to travel daily and it’s a short distance then buy a bicycle instead of using public transport and spending more money.  10. Lower your party days Party is okay, everyone loves to party but don’t do too much of it too. Set a monthly budget for it.   FAQs How can I earn money in Canada? Students can work up to 20 hours per week off-campus in Canada. You can take up some internships or part-time jobs or start a side hustle. International students on a student permit are legally allowed to work and earn a living in Canada to help with finances.   What is the average living cost in Canada? The average living expenses in Canada for Indian students vary between 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year based on individual lifestyles and different cities across the country.  Is living in Canada expensive? Canada is considered one of the most expensive countries to live in. The most expensive city in the country is Toronto. How much money do you need to live in Canada comfortably? As a student, you need roughly 15,000 CAD (nearly INR 8.9 lakhs) – 20,000 CAD (nearly INR 11.9 lakhs) every year. What problem an International student can face? Problems like cultural shock, new language, new people, accommodation, money management, etc. There are many student accommodation scams and foreigner scams that you need to be aware of so that you do not end up losing your hard-earned money. Conclusion Canada is no doubt an expensive country and it is challenging to manage the education and living costs simultaneously. A well-structured financial plan can be a blessing in disguise but you need an expert who can formulate such an organized plan for you.  Knowing about the living expenses in Canada for Indian students is important especially when they are preparing for overseas education. The college cost calculator on the Edufund app takes into account the future living costs so that the students can be aware of the average total cost of studying abroad and plan accordingly.  Consult an expert advisor to get the right plan TALK TO AN EXPERT

A crucial first step to achieving financial security is to set short-term, mid-term, and long-term financial objectives. But what do these goals stand for? What are the differences between short-term and long-term goals? Keep reading to find the answer. What are short-term goals? Anything that can be accomplished in less than two years is considered to be a short-term goal. Although this is a useful generalization, where to draw the line between short-term and long-term objectives is ultimately fairly arbitrary. A goal accomplished in one and a half years and one accomplished in two years and a month have no discernible differences.For instance, a short-term goal for your child’s education needs can be a laptop or a phone. You can select the best funds and a time horizon to save up for the cost and accomplish your goal easily. This is a short-term goal which means you plan to accomplish it in the next 1 or 2 years. Click here to start a short-term goal for your child’s education dreams. What are long-term goals? In contrast, anything that takes more than five years is considered a long-term goal. Long-term objectives include things like paying off a mortgage and saving for retirement. The terms "short term" and "long term," nevertheless, aren't always sufficient. Some people favor including medium-term objectives as well. These objectives usually take two to five years to complete. Despite their apparent opposition, the two temporal periods complement one another. Long-term goals shape your short-term goals. For instance, a long-term goal can be your child’s dream college. Long-term goals generally require a long-time horizon. If you are planning to save for your child’s college then starting 10-15 years in advance is the right way to go. This gives you enough time to save up and make the right corrections over the years to get the right amount by the time they go off to college. Use the college cost calculator on the EduFund App and start saving for your child’s long-term goals! Key short-term goals Your more pressing expenses are those for short-term aims. These are the things you'll often spend money on within a few months or years, though timing varies. The following are some top key short-term goals: 1. Establish a Budget By reading through your bank statements and bills from the previous few months and classifying each item with a spreadsheet or on paper, you may make a budget the old-fashioned way. You can decide better where you want your money to go in the future when you can see how you are spending your money and are directed by that information. You can try to find methods to eat out less frequently or save money by following certain practices etc. 2. Build an emergency fund The cornerstone of creating financial goals is an emergency reserve. If something unforeseen occurs, it's what keeps the rest of your strategy from falling apart. Without an emergency fund, one unforeseen expenditure, such as a busted water heater, medical expenses, auto repairs, or a job loss, might cause all of your other objectives to fall through the cracks. Your emergency fund has to be sufficient to pay for three to six months' worth of costs. You may wish to save even more if you are paid on commission or have a fluctuating income. Make a budget and, if necessary, cut spending so that you can afford to set aside some of your money. 3. Open a life insurance policy By purchasing life insurance, you guarantee that your loved ones will be compensated in the event that you die away and are unable to support them. A cash lump amount is often used for this, serving as a safety net to replace your income. Life insurance coverage is crucial for defending yourself and others who depend on you, much like an emergency fund. Even though nobody likes to consider the worst-case scenarios, anything may happen tomorrow. Key long-term goals It can take years or perhaps decades to accomplish these aims. Long-term objectives often require more resources and ongoing care than short-term objectives. The following are some top key long-term goals: 1. Consider your dreams Long-term objectives might also include objectives like purchasing a primary residence or, eventually, a vacation property. Maybe you already own a home and want to give it a considerable upgrade, or maybe you want to start saving for a bigger house. Other examples of long-term objectives include saving for college for your kids or grandkids, or even for when you do have kids. Once you've chosen one or more of these objectives, start estimating how much money you'll need to put aside to make progress toward achieving them. 2. Plan for retirement Retirement savings goals are among the most long-term-oriented in terms of planning. Finding out how much money you need and how close you are to that objective is the first step in this process. Then, you may reach your destination through a variety of retirement plans, which is a perfect illustration of how long-term goals ultimately need to be divided into more manageable goals. How to prioritize your goals? You'll probably need to strike a balance between a number of short-term and long-term ambitions. Plan your objectives around your regular spending, putting necessities like food and shelter first. Contributing to emergency and retirement accounts is a top priority; after paying off debt, do so. After that, you may choose how to divide the remaining funds between your demands and other savings objectives. The most essential thing is to stay consistent. Don't be upset with yourself if you have to withdraw money out of your emergency fund one month because you have an unanticipated auto repair or medical cost; that's why the fund is there. Just get back on track as soon as possible. Consult an expert advisor to get the right plan TALK TO AN EXPERT

Even if studying abro5ad is pricey, there are still ways to get a top education from foreign universities for a lot less money. In this blog, we have discussed the cheapest cities in the world that are great for studying abroad. Cheapest cities in the world Following are the top cheapest cities in the world. 1. Kuala Lumpur Malaysia's capital and largest city, Kuala Lumpur, is ranked second in the world for affordability for the second year in a row. International students will pay an average of just USD 2,500 per year in tuition at one of Kuala Lumpur's five top-ranked colleges, placing the city in equal 29th place overall among the world's best student cities this year according to QS rankings 2022. A one-bedroom apartment in the city center will typically cost US$568 a month for those looking to reside there (according to Numbeo). According to the Mercer Cost of Living Survey, Kuala Lumpur ranks 141st out of 209 nations for affordability. 2. Hsinchu Hsinchu, the second city to call itself "The Windy City," can astound those of you looking for an excellent spot to study abroad (the first, of course, being Chicago). Hsinchu is a great choice for students who want to study in Taiwan but don't want to deal with the commotion of a large city, ranking 10th for affordability this year and joint 68th overall in the QS Best Student Cities rankings. With a population of 435,000, Hsinchu is one of Taiwan's lesser-known, smaller cities (as opposed to its capital, Taipei, which has over 8.6 million inhabitants). Tuition costs for international students are equal US$2,900 annually. National Tsing Hua University and National Chiao Tung University are two highly regarded universities in Hsinchu that are both listed in the top 250 of the QS World University Rankings 2022. 3. Johannesburg, South Africa South Africa's largest city, Johannesburg, also serves as the nation's financial and commercial hub. There are 11 official languages in the nation, and English is typically used to teach university courses. Johannesburg is home to two of the top universities in the nation, each of which is ranked among the top 450 worldwide. The average annual cost of tuition is $4,200 USD. A student only needs about USD 664 per month for living expenses, plus USD 465 for rent in the city center. With an annual average temperature of 21C, Johannesburg experiences warm weather all year long. There is a lot to see and do in the city, including festivals and concerts, markets for shopping, galleries, and museums to explore. Beautiful natural areas, such as Lion Park, are close to the city. 4. Budapest The capital of Hungary, with three of the world's top institutions and a population of over three million, tops the list for affordability. Budapest also ranks 43rd overall in the QS Best Student cities 2O22. Budapest will have an average annual tuition cost for out-of-country students of US$1400 (much lower than many other study destinations). In the Mercer Cost of Living Survey, the city comes in at 164th place out of 209 nations.  5. St. Petersburg There are more than five million people living in St. Petersburg, which is the second-largest city in Russia (after Moscow, of course). The city, which in 2019 was ranked 66th overall, has moved up four spots in the affordability indicator to tie for fourth place, with an average annual tuition of US$2,600 at its three top universities. According to Numbeo, this amazing city's cost of living is 28.2 percent less expensive than Moscow, the capital of Russia, which will excite students wishing to study there. Even though St. Petersburg's affordability receives the highest overall rating, the student view indicator, which shows how well-liked it is among students, has seen the most improvement this year, climbing 16 spots. Cheapest universities in the world  Following is the list of the cheapest universities in the world for international students: University of Wuerzburg Brigham Young University Florida State University University of Central Arkansas Brandon University Bucks New University Bucks New University Osaka University FAQ Can underprivileged students travel and study abroad? You can always apply for international scholarships if money is tight. Additionally, you want to submit applications to several economically sound or cost-effective nations, including Germany and Canada, which feature colleges with cheaper tuition rates. What nation offers free education? Many nations, including Denmark, Iceland, Finland, Norway, and Sweden, have possibilities for a free or discounted education Is college in the USA affordable? The United States has long been regarded as one of the most expensive places for overseas students to pursue higher education. However, students can locate colleges that provide high-quality instruction at reasonable costs. We hope that this blog gave you some insight into the most affordable cities in the world for foreign students.