The Covid-19 pandemic brought most of our plans to a grinding halt. Individuals and families who had a financial plan in place went through a tricky time trying to realign their finances. For ones with no proper plan in place, it was a moment of awakening.

The pandemic may or may not have been the trigger for people, especially the young, to start thinking about saving and investing, but it surely gave this thought around financial literacy and planning a major push.

Financial planning for individuals and families means determining your immediate and future money goals, and figuring out a way for you to meet them. You can plan for the future by investing a part of your income diligently on a monthly basis. How much to invest is subjective, and depends on your financial requirements, your collective income and expenses, and the time period you have in mind to achieve your goals.

Why is Financial Planning Important for the Young?
Starting early or starting young has an Online Govt. Policies advantage like no other when it comes to financial planning and investment. It gives you the benefit of time, which is crucial when you’re planning for financial goals like retirement, buying a house, children’s education, and so on.

When you start investing young, you can not only have the luxury to invest small amounts at a time, but you also reap the benefits of compounding. Take for example –

Example 1:

If you start investing Rs. 5,000 per month in a Mutual Funds SIP at the age of 25, your investment and return will total to approximately Rs. 94.88 lakhs at the age of 50. This calculation is based on the assumption that you will earn an average return of 12% per annum.

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Example 2:

Alternatively, if you start investing Rs. 10,000 per month in a Mutual Funds SIP at the age of 35, your investment and return will total to approximately Rs. 50.46 lakh at the age of 50. This calculation is based on the assumption that you will earn an average return of 12% per annum.

calculate-sip

See the difference? Starting early lets you start small, with bigger returns by the time you retire. Starting late with double of the amount of monthly investment, however, will still earn you comparatively smaller returns. Something to think about, right?
Usually, your understanding about money and its management flows from your most trusted sources, that is, your family. The important thing to remember is that your financial plan has to align with your goals and requirements, hence it can be quite different from your parents’ financial plan.

When it comes to financial planning and developing an awareness around it, this old proverb holds more than true:

“The best time to plant a tree was 20 years ago. The second-best time is now.”

As we walk into another, hopefully better year, here are 5 golden tips about financial planning to help you manage your money better.

1. Start Now

We cannot stress enough on how much we mean it when we say, start now! The pandemic has been the first of its kind crisis that the younger generation has faced. The couple of months of lockdown put unexpected constraints on everybody’s earnings, and that in turn helped stress heavily on the need to have a financial backup for such unforeseen calamities. If the pandemic wasn’t a good-enough wake up call for you, here’s your sign to start taking your financial plan seriously. With several digital investment tools in the market, your job today is actually quick and stress-free.

2. Invest For Specific Goals

Investing without a set goal in mind can only get you so far. Goals give a certain direction to your financial plans, help you break down your financial needs into achievable targets and put things into perspective. For example, your financial goals can be long term goals like retirement, children’s education, buying a house property, or even short term goals like upgrading your car, an annual vacation, a shopping fund, and so on.

3. Always Have An Emergency Fund

An emergency fund is supposed to be your reserve of money for a rainy day. For example, many people stopped receiving their salaries during the first lockdown of the pandemic, many had their salaries slashed. However, they were still expected to pay back their loans, EMIs, utility bills, pay for essential expenses & so on. An emergency fund always comes to your rescue when for whatever reason, your income levels aren’t at par with your living expenses.

At the very least, it is advisable to have your 6-month salary/earnings as an emergency fund. You can always keep this money aside in a debt fund, or an RBL Bank fixed deposit / recurring deposits. The key is to keep this money in a less risky form of investment to avoid incurring any losses.

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4. Invest for the Long Term

Barring your emergency fund, your focus should ideally be to invest for at least 5-10 years to begin with. As we have already seen, time is of great importance when it comes to investing and building your wealth, and long-term investments give you sufficient time to achieve your financial goals slowly and steadily. Starting early, investing small and investing for the long run also protects your money against extreme losses, and in situations like an economic lockdown, you still manage to be in a good place even when you cannot invest for the time being.

5. Diversify your Investments

“Never put all your eggs in one basket” holds true for investing. Placing your money in different forms of investments that offer different levels of return and risk helps you protect it from the volatility of the market. It is always advisable to get professional help in assessing your financial goals and arriving at a financial plan that suits you to the T.

The Bottom Line
Only under 5% of Indians invest their money in the equities market even with a steady rise in financial literacy in India. One of the main reasons for it is the fear around investing (what if I incur huge losses?), and the myth that you need a lot of money to start investing, even the notion that you have a lot of time before you have to start investing. Well, for one, you can start investing with as little as Rs. 100, and that’s something you can easily afford, right? As for time, with investing it’s always the more, the better!

Disclaimer: Articles published on the website are merely indicative and suggestive in nature and do not amount to solicitation. The contents do not guarantee the desired returns and/or results. Reader is advised to exercise discretion and consult independent advisors for achieving desired result. Visitors to this blog/ website w.r.t products & services offered by RBL Bank Limited herein, shall ensure that the comments / feedback posted shall be restricted to the contents published herein and shall not contain such language that may be un-parliamentary or against any religion, caste, section of society, political view etc. While our endeavor is to publish the comments that are submitted, however, all comments/feedback shall be subject to internal review by RBL Bank Limited. We do not guarantee that the comments that are submitted will be published.

electronic bank statements rather than the traditional paper statements. Not only is this better for the environment as it saves paper, it can help you stay more organized and on top of your accounts. Most online banking portals will have a tab where you can view your statements in electronic form, sometimes as a .PDF that you can also save to your own harddrive.[3]
Usually, there will be an option in your online banking portal to stop all paper statements from being mailed to your home and switch entirely to digital statements. Choose this option if you’re interested.
Some banks offer incentives to customers who want to switch to electronic statements, like a small percentage docked from the interest rates on credit lines. Check with your bank to see if there are any perks for switching to digital statements.
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Use online bill pay. Many banks offer a free bill pay service through your online banking portal where you can pay utilities, rent, and other monthly charges. You might also have the option to schedule Online Govt. Policies these payments ahead of time and not even have to worry about them each month. Many services now have the option to link your bank account for automatic payments, which you can then monitor through your online banking portal.[4]
Remember: only set up automatic or scheduled payments if you are sure the funds will be in your account on the day those bills will process. You won’t want to get hit with any overdraft fees.
To keep track of your bills, try writing them all down in a notebook, or enter them all into a spreadsheet. You can also use a budgeting software to give you more tools to track your bills and spending.[5]in
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Apply for lines of credit or loans through the online portal. Once you are a customer of a bank and have an account with them, you can often use the online banking portal to sign up for new accounts as well. Once you’re logged in, all the information the bank has on file for you can be accessed, so applying for new lines of credit, opening new accounts, or even applying for loans or mortgages can sometimes be done right from the comfort of your home.[6]
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Check for special offers or messages in the portal. Online banking portals often have message inboxes where you will be securely notified of new account statements, and changes to your account information. Make sure you locate this inbox and check it regularly. Not only will you find these important account alerts, you might also find customer-only offers for new banking products. Credit lines with low introductory interest rates, high-yield savings accounts, and other services might be offered to you specifically through that message inbox.
These alerts may or may not also forward to the personal email account you have tied to the banking account. Some online portals might require you to specifically select this option in the settings of your online banking inbox.

Login to Crowd1 – In a variety of ways, digital technology has made life far easier than it was previously. Crowd1 is an example of a service that provides operating businesses with a great deal of ease for the business owners nowadays.

Crowd1 is a marketing website and application that may make your company’s journey lot smoother and more pleasant than it was before to its creation. Users only need to sign up with Crowd1 in order to begin receiving notifications regarding payments, new sign-ups in the firm, and a variety of other events and information.

Crowd1 provides a variety of items and services for the Affiliate’s personal use as well as for resale. Using crowd marketing, we provide our Crowd1 network Affiliates with a library of goods, applications, websites, and other services from our partners, which they may promote to their customers. We have something for everyone, whether your interests are in online gaming and e-sports, lifestyle, travel, or the unrivalled Mindoe app, which provides educational courses that promote professional and personal growth. Our C-Store is chock-full of things you will want and will want to recommend to your friends and family.

As one of the industry’s pioneers in digital crowd marketing, we at Crowd1 are confident that crowd marketing is a long-term strategy that will be the foundation of the internet’s future.

Crowd1 does not guarantee you success, nor does it promise you miracles or millions of dollars. Taking control of your life, being your own boss, working flexibly, where you want, how you want, and possibly even earning a living for yourself are all advantages of working from home. Crowd1 may be compared to a vehicle that our Affiliates can utilize to reach where they want to be. We counsel them on how to drive safely, but the distance they go and the speed at which they arrive are entirely up to them.

Crowd1 Registration

Users must first register with Crowd1 in order to be able to begin utilizing the service. Additionally, in order to become a Crowd1 user, you must be introduced by an existing Crowd1 member to the platform. As soon as you have secured a sponsor or a referral from an existing Crowd1 member, you can begin the registration process by following the instructions outlined below.

Step – 1 – Go to http://www.crowd1.com, which is the official website of Crowd1.

Step 2 – On the website homepage’s top tab, you’ll see Register, which you should click.

In Step 3, you will be sent to the registration page where you must begin filling out the form by providing a username that you would want to use.

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Step – 7 – Carefully read and note all of the terms and conditions before proceeding to the next step.

After you have finished the registration procedure, you will get an email at the address you supplied verifying your registration as well as any other pertinent information.

Crowd1 Login Process

After you have successfully registered on Crowd1, you may now successfully log into the portal using your login credentials and by following the steps outlined below.

Step – 1 – Go to the website https://crowd1.com/ and log in using the Login link on the homepage of the website.

Step – 2 – Enter your chosen username as well as the password that you have generated.

Double-check the login credentials and then log in.

After you have logged in, you will be able to browse through an incredible array of choices that will assist you in growing and improving your business.

Forgot My Password on Crowd1 Login

Following these simple steps will allow you to quickly and easily recover your Crowd1 login password if you have forgotten it for whatever reason.

Step – 1 – On the login page of the Crowd1 portal, click on the Forgot Password link that is located underneath the login link.

Step – 2 – On the following page, enter your already registered username.

Step – 3 – Select Send Reset Link from the drop-down menu.

Step – 4 – An email will be sent to your registered email account, on which you must click in order to reset your password for the portal.

Crowd1 Login Support

Not only can you get in contact with the Crowd1 support staff for help with login troubles, but you can also get Online Services in touch with them for help with any other sort of difficulty you may be experiencing.

Step – 1 – Go to the Crowd1 login page and click on the Forgot Password option that is offered.

Step 2 – On the following page, you will see a Support link, which you must click.

Step – 3 – A page with a form will appear, which you will need to begin filling out immediately.

Step 4 – Once you’ve completed the form, you can add any attachments you like.

Step – 5 – Once the form has been completed, click on the Submit button.

You should receive an email in the near future explaining your problem and a solution to it.

Crowd1 Login Problem

The fact that you are experiencing difficulties login into the website or that you have not received a confirmation email after registering indicates that something is wrong with your internet connection. As a result, check your network settings and try again later. Also, double-check that the information you provided during the sign-up process was accurate.

You may also see if cookies are enabled or disabled on your computer. Cookies allow us to recognize you when you return to our website for the second time. To turn them off, follow the steps outlined below: – To access the cookie manager, please click here.

Choose ‘cookies’ from the drop-down menu.

Select ‘settings’ from the drop-down menu.

You may customize your settings here to meet your specific requirements.

Login to Crowd1 – In a variety of ways, digital technology has made life far easier than it was previously. Crowd1 is an example of a service that provides operating businesses with a great deal of ease for the business owners nowadays.

Crowd1 is a marketing website and application that may make your company’s journey lot smoother and more pleasant than it was before to its creation. Users only need to sign up with Crowd1 in order to begin receiving notifications regarding payments, new sign-ups in the firm, and a variety of other events and information.

Crowd1 provides a variety of items and services for the Affiliate’s personal use as well as for resale. Using crowd marketing, we provide our Crowd1 network Affiliates with a library of goods, applications, websites, and other services from our partners, which they may promote to their customers. We have something for everyone, whether your interests are in online gaming and e-sports, lifestyle, travel, or the unrivalled Online Services app, which provides educational courses that promote professional and personal growth. Our C-Store is chock-full of things you will want and will want to recommend to your friends and family.

As one of the industry’s pioneers in digital crowd marketing, we at Crowd1 are confident that crowd marketing is a long-term strategy that will be the foundation of the internet’s future.

Crowd1 does not guarantee you success, nor does it promise you miracles or millions of dollars. Taking control of your life, being your own boss, working flexibly, where you want, how you want, and possibly even earning a living for yourself are all advantages of working from home. Crowd1 may be compared to a vehicle that our Affiliates can utilize to reach where they want to be. We counsel them on how to drive safely, but the distance they go and the speed at which they arrive are entirely up to them.

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