Everyone has both short-term and long-term goals in their life. To fulfil them, one needs to be financially strong, i.e., have enough savings to meet your goals. Just like having good physical health is important to you, having good financial health is equally important. This can only happen when you get your finances straight by making a regular habit of saving and investing as much as possible every month. Because your future depends on today’s savings. In simple words, the stronger your financial strength, the better would be your future. 
 
Now, the big question here is how aware you are of your current financial condition and if you are managing your finances well every month. Also, it is important to know the areas in which you are lagging. Do you know how financially strong you are? When was the last time you checked your financial strength? Well, there are a series of similar questions that you need to ask yourself before you go ahead with planning your finances. Running a financial check every quarter or semi-annually can put you on the top of your financial game. These checks also aid you to be aware of the available finances in hand and the debts that need to be addressed first. 
 
Since you have understood the basics of financial strength, let’s understand its meaning, factors, and ways to improve it. In this blog, you’ll also come across the most important financial tool that’ll aid you to determine and compute your financial strength so stay tuned till the end.
 
Meaning of Financial Strength
 
A person who saves a particular amount every month from their income, doesn’t have an excessive debt to take care of, invests in suitable financial avenues, and has insurance cover, can be said to be financially strong. There are some signs that can lead to the downfall of your financial strength:
 
<ul>
<li> More debt in hand to clear than savings.</li>
<li> Don’t have funds in the emergency fund to meet the urgent needs.</li>
<li> Unnecessary credit card purchases and interest payments.</li>
<li> Lack of cash flow every month to meet your needs.</li>
<li> Investing without any forethought or knowledge.</li>
</ul>
 
One best way to plan your next move is through budgeting. That’s because people can understand their spending made and the amount left or can be saved after meeting all the expenses. Moreover, budgeting also gives you a clear idea of your debts and unnecessary expenses made during the month. It tells whether your financial strength is good or bad. There are several financial rules that can aid you in building your financial health. For instance, the 70-30 budgeting rule. According to this rule, a person should only spend 70% of the income to meet their monthly expenses, and the rest goes into savings. In this way, you can save proportionately every month.
 
There’s another budgeting rule called the 50-30-20 method. The allocation here’s straightforward as well. As per this rule, 50% of the income goes into monthly needs, 30% gets allocated for basic wants, and finally, the rest 20% goes into savings. Through this rule, you can save proportionately as well.  In case, if you have any debts, you can use the 20% amount to clear them on a timely basis to enhance your financial strength.
 
While knowing what financial strength means is good, it is also important to know what constitutes your financial strength.
 
Factors That Tell You About Your Financial Strength
 
It’s always important to keep a tab of your finances and take a tour of your portfolio before you go for any sort of huge spending. Assess your assets and liabilities, monthly income, and investments to know your financial strength and where you stand with your finances. From this assessment, you’ll get to know whether your financial strength is favourable or not. If you are on the positive side with respect to your finances, then there isn’t any problem. If you are on the other side of the shore, then you have a problem. But fret not.
 
The following are the multiple factors that define your financial strength. Like, if your expenses and savings are in check, whether you are investing properly, and whether you have insurance coverage. All these factors cumulatively showcase your financial strength in the real world. Let’s talk about each of them in detail.
 
<ul>
<li>Expenses: Expenses need to be kept in check. You need to know how much of your monthly income you are spending each month. And if you are spending more than you should be, you should change your habits right away. </li>
</ul>
 
<ul>
<li>Savings: Next is saving or investing. From your monthly income, you should invest a particular amount every month in the investment avenue of your choice and suitability. With an increase in your income, the amount you invest should also go up proportionately if not more. </li>
</ul>
 
<ul>
<li>Insurance: While a lot of people still think that insurance is a waste of money, most of them are unaware that it’s one of the factors that’s protecting you from futuristic losses. It not only secures you from all sorts of perils that may cost you a fortune upon the occurrence of any unforeseen event but also provides timely financial support.</li>
</ul>
 
<ul>
<li>Emergency Fund: If life throws you curveballs, you should be in a situation to tackle them. This is only possible when you set aside a portion of your monthly income into an emergency fund. </li>
</ul>
 
Just like you use insurance post-emergency, you use an emergency fund for the same purpose. It acts as a rescuer at the time of an unprecedented situation.
 
How Can You Improve it?
 
FIST or the Financial Strength tool tells you how financially strong you are by assessing your income, expenses, investments, etc. The tool considers five key aspects while computing your financial strength score: monthly income, expenses, savings, loans, and insurance cover (both health and term life). 
 
Based on the provided financial information, the FIST tool lets you know your strong and weak areas in your profile accordingly. Using this key information, you can compare your financial performance for the last few months with the current month and see where you stand. You’ll get to see a bigger picture of your finances with the aid of the FIST tool. The computation of your Financial Strength using FIST is straightforward and effortless. 
 
The tool also suggests the financial limit for each category. For instance, Krishna’s monthly expenses are touching 50% but the tool suggested trimming the expenses by 10%, i.e., not extending the expenses limit beyond 40%. Likewise, this goes the same for all other categories in the list. Using the FIST tool on the Freecharge app can be helpful in understanding your financial strength and knowing which areas need your attention. Once you know your score and insights into your financial standing, you can use the information to plan and better your finances. Let’s understand how. 
 
Using the FIST tool to improve your financial strength: 
 
If your expenses cross beyond a certain limit, the tool alerts how much percentage you need to cut. Also, FIST keeps you one step ahead in planning your expenses. Once you know your expenses, you’ll get a clear idea of how much you can save every month. The lower the expenses, the higher will be the savings, and vice-versa.
 
<ul>
<li>Disciplined Saving and Investing: Every individual has both short-term and long-term goals in their life, and to fulfill them, you need enough corpus in hand. This can only happen when you follow “Disciplined Saving and Investing”. Now, how to know whether you are saving the right amount as per your income levels? Well, that’s when the FIST tool comes into play. </li>
</ul>
 
If your savings are less, the tool suggests the necessary savings percentage you need to maintain hereafter to meet your goal. SIP or Systematic Investment Plan is the next best way to create discipline concerning your savings and investing.
 
<ul>
<li>Save for the unforeseen: FIST tool analyzes your financial information and generates the desired amount you need to maintain with you as a part of the emergency fund to meet unforeseen situations in the future. Doing so aids you to prepare for the uncertainties in your life.</li>
</ul>
 
<ul>
<li>Get Yourself Insured: Insurance is an important aspect of your financial stability as it protects you from using your savings or investments during medical emergencies and provides your family a cushion in case you are not around. The cover values differ from one person to another as per their income levels. You can know the total cover value you need to invest by putting your financial information in the FIST tool.</li>
</ul>

Make a regular habit of saving and investing every month. Because the more robust your financial strength, the better would be your future.

How to Analyze & Check Your Financial Strength

<h1>All You Need To Know About Credit Score</h1>
We see it everywhere. “Check your credit score for free”, “Credit Score check in just a min.” What’s all the fuss about? Let’s find out.
What’s a credit score?
To put it simply, the credit score is the adult version of the 10th standard marksheet. It’s the measure of your creditworthiness, much like how your 10th marks were used to figure out how much of a “good boy/girl” you were.😒
The credit score or the more apt CIBIL score is given to you by the TransUnion CIBIL company after analyzing your credit information. The score takes into account the number of open accounts, your total level of debt, your repayment history( do you pay on time), your duration of availing credit and other factors. 
Importance of the Credit Score
Did you have a curfew as a kid? Or were you one of those kids whose parents trusted you completely? 🤯 That’s the crux of the credit score too- dependability. It shows how dependable or risky you are as a borrower. It helps financial institutions understand whether you will pay on time/regularly when you take a loan from them. Especially personal loans and other loans that don’t need security.
Credit score affects 3 things
<ul>
<li>Your eligibility for a loan</li>
<li>The maximum loan amount you can borrow</li>
<li>The interest rate on your loan</li>
</ul>
How to read your credit report
The simplest way is to check the CIBIL score which falls in the range of 300-900, with 900 being the most creditworthy. Having a score of 750 and above is considered good, any score below 750 will make it harder for you to get a loan. Other components of a credit report include –
<ul>
<li>Credit Summary It shows all the credit accounts you hold currently and you had in the past. This will include credit card accounts, home loan accounts, etc…</li>
</ul>
<ul>
<li>Account History This part of the report gives details of all the accounts given in the previous section.</li>
</ul>
<ul>
<li>Public Records This part of the report deals with major financial mishaps like bankruptcy and criminal arrests.</li>
</ul>
<ul>
<li>Credit Enquiries Here they show every time a financial institution has looked up your credit report in the past 2 years.</li>
</ul>
So, as you can see the Credit Score is a comprehensive document that helps lenders trust you with their money. And unlike your 10th marksheet (which is of no use to you until you change your job🤦‍♂️), the credit report will be useful to you throughout your adult life.

A credit score is a representation of the creditworthiness of an individual. Explore the blog on Freecharge to understand everything about Credit scores.

We see it everywhere. “Check your credit score for free”, “Credit Score&hellip;

Credit Score- All you need to Know About | Freecharge Blog

<h1>The Ultimate Guide on How to Make Passive Income in 2022</h1>
We hate to break it to you, but a  single source of income in 2021 will not be enough to help you take that foreign vacation or buy that dream house you have been eyeing all this time. 
And no, we don’t mean for you to give up on your dreams and aspirations.
 * Drum roll* Passive income!
What are we talking about?
Simply put, passive income is a one-time investment that gives you regular returns without the need to monitor or adjust your holdings very often. You make money on money, quite literally- told you, it’s simple.
It acts as an additional source of income that enables you to be more economically viable and increases your risk-taking capacity. 
With a steady stream of passive income, you can easily make upwards of 5K a month and expect a gradual increase in it. So that dream house or that vacation with your best friends is not that far-fetched after all.
How to get started?
Now that you know what we are talking about, let’s take a look at how you can build a stream of income for yourself. There are plenty of ways but what’s tricky is to find which one works best for you. Some options may require pre-requisite skills while others may require you to put in some time and regular effort. Read on to know about potential passive income streams for you.
Mutual Funds
With mutual funds, you can invest your money in a pool of companies that have an excellent reputation and pay regular dividends that can act as a passive income. With as little as ₹100, you can start your journey of building a source of passive income through mutual funds. With time, the returns you garner can help you achieve your dreams and goals.
Build a Youtube Channel or Podcast
This is the easiest way to get started towards building a source of passive income but requires a constant strive. We suggest developing content around topics you are passionate about. This way not only is it going to take minimal effort but will also be something you enjoy doing whilst the possibility of it potentially monetising. Once your content is out on Youtube or any podcast hosting platform, after a certain amount of traffic, it will begin to develop as an alternate source of income for you that will continue to grow with each view.
Renting
Today, you can rent practically anything. From clothes to property- the options are limitless. If you have a property that you can rent out, the returns are going to be extremely lucrative and can significantly add to your disposable income and thus act as a constant source of passive income. If you can’t rent an entire property you can also rent out any spare room that you might have.
What if we tell you you can also save and make money even if you are staying on rent? In comes Subletting. Subletting essentially means you can rent out a part of the property you are renting to someone else.
If renting property is not an option, consider renting other assets and belongings. With portals like RentMyWardrobe, you can rent your clothing, bags, shoes and more to develop a stream of passive income.
Now that we have two seemingly simple ways of passive income generation, let’s delve into more skill-based ways to increase passive income.
Dividend-Paying Stocks
For steady income and predictable returns, dividend-paying stocks can be a good option. Although they do not give returns similar to pure growth stocks, they do come with little risk, predictable returns and less uncertainty, unlike equity stocks. With the right investment, you can enjoy regular principle and compound returns on your investments. With dividend-paying stocks, you can also relish the benefits of price appreciation. 
Peer-to-peer Loans
Have friends, family and colleagues you can lend money to we suggest you start doing it now. You can give out loans to peers at a predetermined rate and period and make significant money as interest on them. Make sure you have all paperwork in place to avoid disputes later. With P2P loans, you can give out as much money as you have to spare and generate regular income from it. You can also reinvest the interest money to make more money, making it a very lucrative method to increase your passive income.

Explore the 5 best ways to make passive income. Read the blog to understand how you can make passive income from mutual fund investment, stocks, Youtube, etc.

We hate to break it to you, but a&nbsp; single source of&hellip;

5 Best Ways to Make Passive Income in 2022| Freecharge Blog

Most Indians have the ultimate dream of buying a house, and affordable housing is one of the biggest challenges facing young professionals today. Most people compromise on this thought by staying in a rented home.
 
Buying vs. Renting, you must make an informed decision by researching. But is buying a property in 2022 profitable? Or is it better to stay on rented a house?
<div id="tableOfContent">
<h2>Table of Content</h2>
<ul>
<li><a href="#h1">Renting a house</a></li>
<li><a href="#h2">Buying a house</a></li>
</ul>
</div>
Here is everything you need to know about owning a house vs rental housing in 2022
 
Suppose a property's starting value is assumed to be ₹ 40 lakh. So let us look at how the financial situation will unfold if one decides to buy or rent a property. 
 
Renting a house
 
If you decide to live on rent, the rent will be approximately Rs.10,000 per month. This cost will increase after a lapse of every 11 months. Total rent paid for 25 years, including a 10% increase in rent, is ₹ 1.18cr. 
 
Buying a house
 
When you decide to buy a house on loan, Rs.10 Lakhs would be needed as a downpayment and a loan of ₹ 30 lakhs for 25 years at a 9% interest rate. The total of EMIs will be paid in 25 years is Rs.76 lakh which is simply ₹ 25,176 every month. Paying EMI is almost 2.5 times that of renting per month. 
 
"Does that mean paying EMI and buying a house is a wiser decision than paying rent?"
 
No, paying home loans can be a significant burden for a middle-class person, and the cost difference of 2.5 times is too high. They would instead save those differential Rs15,000 and downpayment by staying in a rented house to lead a more lavish lifestyle. For instance, Rahul is a young professional who often needs to change his jobs and cities. Buying a house can be cumbersome for Rahul because he needs to keep moving. Thus, buying a house is not an easy decision to make.
 
To get more clarity, let's look at the alternative approach.
 
The house's value after 25 years, considering 10% per annum appreciation, will be ₹ 4.33 cr. And Total rent paid for 25 years, including a 10% increase in rent, is ₹ 1.18cr.  
 
The point is that the cost difference between rent and EMI will always be there, and this difference makes a significant difference in wealth. It is more likely that the Rent vs EMI ratio will increase with time. 
 
Also, home loans provide Tax advantages such as the Pradhan Mantri Awas Yojana (PMAY), the reduced home loan interest rates under the Credit-Linked Subsidy Scheme (CLSS), and the Real Estate Regulation and Development Act 2016 (RERA). Income tax rebates up to Rs.5 lakh and the revised GST have enhanced home buying sentiment in the country.
 
However, the real difference in wealth is likely to be higher, and it is preferable to buy a property for oneself rather than rent a house if there are no crucial difficulties. 
 
So, it becomes essential for people to know how to maintain a balance between their lifestyle and buying a house. 
 
The bottom line
 
Regardless of your perspective on the "rent or buy" dilemma, the choice is ultimately personal. Renting isn't always "throwing money away," and buying a home isn't always a wise investment. The most important thing is to decide what is best for you and it totally depends on your financial situation, lifestyle, and personal goals.

Buying vs. Renting, you must make an informed decision. But is buying a property in 2022 profitable? Or is it better to stay on rented a house?

Buying vs. Renting, you must make an informed decision. Buying a property in 2022 is profitable? Or is it better to stay on rented a house?

<div id="tableOfContent">
<h2>Table of Content</h2>
<ul>
<li><a href="#h1">Renting a house</a></li>
<li><a href="#h2">Buying a house</a></li>
</ul>
</div>

Buying or Renting- What is better

<h1>Personal Loan: Guide To Know Everything About Personal Loan</h1>
Let us tell you a little something about Aryan, a 24-year-old writer from Delhi
Aryan has got a new job in Mumbai and has to relocate soon. He is overjoyed and can’t wait to move to Mumbai and start a new life. Just when he is looking for accommodation, he realizes that he doesn’t have enough funds to cover his rental security, move to the new place, get furniture and necessary equipment, and his moving cost.
He doesn’t want to burden his parents by asking them for help; but he knows if he could get an instant loan online, he can comfortably pay it back with his new salary. But Aryan is not well-versed with instant loans and thinks who would even give him a loan for relocation; after all, loans are for bigger things like a new car or house.
Aryan meets his friend Diksha over coffee one evening and he tells her his struggle. Diksha suggests to him something called a Personal Loan, which is a type of instant loan.
Follow their conversation to know more 
Aryan: But What is Personal Loan?
Diksha: Personal Loans are one of the most versatile personal loans on the market today. As the name suggests, you can use Personal Loans for any personal need you may have. It can be your way out of unprecedented expenses. 
It is a type of unsecured loan, which means you don’t necessarily need to pledge collateral to secure it. It is authorized based on your income, credit history, credit score, among other criteria. 
I know people that have taken personal loans for medical emergencies, vacations, education, wedding expenses, purchasing consumer durables, etc.
Aryan: Okay, that is interesting, but where do I get a Personal Loan from?
Diksha: You can get a Personal Loan from any bank or NBFC (Non-banking Financial Company). In fact, many pre-approved loans can be disbursed instantly upon approval.
Nowadays, you can literally get a Personal Loan online with a few clicks without leaving home. A smartphone and a stable internet connection are all you need. You can also get an instant personal loan online from Freecharge. They require minimal documentation and the disbursal process is easy and instant.
Aryan: That sounds simple, but what next? How do I go about it?
Diksha: Okay, now first you have to select a lender. To have a hassle-free experience of getting a loan, it is best you check the terms of the loan on their website or app. Make sure you verify if a loan from a particular lender fits your needs or not.
Next, understand the loan amount you need. It is important you get only enough for your pressing needs and not more. After all, you only have to pay it back.
While you are at it, check your eligibility by entering some details in the eligibility calculator. You’ll just have to enter a few details like income, nature of work, credit history, and will tell you if you’re eligible for a Personal Loan or not. It can also give a rough estimate of how much you can borrow.
Aryan: I heard something about loan variables. What are Personal Loan Variables?
Diksha: Two important factors to consider when choosing a loan are your loan amount and tenor aka Personal Loan Variables. You can customize the loan amount and timeline to fix EMIs you can comfortably pay
The sooner you pay back your loan, the lower interest you will have to pay. But missing an EMI can affect your credit score, so be careful of that.
Aryan: Do you know what all documents I need for a Personal Loan?
Diksha: Normally, you will need to submit a basic KYC document such as a passport or a PAN card, proof of employment and income such as an employee ID card, bank statements, salary slips, etc. You can do this online on the lender’s website or mobile app too
Ensure all details entered in the application form are accurate to the best of your knowledge to avoid conflicts and rejection of your Personal Loan Application. You may also have to do a quick video verification as the last step before your loan application is approved.
Apart from this, every lender has different documentation requirements so it is best you read up on what is needed by them.
 Aryan: But how do I actually get the Loan Money?
Diksha: After your loan is approved, you get your loan money directly in your bank account. You can now use this money for whatever needs you may have. The disbursal from your lender into your bank account is quick and doesn’t require a lot of waiting.
Aryan: So what will you say are the Benefits of a Personal Loan?
Diksha: According to me the top 3 benefits of personal loans are:
<ul>
<li>Their flexible nature. You can use them for whatever needs you may have. You can also choose your loan term based on your repayment capacity making them extremely convenient.</li>
<li>Unlike other loans, Personal Loan requires minimal documentation making the entire borrowing process super quick.</li>
<li>The disbursal of a Personal Loan does not take a lot of time. In cases of pre-approved loans, it is quick and can reflect in your bank account almost instantly.</li>
</ul>
 
<div class="wp-block-image">
<figure class="aligncenter size-full is-resized"><img class="wp-image-5908" src="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2021/09/Apply_for_loan-2.png?resize=242%2C87&amp;ssl=1" sizes="(max-width: 242px) 100vw, 242px" srcset="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2021/09/Apply_for_loan-2.png?w=307&amp;ssl=1 307w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2021/09/Apply_for_loan-2.png?resize=300%2C108&amp;ssl=1 300w" alt="" width="242" height="87" loading="lazy" data-recalc-dims="1" /></figure>
</div>

Do You Want To Know Everything About Personal Loans? Check Out This Blog From Freecharge To Know Everything About A Personal Loan and its Benefits.

Let us tell you a little something about Aryan, a 24-year-old writer&hellip;

Personal Loan: Guide To Know Everything About Personal Loan

Gone are the days when credit cards were seen to be tools that forced you to overspend. Credit card usage has been changed by technology in a very beneficial way. Credit cards may now be used to pay bills, obtain cash, and even transfer rent to your landlord. Paying rent with a credit card might be a lifesaver for individuals who are short on cash at the end of the month. You will not only be able to use your unused credit limit, but you will also receive other perks and advantages.
<h2 class="has-luminous-vivid-orange-color has-text-color has-medium-font-size">Why Pay Housing Rent with a Credit Card?</h2>
Your paycheck is due in a week, but staying on top of rent can be very difficult. We’ve got you covered by giving you the flexibility to pay rent whenever and however you want. 
<h2 class="has-luminous-vivid-orange-color has-text-color has-medium-font-size"> Advantages of Paying Housing Rent with a Credit Card</h2>
<h3 class="has-normal-font-size"> Builds your credit score</h3>
Step up to our unique collection of credit cards and make the most of your everyday spending and start paying rent with credit card. Enjoy a fee waiver period of interest-free credit as well as plenty of time to pay your balance off. You can also combine your bills to avail maximum benefits. The longer you wait, the more benefits you will get. Rent payment through credit card is the new arena that helps you to save a lot of money.
<h3 class="has-normal-font-size">Hassle-free payments</h3>
Paying rent through credit card is super easy and hassle-free and reusable electronic receipts you can track all your rental payments. The validation process is simple and easy, taking less than 5 minutes of your time. Easy online payment of rental puts you in a much better situation without worrying about security concerns.
<h3 class="has-normal-font-size">Excellent cashback offers</h3>
Paying rent with credit card is a great way to earn cashback when decking out your home with the latest trends or simply using it to pay your rent as it comes due.
H2: Multiple and Enjoyable Payment Plans
<h3 class="has-normal-font-size">Maintenance charge waiver</h3>
If you’re looking for reward cards with no annual fee and no limit on the rewards you earn, you’ve come to the right place. <a href="https://play.google.com/store/apps/details?id=com.freecharge.android">Pay rent with credit card</a> without fee (extra charge) and a no annual fee credit card gives you a chance to earn rewards and benefit from ongoing offers.
<h3 class="has-normal-font-size"> Rent payment – on-time</h3>
Using credit card, you can now pay your rent on time and in a convenient way. Choose your due date to pay your rent, track your transactions and receive alerts. Best of all, it’s free, so start paying rent through credit card now!
<h3 class="has-normal-font-size">HRA benefits</h3>
Say goodbye to quantifying and justifying your rent payments. Paying rent through credit card is super convenient and easy.
Investing in your home is a great way to secure your future! According to Sec.80C, an HRA exemption of up to Rs.1.5 lakh can be claimed on rent paid and home loan interest with or without a car parking facility.
You can now use your previous year’s income to claim HRA exemption for the next year! Use your actual spending from your prior fiscal year to claim exemption on the rent paid this year.
<h4 class="has-luminous-vivid-orange-color has-text-color has-medium-font-size">Conclusion</h4>
This convenient wallet can make mobile, DTH and data card payments recharge and bill payments. And much more – you can use Freecharge now to pay your loans and insurance. Just log on to freecharge.in and get everything done in one place!
You are a credible achiever. Rent your home, RIGHT NOW. Thrive in your creative, prosperous den… leave the stress on us! After all, home is where you gather grace. 
<h4>FAQs</h4>
Can I pay rent with a credit card without a fee?
If you’re a renter, you know how stressful it may be to pay your rent on time every month. Paying the monthly rent on time may have become a difficult event for some, with the Coronavirus epidemic hurting the finances of the majority of the working class. If you have a credit card, you may pay your rent without worrying about cash or liquidity in this situation. A number of businesses have lately arisen that allow you to pay your rent by credit card for a nominal convenience charge. Experts advise customers to assess the benefits and drawbacks of using credit cards for such services, since they may be required to pay an extra fee to the service provider.
What are some benefits I can avail on paying rent via credit card?
The advantage is that your rent is deducted immediately, eliminating the possibility of you forgetting to pay. In addition, because the rent is kept in the Savings Bank Account, you get 45-60 days of credit. On this sum, you can earn returns. Each transaction may also earn you Reward Points.
Will my credit score be impacted if I delay my rent payment via credit card?
It is a very good idea to pay housing rent using a credit card, but it is a fact that if your payment is delayed, you may face some issues with your credit score. However, it is always a better option to pay your due house rent on an appropriate payment cycle.

Do Online Recharge, utility bill payments, dth &amp; fastag recharge with Freecharge pay later option.

Gone are the days when credit cards were seen to be tools&hellip;

Top reasons to use Credit Card to pay housing rent

<h1>Got an Appraisal? Here are 5 money management tips</h1>
Once again, it’s that time of year!
Your manager was scheduling meetings to discuss the finer elements of your goals and achievements while you prepared documentation to show what you’ve accomplished in the past year. While this may have seemed quite a task, we are sure it was a source of renewed hope that perhaps, just maybe, this year you will be able to put down enough as a down payment for your house.
Now that your April salary has been credited with that extra appraisal amount, we have got some ideas about where you can use it. 
<h2 class="has-luminous-vivid-orange-color has-text-color">Create wealth </h2>
Simply open an SIP with an <a href="https://blog.freecharge.in/everything-you-need-to-know-about-mutual-funds-is-here/">Equity Mutual Fund</a> . Not only will your money gradually increase over the years, this investment will require minimal involvement. It is a great way to put aside the extra money that you make and create wealth from it.
<h2 class="has-luminous-vivid-orange-color has-text-color">Pre-pay your existing loans</h2>
Burning your pocket paying high-interest EMIs, well now is the time to stop that and move on. You can increase your EMI amount every month or pay back a higher amount towards your principal amount. Either way- it can help you reduce your liability and financial stress.
<h2 class="has-luminous-vivid-orange-color has-text-color">Set aside an emergency fund</h2>
Emergency doesn’t come with notice and thus calls for you to be extra prepared. You can put aside the additional money you now make towards creating an emergency fund as a safety net. Just remember, the whole idea of an emergency fund revolves around its liquidity and instant availability.
Fixed Deposits, <a href="https://blog.freecharge.in/investing-in-mutual-funds-is-like-finding-the-right-partner-for-life-and-wealth/">Liquid Mutual Funds</a>, and cash are good ways to save for an emergency fund.
<h2 class="has-luminous-vivid-orange-color has-text-color">Save Tax</h2>
With increased income comes increased tax liability. You can explore using the full potential of 80C and save up to ₹1,50,000 if you don’t already. If your risk-appetite is low, you can increase your PF contribution or invest in NSCs (National Saving Certificates). Other avenues to invest can be NPS (National Pension System) or <a href="https://blog.freecharge.in/dont-make-these-mistakes-while-investing-in-elss-funds-2/">ELSS (Equity Linked Savings Scheme)</a>
ELSS is a great scheme to invest in as it not only help you save taxes but also creates wealth in the long term
<h2 class="has-luminous-vivid-orange-color has-text-color">Live it up</h2>
Have some aspirations like a short weekend getaway with your partner or upgrading your phone, we say you do it! After all, you are working hard and you do deserve these moments of achievement and happiness. 
Set aside a list of things and experiences you have been eyeing, prioritize them, and just use the extra money you now make towards achieving them.
Bottom Line
There is so much you can do with the extra bonus that you will now bank, thanks to your appraisals. 
Now that you have some idea of what you can do with your new and increased salary, what path are you going to take?
Like what you read? Share it with your friends and family via WhatsApp and other social media platforms

Learn how to build wealth with your additional income. Use your appraisal money to create wealth with our top money management tips for better financial health.

Once again, it&#8217;s that time of year! Your manager was scheduling meetings&hellip;

5 ways to build wealth using your appraisal | Freecharge

This is a partnered post in association with Moneycontrol.
If you’re looking to save your monthly income and allocate budgets for separate needs, homemakers are the best ambassadors to look up to.
Traditionally, homemakers’ responsibilities are assumed to be limited to cooking, cleaning, and providing as caregivers for the family. This unpaid ‘profession’ is demanding, and unlike salaried professionals, it yields no breaks and offers no promotions. Yet, the community defines the true meaning of providing unconditional services; and amidst this COVID-19 pandemic, they decided to step-up even more. These unsung homemakers, who have been said to keep away from financial matters, emerged as the smartest ‘money managers’.
How did homemakers manage their finances?
If you’re looking to save your monthly income and allocate budgets for separate needs, homemakers are the best ambassadors to look up to. In the last six months, India has witnessed a dearth in regular supplies, mounting job losses, and sky-rocketing living costs. In such times, homemakers turned to some key financial instruments to rise above the setback.
Access to cash via fixed deposits
One of the compelling reasons for this product’s attractiveness is the guaranteed returns that it offers. Additionally, the flexibility to withdraw money before its maturity is also a major benefit. When households experience tightening liquidity, this allows easy access to cash requirements. And those who invested before also benefitted from the accumulated interests.
Thinking ahead with options for all risk appetites
To augment the size of their wealth bundles, many homemakers tapped the lucrative offerings of mutual funds before the lockdown. While the markets experienced sluggish growth in the first 6 months, the economy unlocking has reinforced market sentiments, resulting in profitable portfolios and people access to various investment options depending on their appetite for risk. These include large cap, mid cap, and small cap equity funds and even debt and hybrid funds. Each of these varies in terms of risk and, as a result, the returns they offer.
Playing it safe with gold
The success saga of these new-age wealth wizards doesn’t end here. Women are the smartest gold-investors. They used their personal fascination over the product to generate increasing returns using E-Gold. This low-risk, high-return investment is a hassle to store physically. Offering a faster and safer way to make investments, women have trusted gold to give them higher returns this year, especially given the decline in the stock market.
As market statistics reveal, the rising volume of investments has led to a dramatic increase in gold prices. This online option bestowed convenience to homemakers when they juggled with the rising volume of household duties.
<figure class="wp-block-image size-large"><img class="wp-image-5829" src="https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?fit=1024%2C683&amp;ssl=1" sizes="(max-width: 1366px) 100vw, 1366px" srcset="https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?w=2560&amp;ssl=1 2560w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=300%2C200&amp;ssl=1 300w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=1024%2C683&amp;ssl=1 1024w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=768%2C512&amp;ssl=1 768w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=1536%2C1024&amp;ssl=1 1536w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=2048%2C1365&amp;ssl=1 2048w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=370%2C247&amp;ssl=1 370w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=760%2C507&amp;ssl=1 760w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=390%2C260&amp;ssl=1 390w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=600%2C400&amp;ssl=1 600w" alt="" width="2560" height="1707" loading="lazy" /></figure>
How did homemakers make investment decisions? 
It’s remarkable to record these successful data points. The offerings are undoubtedly living up to their expectations. But, how did homemakers, who are ideally cut off from the financial know-how, manage to make it so big? The secret solution is Freecharge’s <a href="https://blog.freecharge.in/" target="_blank" rel="noreferrer noopener">extensive blog</a> that guides people through their greys of making investments.
Every investment is a risk undertaken. An interplay between the ratio of pros to cons and personal intuition influences such decisions. Freecharge, through their blog, helped homemakers understand the market and be able to make these decisions for themselves. To facilitate extended support, they also have a 24/7 customer support toll-free number that intends to solve all kinds of queries – no matter how trivial they are.
What other steps did homemakers take to expand their financial cushions?
Investing in financially viable products was a smart strategy, but not exhaustive in itself. It was equally important to earn more money during the lockdown. This is where homemakers put their ‘homely’ skillset to commercial use.
For example, <a href="https://eshe.in/2020/05/05/women-entrepreneurs-in-lockdown/" target="_blank" rel="noreferrer noopener">Pooja Carippa</a>, a yoga instructor and mother of two, left her corporate career to pursue her dream project. In the lockdown, she utilised Zoom to keep her livelihood floating. Offering a week of free sessions, she eventually charged for her 4-hour-per-day-classes. This got her 50 sign-ups from students across the globe.
In Pune, when the virus struck, a married <a href="https://idronline.org/a-day-in-the-life-of-a-woman-entrepreneur/" target="_blank" rel="noreferrer noopener">woman entrepreneur</a> with a steady T-shirt business found herself out of work. To feed her 6 family members, she repurposed the raw materials to create masks. Capitalising upon the pressing opportunity helped her earn the support of Mann Deshi. She is now running her new venture with a team of thirty women.
Research from <a href="https://www.wbs.ac.uk/news/are-women-better-investors-than-men/" target="_blank" rel="noreferrer noopener">Warwick Business School</a> boasts about women’s portfolio, which has outperformed men’s by 1.8 percentage points. The terrific combination of women’s intellectual and skills applied to investment opportunities such as FD, MF, and Gold via digitally suitable apps has a promising path of development.
Be smart like homemakers: Capitalise upon Freecharge!
<figure class="wp-block-image size-large is-resized"><a href="https://frch.in/mfblg" target="_blank" rel="noopener noreferrer"><img class="wp-image-5809" src="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=765%2C82&amp;ssl=1" sizes="(max-width: 765px) 100vw, 765px" srcset="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=1024%2C111&amp;ssl=1 1024w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=300%2C33&amp;ssl=1 300w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=768%2C83&amp;ssl=1 768w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=370%2C40&amp;ssl=1 370w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=760%2C82&amp;ssl=1 760w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=600%2C65&amp;ssl=1 600w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?w=1255&amp;ssl=1 1255w" alt="" width="765" height="82" loading="lazy" data-recalc-dims="1" /></a></figure>

This is a partnered post in association with Moneycontrol. If you&#8217;re looking&hellip;

Get Subscribed Today!

Get updated on Freecharge blog

Get Subscribed Today!

Get updated on Freecharge blog

Get Subscribed Today!

Get updated on Freecharge blog