Finance

10 essential rules of personal finance that you should follow

Published

2 years ago

January 27, 2024

10 essential rules of personal finance that you should follow

Insurance and retirement planning are key components, ensuring financial security in the long run. Understanding tax implications and continuous learning about financial matters contribute to a solid foundation. Personal finance empowers individuals to make informed choices, build wealth, and achieve a secure financial future.

In the dynamic landscape of personal finance, navigating the complex terrain of income, expenses, and investments can be challenging. However, adopting a set of tried-and-tested rules can pave the way for financial success and stability. In this blog, we’ll explore ten personal finance rules, aiming to empower individuals to make informed decisions and build a secure financial future.

Budgeting is key: One of the fundamental pillars of personal finance is budgeting. Creating a monthly budget helps individuals track their income, categorise expenses, and identify areas for potential savings. In the Indian context, where diverse spending patterns and cultural nuances exist, a well-crafted budget serves as a roadmap for financial discipline. Allocating a portion of income towards essential expenses, savings, and discretionary spending ensures a balanced financial life.

Emergency fund: In a country where economic uncertainties are prevalent, having an emergency fund is crucial. Unforeseen events like medical emergencies, job loss, or unexpected expenses can disrupt financial stability. Aim to save at least three to six months worth of living expenses in a dedicated emergency fund. This financial cushion acts as a safety net, providing peace of mind during challenging times.

Insurance is a necessity: Insurance is often overlooked but plays a pivotal role in safeguarding one’s financial well-being. Health insurance, life insurance, and property insurance are essential components of a comprehensive financial plan. Adequate coverage ensures that unforeseen events don’t lead to financial ruin, providing financial protection for you and your family.

Clear debts strategically: Managing debt is a critical aspect of personal finance. While not all debts are harmful, it’s essential to prioritise and clear high-interest debts like credit card balances. With the burden of interest rates, clearing such debts should be a priority. In contrast, low-interest debts like home loans may be managed strategically, considering their potential tax benefits.

Invest early and wisely: The power of compounding works best when time is on your side. Start investing early, even if it’s a small amount. Understand the risk-return tradeoff and diversify your investments across various asset classes. Options like mutual funds, Public Provident Fund, and Equity-Linked Saving Schemes (ELSS) can be explored based on individual risk profiles and financial goals.

Retirement planning: In a culture that traditionally emphasises familial support, planning for retirement can sometimes take a back seat. However, it’s essential to build a retirement corpus to maintain financial independence in the later years. Invest in retirement-focused instruments like the Employees’ Provident Fund (EPF), Public Provident Fund (PPF), or National Pension System (NPS) to secure a comfortable post-retirement life.

Stay informed about tax planning: In India, the tax landscape is intricate and ever-changing. Staying informed about tax-saving instruments and exemptions is crucial for optimising your financial plan. Leverage tax-saving options like the Equity-Linked Saving Scheme, National Pension System, and tax-saving fixed deposits to minimise your tax liability while maximising your savings.

Continuous learning: Financial literacy is an ongoing process. Stay informed about the latest market trends, investment opportunities, and changes in financial regulations. Attend workshops, read financial literature, and seek advice from financial experts to enhance your knowledge and make informed decisions.

Plan for big life events: Whether it’s buying a home, funding your child’s education, or planning a dream vacation, financial goals vary widely. Create a roadmap for achieving these goals by setting realistic timelines and saving systematically. Explore investment options that align with your goals, ensuring you’re financially prepared for significant life events.

In conclusion, mastering personal finance requires a combination of discipline, knowledge, and strategic decision-making. In India, where cultural and economic factors play a significant role, adopting these ten personal finance rules can pave the way for financial success. From budgeting to strategic investments, each rule contributes to building a secure financial future. By embracing these principles, individuals can navigate the complexities of personal finance with confidence, ultimately achieving their financial goals and aspirations.

Rohit Gyanchandani is Managing Director at Nandi Nivesh Private Limited

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Published: 27 Jan 2024, 12:39 PM IST

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Finance

Ontario must prepare for ‘tougher times’ ahead, finance minister says before budget

Published

6 hours ago

March 25, 2026

Press Room

Ontario must prepare for ‘tougher times’ ahead, finance minister says before budget

TORONTO — Ontario should be prepared for “tougher times” amid global economic disruption, but the government won’t slash public sector jobs to buttress the budget amid uncertainty, the finance minister is signalling ahead of Thursday’s fiscal update.

Other provinces have recently braced against the economic headwinds by forecasting record deficits, raising taxes and cutting front-line jobs, but that will not be Ontario’s approach, Peter Bethlenfalvy says.

“The world has changed — and Ontario must be ready for what change may bring, even if that means being prepared for tougher times,” he said in a pre-budget speech earlier this month.

“As a government, we cannot eliminate uncertainty, but we can mitigate risks with a responsible, balanced fiscal approach that supports public services and infrastructure while maintaining flexibility.”

In that speech, he twice mentioned delivering government programs “efficiently and sustainably,” words that are sometimes used by politicians to signal belt tightening.

“I think it reflects the fact that we’ve got to make sure that the money, the significant investments we’re making in social services, health care, education, gets to the workers who are providing, whether it’s a social worker or a health-care worker or a teacher, and making sure all the money just doesn’t flow to administration,” he said Wednesday in an interview.

Ontario has already tasked hospitals with coming up with a three-year plan to balance their budgets, in a bid to get a handle on growing deficits in the sector, using an assumption of getting two per cent annual funding increases. That is half of the increase they received the previous year.

Some hospitals have already started making some “lower risk” cuts under that plan, the Ontario Hospital Association has said. The province would need to add about $2.7 billion to meet the full operating needs of the hospital sector, the association has said.

The province’s deficit, in the most recent fiscal update earlier this year, stood at $13.4 billion. Bethlenfalvy has been silent on whether the path to balance remains the same as his plan in last year’s budget to get into the black in 2027-28.

Balance, however, has been a moving target. The 2027-28 goal is a year later than Bethlenfalvy projected in the 2024 budget, which itself was a year later than he projected in the 2023 budget.

Ontario’s books are in a relatively good position to be able to stay on the province’s path to balance and lower the net-debt-to-GDP ratio, as long as it doesn’t use fiscal breathing room to announce new spending commitments, according to a budget preview from Desjardins.

“When the Government of Ontario releases its 2026 budget on March 26, we think it should capitalize on this tax tailwind by resisting the temptation to materially increase spending, as the federal government and some other provinces have done,” deputy chief economist Randall Bartlett wrote.

“Instead, it should keep some fiscal powder dry to contend with potential future shocks, such as the impending Canada‑United States‑Mexico Agreement (CUSMA) joint review.”

Bethlenfalvy has already announced some new spending ahead of the budget, including an additional $325 million toward primary care and $1.4 billion to cover the province’s share of the HST for some homebuyers.

Premier Doug Ford, along with Bethlenfalvy and Municipal Affairs and Housing Minister Rob Flack, announced Wednesday that Ontario is planning to temporarily expand HST rebates on the purchase of new homes, in a bid to boost a struggling home construction sector.

The government previously introduced rebates for first-time homebuyers on new homes valued up to $1.5 million, with homes valued at $1 million or less qualifying for the maximum amount of $130,000 when combined with a federal rebate.

Ford said that in Thursday’s budget, his government is proposing to expand the rebate for one year, both in terms of qualifying home purchases and not limiting it to first-time homebuyers.

The temporary measure would see homes valued up to $1.5 million qualify for the maximum $130,000, decreasing proportionally to homes valued at $1.85 million, which would qualify for $24,000.

“My message to everyone from the building sector here today is very simple: start building,” Ford said at a press conference.

“To the great people of this province, if you’re in the position to buy a new home, no matter if it’s a condo or town home or a detached home, please get everything together. You have one year to see this $130,000 reduction in cost. Please go out there, talk to your bankers and start buying the homes.”

The province says the federal government is covering the five per cent federal portion of the HST, in a move Ontario says would provide nearly $2.2 billion in tax relief for housing in Ontario.

The Ministry of Finance estimates the measure will spark an additional 8,000 housing starts, at a time when the most recent government projections show the province building 70,000 new homes this year, far off the pace needed to meet a goal of 1.5 million homes in 10 years.

Bethlenfalvy a few months ago called that a “soft” target.

This report by The Canadian Press was first published March 25, 2026.

Allison Jones, The Canadian Press

Finance

UK inflation held at 3% ahead of Iran war

Published

18 hours ago

March 25, 2026

Press Room

UK inflation held at 3% ahead of Iran war

UK inflation held at 3% in the year to February, before the start of the conflict in the Middle East, which has sent energy costs soaring and led to concerns of a resurgence in pricing pressures.

The latest consumer price index (CPI) reading from the Office for National Statistics (ONS), released on Wednesday, was in line with consensus expectations. This came after inflation fell to 3% in January from 3.4% in December.

The ONS said that clothing made the largest upward contribution to the monthly change in inflation in February, while motor fuels was the biggest downward contributor.

Read more: Multiple Bank of England interest rate rises expected after energy price surge

The data covered the period before the start of the conflict between the US, Israel and Iran on 28 February. The conflict has disrupted oil (BZ=F, CL=F) and gas (NG=F) supply, sending prices soaring, with concerns that a prolonged energy price shock could push inflation back up.

Grant Fitzner, chief economist at the ONS, said: “The largest upwards driver was the price of clothing, which rose this month but fell a year ago.”

“This was offset by falls in petrol costs, with prices collected before the start of the conflict in the Middle East and subsequent rise in crude oil prices.”

The Bank of England (BoE) warned last week that inflation will be higher in the “near term” due to the shock from higher energy prices, as it announced it had kept interest rates on hold at 3.75%.

Commenting on February’s inflation figures, chancellor Rachel Reeves said: “In an uncertain world we have the right economic plan, taking a responsive and responsible approach to supporting working people in the national interest.”

“We’re taking £150 off energy bills and providing targeted support for those facing higher heating oil costs. We’re also acting to protect people from unfair price rises if they occur, bring down food prices at the till, and cut red tape to boost long-term energy security — building a stronger, more secure economy.”

Ruth Gregory, deputy chief UK economist at Capital Economics, said: “The economy entered the energy price shock caused by the conflict in the Middle East with CPI inflation stuck at 3.0%.”

“And based on our current working assumptions about oil and gas prices, we now think CPI inflation could rise to a peak of about 4.6% in Q4.”

“With the energy price shock likely to extinguish growth and add to the already elevated unemployment rate, in our baseline scenario we still think an extended interest rate pause is more likely than interest rate hikes,” she said.

Finance

Digitized Assets & Tokenized Finance Impact Report 2026 FII Institute Site

Published

1 day ago

March 24, 2026

Press Room

Digitized Assets & Tokenized Finance Impact Report 2026 FII Institute Site

What if the global financial system could move at the speed of the internet unlocking trillions in value while expanding access to capital worldwide?

Developed in collaboration with Dante Disparte, Chief Strategy Officer and Head of Global Policy & Operations at Circle; Fred Thiel, Chairman and Chief Executive Officer of MARA, Inc.; and Ryan Hayward, Head of Digital Assets and Strategic Investments at Barclays, this report on digital assets and tokenized finance reveals how a rapidly emerging $16–30 trillion market is transforming traditional finance into a real-time, programmable, and borderless ecosystem.

It explores how the tokenization of real-world assets, the explosive growth of stablecoins processing over $30 trillion annually, and instant (T+0) settlement are redefining liquidity, reducing cross-border costs, and reshaping global investment flows. The report also highlights the critical role of financial inclusion, addressing a $330 billion SME financing gap alongside the rise of AI-driven transactions, energy-powered infrastructure, and evolving regulation that will ultimately determine who leads and who benefits in the next era of finance.