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.
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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.
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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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Cornell University administrator Warren Petrofsky will serve as the Faculty of Arts and Sciences’ new dean of administration and finance, charged with spearheading efforts to shore up the school’s finances as it faces a hefty budget deficit.
Petrofsky’s appointment, announced in a Friday email from FAS Dean Hopi E. Hoekstra to FAS affiliates, will begin April 20 — nearly a year after former FAS dean of administration and finance Scott A. Jordan stepped down. Petrofsky will replace interim dean Mary Ann Bradley, who helped shape the early stages of FAS cost-cutting initiatives.
Petrofsky currently serves as associate dean of administration at Cornell University’s College of Arts and Sciences.
As dean, he oversaw a budget cut of nearly $11 million to the institution’s College of Arts and Sciences after the federal government slashed at least $250 million in stop-work orders and frozen grants, according to the Cornell Daily Sun.
He also serves on a work group established in November 2025 to streamline the school’s administrative systems.
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Earlier, at the University of Pennsylvania, Petrofsky managed capital initiatives and organizational redesigns in a number of administrative roles.
Petrofsky is poised to lead similar efforts at the FAS, which relaunched its Resources Committee in spring 2025 and created a committee to consolidate staff positions amid massive federal funding cuts.
As part of its planning process, the committee has quietly brought on external help. Over several months, consultants from McKinsey & Company have been interviewing dozens of administrators and staff across the FAS.
Petrofsky will also likely have a hand in other cost-cutting measures across the FAS, which is facing a $365 million budget deficit. The school has already announced it will keep spending flat for the 2026 fiscal year, and it has dramatically reduced Ph.D. admissions.
In her email, Hoekstra praised Petrofsky’s performance across his career.
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“Warren has emphasized transparency, clarity in communication, and investment in staff development,” she wrote. “He approaches change with steadiness and purpose, and with deep respect for the mission that unites our faculty, researchers, staff, and students. I am confident that he will be a strong partner to me and to our community.”
—Staff writer Amann S. Mahajan can be reached at [email protected] and on Signal at amannsm.38. Follow her on X @amannmahajan.
My spreadsheet reviewed a WalletHub ranking of financial distress for the residents of 100 U.S. cities, including 17 in California. The analysis compared local credit scores, late bill payments, bankruptcy filings and online searches for debt or loans to quantify where individuals had the largest money challenges.
When California cities were divided into three geographic regions – Southern California, the Bay Area, and anything inland – the most challenges were often found far from the coast.
The average national ranking of the six inland cities was 39th worst for distress, the most troubled grade among the state’s slices.
Bakersfield received the inland region’s worst score, ranking No. 24 highest nationally for financial distress. That was followed by Sacramento (30th), San Bernardino (39th), Stockton (43rd), Fresno (45th), and Riverside (52nd).
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Southern California’s seven cities overall fared better, with an average national ranking of 56th largest financial problems.
However, Los Angeles had the state’s ugliest grade, ranking fifth-worst nationally for monetary distress. Then came San Diego at 22nd-worst, then Long Beach (48th), Irvine (70th), Anaheim (71st), Santa Ana (85th), and Chula Vista (89th).
Monetary challenges were limited in the Bay Area. Its four cities average rank was 69th worst nationally.
San Jose had the region’s most distressed finances, with a No. 50 worst ranking. That was followed by Oakland (69th), San Francisco (72nd), and Fremont (83rd).
The results remind us that inland California’s affordability – it’s home to the state’s cheapest housing, for example – doesn’t fully compensate for wages that typically decline the farther one works from the Pacific Ocean.
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A peek inside the scorecard’s grades shows where trouble exists within California.
Credit scores were the lowest inland, with little difference elsewhere. Late payments were also more common inland. Tardy bills were most difficult to find in Northern California.
Bankruptcy problems also were bubbling inland, but grew the slowest in Southern California. And worrisome online searches were more frequent inland, while varying only slightly closer to the Pacific.
Note: Across the state’s 17 cities in the study, the No. 53 average rank is a middle-of-the-pack grade on the 100-city national scale for monetary woes.
Jonathan Lansner is the business columnist for the Southern California News Group. He can be reached at jlansner@scng.com
The up-and-coming fintech scored a pair of fourth-quarter beats.
Diversified fintech Chime Financial(CHYM +12.88%) was playing a satisfying tune to investors on Thursday. The company’s stock flew almost 14% higher that trading session, thanks mostly to a fourth quarter that featured notably higher-than-expected revenue guidance.
Sweet music
Chime published its fourth-quarter and full-year 2025 results just after market close on Wednesday. For the former period, the company’s revenue was $596 million, bettering the same quarter of 2024 by 25%. The company’s strongest revenue stream, payments, rose 17% to $396 million. Its take from platform-related activity rose more precipitously, advancing 47% to $200 million.
Image source: Getty Images.
Meanwhile, Chime’s net loss under generally accepted accounting principles (GAAP) more than doubled. It was $45 million, or $0.12 per share, compared with a fourth-quarter 2024 deficit of $19.6 million.
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On average, analysts tracking the stock were modeling revenue below $578 million and a deeper bottom-line loss of $0.20 per share.
In its earnings release, Chime pointed to the take-up of its Chime Card as a particular catalyst for growth. Regarding the product, the company said, “Among new member cohorts, over half are adopting Chime Card, and those members are putting over 70% of their Chime spend on the product, which earns materially higher take rates compared to debit.”
Today’s Change
(12.88%) $2.72
Current Price
$23.83
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Key Data Points
Market Cap
$7.9B
Day’s Range
$22.30 – $24.63
52wk Range
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$16.17 – $44.94
Volume
562K
Avg Vol
3.3M
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Gross Margin
86.34%
Double-digit growth expected
Chime management proffered revenue and non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) guidance for full-year 2026. The company expects to post a top line of $627 million to $637 million, which would represent at least 21% growth over the 2024 result. Adjusted EBITDA should be $380 million to $400 million. No net income forecasts were provided in the earnings release.
It isn’t easy to find a niche in the financial industry, which is crowded with companies offering every imaginable type of service to clients. Yet Chime seems to be achieving that, as the Chime Card is clearly a hit among the company’s target demographic of clientele underserved by mainstream banks. This growth stock is definitely worth considering as a buy.
