Financial emergencies can strike at any time, leaving you in a difficult position. To handle such unexpected situations, taking out a loan can be a lifesaving solution. With so many loan options available in the market, choosing the right one for your needs can be a daunting task. Two of the most popular loan options are personal loans and gold loans.This blog post presents a comprehensive comparison between gold loans and personal loans. By exploring the significant contrasts between these loan types, we aim to provide you with a clearer understanding of the best loan option and enable you to make an informed decision. Personal Loan and Gold Loan - What are they?Gold LoanGold Loan is a type of loan that utilises gold assets, such as jewellery or coins, as collateral. The loan amount is determined by the current market value and quality of the gold, with lenders typically offering up to 75% to 80% of the total gold value. This loan amount is calculated based on the Loan to Value (LTV) ratio.Repayment of the gold loan is typically made through monthly instalments. Once the loan is fully repaid, the gold collateral will be returned to the borrower.It's important to note that gold loans are secured loans, as they are backed by the gold collateral pledged by the borrower.There are tax benefits associated with gold loans, but only in specific circumstances. If the loan funds are used for home improvement, construction or purchase of a residential property or as a business expense, tax deductions may be available. For example, the principal amount used for home improvement can be claimed as a tax deduction under Section 80C of the Income Tax Act, 1961, with a cap of Rs. 1.5 lakhs per year. Similarly, for the purchase or construction of a residential property, a tax deduction of up to Rs. 2 lakhs per year can be claimed under Section 24 of the Income Tax Act, 1961. Advantages of Gold Loan:<ul><li>Gold loans offer more flexibility in terms of the use of loan funds compared to other secured loans like home loans or car loans.</li><li>Gold loans are typically available at competitive interest rates from banks and financial institutions.</li><li>The loan application and disbursal process is quick and easy.</li><li>A good credit history is not necessary to obtain a gold loan.</li></ul> Disadvantages of Gold Loan:<ul><li>One of the key drawbacks of gold loans is that if the borrower fails to repay the loan, the lender has the legal right to sell the pledged gold to recover the funds.</li><li>The Loan to Value (LTV) ratio for gold loans can vary between lenders, with the maximum loan amount being up to 80% of the pledged gold's value.</li><li>For example, if the market value of the pledged gold is Rs. 5 lakhs, the maximum loan amount that can be obtained is up to Rs. 4 lakhs.</li></ul> Personal LoanA personal loan is a type of loan that does not require collateral. To be eligible for a personal loan, the lender will consider factors such as your creditworthiness, income, employment status, and credit history. Advantages of Personal Loan:<ul><li>No security deposit or collateral is required, making it a less risky form of financing.</li><li>Lower interest rates compared to other unsecured loans, such as credit cards.</li><li>Can be used to consolidate smaller high-interest debts into a single monthly payment.</li><li>Can improve your credit score by combining different types of existing credit.</li></ul> Disadvantages of Personal Loan:<ul><li>Attracts fees and penalties that can increase the cost of borrowing, such as processing fees ranging from 1% to 6% of the loan amount.</li><li>Eligibility for a low-interest rate depends on credit score, making it difficult for those with a poor or low credit score to obtain a loan.</li><li>Missed payments on previous lending products may negatively impact your ability to get a personal loan.</li><li>Similar to a gold loan, tax benefits on a personal loan depend on the purpose for which the funds are used.</li></ul> Gold Loan vs Personal LoanLet's see how these two loan choices match up against each other using the following parameters:ParametersGold LoanPersonal LoanLoan AmountUp to Rs. 25 lakhsRs. 50,000 to Rs. 20 lakhsInterest Rates7.7% per annum onwards8.50% - 13.60% per annumProcessing Time90 to 120 minutes24 hours to 7 working daysLoan Tenure12 to 36 months48 to 84 monthsEligibilityOwners of gold ornaments/coins; Indian resident; 21-65 years; KYC documentsIndian resident; employed by MNC/private/public company; minimum CIBIL score of 701; salary slips/IT Returns; bank statementRepaymentEquated Monthly Instalments; lump-sum payment allowedEquated Monthly Instalments; foreclosure/prepayment possible after 6 monthsProcessing FeeNo fee for loans up to Rs. 25,000; charges + GST for loans above2% of loan amount, min. Rs. 1,000, max. Rs. 10,000 Which to choose between Gold Loan and Personal Loan?The decision between a personal loan and a gold loan is entirely dependent on your requirements and financial situation. A gold loan is appropriate for those with a poor credit history and gold to spare as security. If you do not have any gold to pledge, a personal loan is a better option.Furthermore, if you require a longer repayment period for your loan, personal loans are a better option. However, if you are confident of repaying your debt in a shorter period of time, a gold loan may be more cost-effective in the long run. ConclusionThe best loan option is one that aligns with your requirements and repayment capacity. Personal loans and gold loans both provide assistance for managing unforeseen and pressing financial needs. Gold loans have lower interest rates as they are secured loans, while personal loans, being unsecured, come with a higher interest rate. Additionally, gold loans have lower processing fees compared to personal loans.A high CIBIL Score, near 900, is preferable for both personal and gold loan applicants. Enhance your financial knowledge by reading informative articles on Spare8.com. Download the <a target="_blank" rel="noopener noreferrer" href="http://spare8.com/">Spare8</a> app today to get started on your micro-investment journey!

Gold loan vs personal loan. Confused about which one is the better loan option? Don't worry, we have listed the reasons in this article and it will clear all your doubts. Give it a read

Gold loan vs personal loan? Which one is better and why

As the new year begins, many of us set resolutions to improve our financial well-being. One common goal that many people share is to get out of debt. However, achieving this objective can be a long and challenging process, and it is essential to have a well-thought-out strategy to increase your chances of success.In this article, we will discuss several tips that can help you reduce your debt and work towards becoming debt-free in 2023. These strategies include creating a budget, prioritising payments, consolidating debt, and more. By implementing these techniques, you can take control of your finances and make meaningful progress towards debt-free. Five tips for a Debt-free 2023Borrowing money can be a useful tool for achieving both short-term and long-term financial goals. However, with rising interest rates and loan terms becoming increasingly costly, managing multiple loans can be difficult, especially for those already struggling with debt. Despite this, becoming debt-free is still possible through careful financial planning and discipline.Follow these simple tips to take control of your finances and make meaningful progress towards debt freedom. Create a detailed list of income and expenses.When it comes to managing debt, one of the first steps to take is to create a detailed list of your income and expenses. This will give you a clear understanding of your financial situation and help you identify areas where you can cut costs or increase income.To start, begin by listing all your fixed costs - these are expenses you must pay each month and cannot be avoided or reduced. Examples of fixed costs include rent/mortgage, utilities, insurance, and car payments.Then, list all of your variable costs - expenses that can vary in amount or can be eliminated. Examples include groceries, entertainment, and clothing. Once you have a complete list of your income and expenses, you can compare the two and get a clear picture of your disposable income - the money left over after paying all your bills. With this information, you can be realistic about how much money you need to cover your day-to-day living expenses and determine your source of income. This will help you to identify areas where you can make changes and ensure you are sticking to your budget. Cutting down unnecessary expenses.To effectively manage your debt, it's essential to take a close look at your spending and identify areas where you can cut costs. One effective strategy is to align your spending with your values and eliminate expenses that are not essential. One area that experts recommend reviewing is your monthly subscriptions. Services such as gym memberships, cable TV and online streaming subscriptions can add up quickly and may not be a priority for your current financial goals. It's essential to evaluate whether you are getting the most value from these services, and if not, consider cancelling them.Another effective approach is to create a detailed budget by writing down everything you earn and spend over the course of 30 days. This will give you a clear understanding of your financial activity and help you identify areas where you may be overspending. After evaluating your expenses, if you find any costs that seem unnecessary, it's best to cut them immediately. It's also important to remember that creating a budget is not a one-time thing but it's an ongoing process that requires regular monitoring and adjustments. By staying on top of your expenses and cutting what's not required, you can make meaningful progress towards becoming debt-free. Automate your EMIs Payments.When it comes to repaying debt, it's important to make it a top priority and take steps to ensure that payments are made on time and in full. One effective strategy for achieving this is to automate your payments through an auto-debit option. This will ensure that your payments are made on schedule, even if you forget or are unable to make them manually.Additionally, it's essential to pay off any outstanding balances on your credit card by the due date and avoid rolling over the bill amount to the next billing cycle. This will help you to avoid incurring additional interest charges and penalties, which can add up quickly and make it more difficult to get out of debt.Moreover, you should pay more than the minimum amount due to reduce the overall interest you will pay. Developing a comprehensive and realistic debt repayment plan.If you are struggling with a heavy debt burden, it's important to create a sensible debt repayment strategy that will help you to take control of your finances and make progress towards becoming debt-free.One of the most important steps in this process is to avoid taking on any new debt, particularly credit card debt. This will help you to focus on paying off your existing debt and avoid adding to the problem.Another strategy to consider is to sell some of your investments or non-income-generating assets to use the proceeds for debt repayment. For example, if you own digital gold, you can sell them as they are easy to buy and sell at the current market price.Additionally, you may want to explore debt restructuring options offered by lenders. These options may include extending the loan term, reducing the interest rate or consolidating multiple loans into one. These options can help to make your debt more manageable and accelerate debt repayment. Utilising bonuses or salary increases to pay off short-term loans.Settling short-term loans with bonuses or salary increments can be a smart financial move. When you receive extra income, whether it be from a promotion or bonus at work, it can be tempting to use that money for frivolous expenses or to let it sit in your bank account simply. However, using that extra income to repay your short-term loans can be a wise choice.Short-term loans, such as credit card debt or personal loans, often come with high-interest rates, which means that the longer you take to pay them off, the more you will end up paying in interest.Using your bonus or salary increase to pay off these loans, you can save money on interest and pay off your debt faster. Additionally, paying off short-term loans can improve your credit score and give you a sense of financial stability.It's important to note that paying off short-term loans should not be your only financial goal. It should be a part of your overall financial plan, which includes budgeting and saving for your future. A bonus or salary increase, however, can pay off your loans sooner and give you more money to invest in other financial goals, such as <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">investing in digital gold</a> with Spare8. ConclusionAchieving debt-free status may seem challenging, but with dedication and financial discipline, it is entirely achievable. By being mindful of your spending and saving whenever possible, you can take control of your finances and set yourself up for a bright financial future.To further enhance your financial knowledge and to learn more about investment tips, explore the resources and blogs available at Spare8.com and consider investing in digital gold through the Spare8 App.

Want to start 2023 debt-free? Follow these simple tips and make your whole journey debt-free.

How To Start 2023 Journey Debt-free?

As the largest importer of Gold globally, India has a rich cultural and traditional connection to this valuable material. Gold has proven to be a reliable investment option for many households. With the rise of the internet and digitalisation, investment in India has shifted to the digital realm. Digital gold is increasingly becoming a preferred choice over physical gold. The growing popularity is fueled by gold investment companies and online platforms that make purchasing gold fast, secure, and convenient.The blog post explains the concept of digital gold and which digital option would be best for you. Digital Gold InvestmentThe concept of Digital Gold allows individuals to buy and invest in gold online, with the gold being securely stored in protected vaults until it is sold. In India, three main entities offer Digital Gold services: Augmont Goldtech Pvt. Ltd., MMTC-PAMP India Pvt. Ltd., and Digital Gold India Pvt. Ltd. (which operates under the brand name Safe Gold). One can use specific platforms like Spare8 associated with these companies to purchase Digital Gold and digital wallets like GPay and PhonePe. However, the companies are responsible for buying the gold and ensuring its safe storage in vaults on behalf of the platforms. In other words, when individuals buy Digital Gold through these platforms, the companies are responsible for holding the physical gold on their behalf. This system provides a convenient and secure way for individuals to invest in gold without worrying about the physical storage of the precious metal. The digital gold purchase process is straightforward and can be done from the comfort of one's home. Spare8 collaboration with reputable companies and the use of secure vaults also ensures that the investment is protected and can be sold at any time for the current market value of the gold. Why is Spare8 the best place to buy Digital Gold?The Spare8 platform offers several advantages for investing in digital gold, making it a good choice for those interested in starting their investment journey. Buy certified 24k digital gold: The platform offers investment in 24-karat digital gold, which is of the highest quality and purity. This ensures that the value of your investment is maintained and that you are getting a high-quality product. Start investing from Rs 1: The platform allows for low minimum investments, making it accessible to a wide range of people with different budgets. This means anyone can start investing in digital gold, regardless of the amount of money they have available. 100% security and easy login: The platform has been designed to ensure that your investment and personal information are kept safe. The platform also offers an easy login process with no long KYC required, allowing you to access your investment quickly and easily. Start Investing now: The platform makes it easy to start investing in digital gold with a straightforward process that allows you to start investing immediately. This means that you can begin to grow your investment portfolio and benefit from the potential returns that digital gold can offer. How to get started with Spare8?Investing in 24k digital gold through the Spare8 platform is a straightforward and effortless process. Here's how to get started: Download the app: First, download the Spare8 app from the app store and install it on your device. Create an account: Once you have opened the app, create an account by entering your name, phone number, and email address. You can then log in using your phone number and email. Link your digital wallet: Log in to your account and link your digital wallets, such as GPay or PhonePay, to your Spare8 account. This will allow for seamless transactions. Automated micro-investment: The app automatically invests your spare change from transactions into digital gold. Track your investment: Monitor your investment in digital gold by visiting the "Portfolio" section of the app, which displays the current value and performance. Withdrawal: You can withdraw your investment at any time, either to your linked digital wallet or bank account. The withdrawal process is easy and convenient. ConclusionSpare8 is the best platform for digital gold investment in India, offering the opportunity to invest in 24K virtual gold. With its innovative technology, the platform allows users to invest their spare change into digital gold, which is stored in secure digital vaults monitored by regulated independent trustees. Spare8 guarantees the purity and security of investments, making it a reliable and trustworthy option for those looking to invest in digital gold. With its ease of use and accessibility, Spare8 is the ideal platform for anyone looking to buy digital gold.Get started today by downloading the Spare8 app and investing in 24K digital gold with just your spare change. But don't wait; join the revolution of new-age investing now!

Discover the benefits of Digital Gold Investment with Spare8's finance blog. Find out why investing in digital gold is a smart move for your portfolio and how it can help you diversify your investments. Learn more now!

Why Digital Gold is a Smart Investment for Indian Investors

nvesting in Digital Gold - Benefits and AdvantagesAre you looking for a safe and convenient way to invest in gold? Look no further than digital gold! With digital gold, you can start investing with as little as ten rupees and enjoy the flexibility to purchase and sell gold in small amounts. Unlike traditional gold investments that require physical storage and handling, digital gold is accessible, secure, and easy to manage. This innovative investment option eliminates the risk of theft or loss and offers a variety of benefits and advantages. This article will explore the Benefits of <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">Digital Gold</a> in detail and help you determine if this option is right for you. What is exactly Digital Gold?Digital gold is a modern and convenient way to invest in this precious metal, offering an alternative to traditional methods. But how exactly does it work?When you purchase digital gold online, the company will purchase the corresponding weight of physical gold and store it in a secure vault. This eliminates the need for you to handle and store the physical gold yourself. Additionally, many trustworthy companies, like Spare8, that offer digital gold investment buy 99.9% pure gold, 24 carats, ensuring the quality of the investment.The buying and selling of digital gold also take place online at the market price, making the process easy and transparent. All you need is a phone and internet connection to begin your investment journey. Aside from that, investing in digital gold online eliminates the need for extra storage costs and all transactions are conducted at market prices, assuring transparency throughout the process. In a nutshell, it is a secure and simple way to invest in gold. Let's take a closer look at its advantages. What are the benefits offered by Digital Gold?Investing in digital gold is gaining popularity as technology progresses and more investors seek new methods to diversify their portfolios.Here are eight benefits of investing in digital gold that make it appealing to investors: Can begin investing with a small amount.Investing in digital gold can be done with a minimal amount of money. Unlike traditional gold investment options, there is no requirement for a specific amount of gold to be purchased. Instead, the amount invested is determined by the investor's preference, making it accessible for anyone to start investing in digital gold, regardless of the size of their investment. Purity of Gold.When investing in digital gold, the purity of the gold is of utmost importance. To ensure the quality of the gold, companies that sell digital gold only purchase 24k gold for their customers, which means that investors don't have to compromise on the quality of their investment. Additionally, the gold is certified by government-licensed agencies, further ensuring that the gold is of the highest purity. If you wish to start your journey in digital gold, you can start with the micro-investment company, Spare8, which ensures that the gold is genuine and verified. Can be easily sold.Selling digital gold is a convenient process. Investors have the flexibility to choose the form of redemption that suits them best, whether in the form of money, gold bars, or coins. The choice of redemption is based on the investor's preference and what they want in return for their digital gold investment. The process of buying and selling digital gold is comfortable and easily accessible with the help of the Spare8 app. Can be used as collateral.Investing in digital gold offers the flexibility of using it as collateral for a loan. Investors have the option to use their digital gold as collateral if they require a loan. This means that their digital gold investment can serve as a form of security for the loan, making it a versatile investment option. This flexibility allows investors to use their digital gold in multiple ways, providing them with more financial options. A safer option than physical gold.Investing in digital gold is considered one of the safest options for storing gold. This is because digital gold is placed in a secure vault and insured, providing added security for the investment. Investors do not have to worry about the gold getting stolen, as the responsibility to keep the gold safe and secure is the seller's duty. Security measures for digital gold investments provide investors with peace of mind, allowing them to make investments with confidence. Diversify your portfolio.Diversifying your investment portfolio is essential for risk management and maximising returns. One effective method of achieving diversification is through investing in digital gold. This approach provides diversification benefits and allows you to access the benefits of gold as an asset class, such as acting as a hedge against inflation, providing a store of value, and potentially amplifying your savings over time. Real-time rates.With the real-time rates feature on the digital platform, you can stay informed about fluctuations in gold prices every minute. This allows you to take advantage of market changes and earn money by selling gold at higher prices. \No making charges are involved.Investing in digital gold eliminates the need to pay any unjustified making charges. This means that the gold can be redeemed in the form of a coin or bar, attaining the purest form of gold feasibly without any making charges. In addition, if an investor does not want to store gold physically, they can simply sell it online, and the value of the gold will be transferred directly to their bank account through a 24-hour market-linked rate, making it a convenient way to invest in gold. Protection against inflation.Gold has historically been considered a hedge against inflation. When the value of fiat currencies decreases due to inflation, the value of gold tends to rise, providing a potential safeguard against the erosion of purchasing power. Potential for capital appreciation.Investing in digital gold can offer the potential for capital appreciation, just like physical gold. As the demand for gold rises, the price of digital gold may also increase, allowing investors to realise capital gains potential. This makes digital gold a potential investment option for those seeking long-term growth and diversification in their portfolio. With the convenience and accessibility of digital gold, investors can easily participate in the gold market and potentially benefit from its potential for capital appreciation. Low counterparty risk.Investing in digital gold can reduce counterparty risk compared to other forms of gold investment. It eliminates the need for dealing with physical gold custodians, which can be subject to theft, loss, or damage. Are there any alternatives to Digital Gold?When considering investing in digital gold, consider gold mutual funds and gold bonds. These choices are alternatives to digital gold and allow for <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">digital gold investment</a> as well as cash transactions. Another option is to invest in gold-backed assets. This option may not involve direct gold investing, but it can nonetheless deliver good profits.However, it is essential to realise that these choices have a larger amount of risk than a direct investment in physical gold, so it is critical to conduct research and examine your financial goals before making a decision. ConclusionGold is a religious asset that has a long history. It is more than just an investment or a chance to get money for Indians; it also has emotional and social importance.Almost every momentous occasion includes the purchase of gold. It diversifies the investment portfolio, helps in the management of inflation and currency risk, helps in mitigating market volatility and offers various other benefits. Therefore, investing in digital gold is a great way to secure your money and sell it whenever you need it. If you are planning to start your journey right away, download the Spare8 app and get started!

This innovative investment option eliminates the risk of theft or loss and offers a variety of benefits and advantages. This article will explore the Benefits of Digital Gold in detail and help you determine if this option is right for you

Digital Gold: Understanding Its Meaning, Benefits, and Alternatives

Investing in Digital Gold is becoming an increasingly popular alternative to traditional gold investment methods in India and around the world. Digital gold provides a secure and convenient way to invest in gold without the need for physical storage and handling. In this blog, we'll explore what digital gold is and why it might be a better fit for your financial portfolio. With its ease of accessibility and ability to be bought in small amounts, investing in digital gold is a valuable addition to a well-rounded investment portfolio, offering benefits such as diversification and protection against inflation. If you're looking to expand your investment portfolio, <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">Invest in Digital Gold</a> and enjoy the benefits that this new and innovative investment option has to offer. Investment in Digital GoldGold has been a symbol of wealth and value for centuries, but its physical form has certain limitations. The amount of gold available on Earth is limited; extracting it from mines and maintaining and securing it can be costly. The value of gold, however, remains strong, particularly during times of economic uncertainty. The idea of digital gold has emerged as a solution to the limitations of physical gold. What is Digital Gold?Digital gold, also known as gold-backed cryptocurrency, is a digital representation of physical gold, where each digital coin is backed by a corresponding amount of physical gold held in reserve. This allows investors to buy, sell, and store gold digitally, making it more accessible and convenient than physical gold. The process of purchasing digital gold is similar to other forms of cryptocurrency, and it can be done through digital gold platforms or exchanges like Spare8. Digital gold offers several benefits, such as a hedge against inflation, diversifying an investment portfolio, and being highly liquid. Additionally, digital gold can be easily bought and sold online. Digital gold platforms like Spare8 usually provide transparency in terms of the gold's origin, quality, weight, and purity, which can help investors make more informed decisions.The shift towards digital gold is a natural progression as we move towards a digital economy, offering a new way to invest. Reasons to Invest in Digital GoldHere are some key reasons why one should consider investing in digital gold:<ul><li>Hedge against inflation - One of the main reasons to invest in digital gold is that it can act as a hedge against inflation. Inflation occurs when the value of fiat currency decreases over time, and this can lead to a decrease in purchasing power. Digital gold, on the other hand, is not subject to the same inflationary pressures as fiat currency, and its value tends to increase when the value of fiat currency decreases. This makes it an attractive option for investors looking to protect their wealth from inflation.</li><li>Diversification - Another reason to invest in digital gold is to diversify an investment portfolio. Diversification is the practice of spreading out investments across different asset classes, such as stocks, bonds, and commodities. Investing in digital gold can add a new asset class to their portfolio, which can help mitigate risk and increase overall returns.</li><li>Convenience - Investing in digital gold is also convenient. Unlike physical gold, digital gold can be easily bought and sold online. This means that investors can access the market anytime, anywhere in the world. Additionally, digital gold platforms like Spare8, usually provide transparency regarding the gold's origin, quality, weight, and purity, which can help the investor make a more informed decision.</li><li>Liquidity - Digital gold is also highly liquid, which means that it can be easily converted into cash. This can be useful for investors who need to access their funds quickly or want to make purchases or pay bills.</li><li>Low-cost - Investing in digital gold also costs less than investing in physical gold. Physical gold typically requires storage and security costs, which can be prohibitively expensive for some investors. Digital gold, however, is stored in secure digital vaults, eliminating the need for physical storage and security costs. Additionally, transactions costs are also relatively low in digital gold.</li><li>Flexibility - Digital gold can be bought or sold in small amounts, which makes it accessible for people who would not be able to buy physical gold due to location or capital constraints. Additionally, digital gold can be used for micropayments and remittances, which can be a valuable feature for small businesses or individuals.</li></ul> Ways to Invest in Digital GoldThere are several ways or methods of investing in digital gold in India. Some of these include: Digital Gold PlatformsThere are several digital gold platforms in India, such as MMTC-PAMP, Augmont, and Pure Gold, that allow investors to buy and sell digital gold. These platforms typically provide transparency in terms of the gold's origin, quality, weight, and purity, which can help investors make more informed decisions. Digital Wallet IntegrationSome digital wallets, such as Google Pay and PhonePe, have integrated digital gold investment options. This allows users to round off their transactions to the nearest ten rupees and automatically invest the spare change in digital gold. Micro-investing AppsOne of the best and most accessible way to start investing in digital gold is through micro-investing apps like Spare8. This app allows users to start investing as low as Rs.10 and have partnered with reputable providers such as Augmont and Paytm to ensure digital gold's purity, safety, and security. ConclusionThe world is witnessing a significant shift towards digital assets over traditional physical ones, and digital gold is no exception. Digital gold offers a plethora of benefits as an investment option. Its flexibility, purity, and value for money make it an attractive option for investors.Additionally, it acts as a hedge against inflation, provides diversification, and is highly convenient and liquid. Furthermore, it is relatively low-cost, flexible, and accessible to many investors.Thus, buying digital gold is an excellent choice for investors looking to protect and grow their wealth in a technology-driven world.Ready to embark on your <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">digital gold investment</a> journey? Don't delay; start today with the innovative and efficient app, Spare8.

Investing in Digital Gold is becoming an increasingly popular alternative to traditional gold investment methods in India and around the world.

Why It Makes Sense To Invest In Digital Gold?

Daily Savings play a critical role in the creation of a well-diversified investment portfolio. Consistency is key when it comes to saving and investing, as this allows you to gradually build wealth over time. Regular contributions to your savings or investment accounts, no matter how small, can add up significantly over time. It's important to find a savings plan that works for you and to stick to it, as this will help you reach your financial goals more quickly and effectively. However, it's also important to maintain a balance and not sacrifice your current standard of living for the sake of saving. So, how can you maximise your savings? One option to consider is investing in digital gold. Whether you're a beginner or a seasoned investor, <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">digital gold</a> is a valuable addition to any portfolio.Continue reading this article to learn about this innovative daily investment option and how it can help you step up your savings game. Maximising daily savings with Digital GoldSaving money is vital for reaching both short and long-term goals, dealing with unexpected situations, and making profitable investments that can generate wealth.To begin saving, keeping track of your regular expenses is crucial. Among the things to consider are how you travel, whether you cook at home or eat out, if you own or rent your home, how you shop, etc. These factors can all impact your spending, so it's important to create a budget to understand better where your money is going. Doing so makes it easier to identify areas where you can cut costs. Once you recognise your spending patterns and start reducing your expenses, the next step is to maintain a savings account. Set aside a portion of your monthly income, such as 10-20%, and deposit it into this account. Automating your savings can help ensure that you stay on track, even if you forget to save manually. As you develop the habit of saving, you can set financial goals and plan accordingly. This will encourage you to continue saving. With a solid savings plan in place, it's time to think about investing your money. Investing can help you combat inflation and grow your wealth. Initially, it's wise to consider tax-deferred investment options and plans. This can help you save on taxes while your money grows. It's also important to avoid unnecessary debt. If you're a new investor and tend to create debt for yourself, it can hinder your ability to save. To avoid this, avoid taking unnecessary loans, investing in credit cards, and taking excessive risks. A good daily saving tip is to take your time while looking into investment plans. Carefully consider the risks, returns, and rewards of different options. Always ensure to have a proper insurance plan in place, with health insurance being the most essential. Another way to save and accumulate wealth is through digital gold savings. Digital gold is a new and effective way to save money on a daily basis. Online platforms like Spare8 allow you to start saving as little as Rs. 10 and invest in digital gold to secure your portfolio. After the holding term, generally between 5-7 years, you can either resell your gold or opt for home delivery. Why is investing in digital gold an excellent way to maximise your savings?There are several benefits to saving in digital gold:1. Excellent purity at a minimal price.The best part of saving in digital gold is that it allows you to invest in 99.5% real gold (24 carat). Platforms like Spare8 allow you to trade in small quantities, as low as 1 gram, which makes it accessible for even those with a limited budget. Additionally, with the emergence of online apps and tools, it has become easier than ever to buy digital gold with even small amounts of money, such as just Rs. 10. Reliable sources, despite the absence of an established governing body.Another advantage of digital gold is the trustworthiness of the sources despite the lack of an official government regulating body. The services are legitimate, and the gold traded is pure. Digital gold is becoming a popular choice for new investors, and as such, platforms are becoming more user-friendly. Actual (physical) gold as collateral - an excellent source of collateral.Digital gold is also backed by actual physical gold, which guarantees your investment returns and provides a great source of collateral. Many banks and financial institutions accept digital gold as secured collateral when approving loans. Provide a secure storage facility.When you buy digital gold, you usually have two distinct options for storing it. If you do not want to maintain it manually, most companies will allow you to retain it with them for a minimum of one year and a maximum of 5-7 years. When one of these time periods expires, you must either accept the home delivery or sell your gold. Easy to buy &amp; sell.When it comes to buying and selling your digital gold, it can be done with ease. Whether you have a specific financial goal in mind or simply need immediate access to cash, you can sell your digital gold anytime and from any location. The high demand for digital gold ensures that you will not have to wait long to find a buyer, and the prices at which you can sell your gold are often favourable, providing you with the potential to earn a profit.Overall, the ease of buying and selling digital gold makes it a convenient and flexible investment option. ConclusionSaving money on a daily basis is crucial for securing your financial future, and one of the best ways to do this is by investing in digital gold. Digital gold is a modern way of investing in gold that allows you to access the purest form of gold with minimal investment. The ability to invest in small amounts makes it accessible to anyone, regardless of their financial situation. It's an ideal option for those who want to start small and gradually build their portfolio over time. Digital gold can play an essential role in your early investment journey, from serving as outstanding collateral to protecting your assets!Using an app like Spare8 makes saving and investing in digital gold simple and convenient. The Spare8 app automatically detects and rounds off your money when you make online payments. The difference is then invested in digital gold automatically, making it simple to save and <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">invest regularly</a>. Using this app, you can receive daily prizes and build a regular saving habit.It's the perfect formula to kick-start your investment journey. So, why wait? Download the Spare8 app today and start saving and investing in digital gold!

Looking to buy digital gold? Spare8 offers daily savings with digital gold investment options in India. Visit our finance blog to learn more about the benefits of investing in digital gold today.

Buy Digital Gold for Daily Savings

The current generation adores Credit Cards! Prior to today, Credit Cards were available only to the wealthy, but today, they are accessible to many people. The reasons are that the card gives you - financial flexibility, is more secure than cash, allows you to buy now and pay later, and comes in handy during a financial crisis.Given the post-pandemic emphasis on contactless payments, the RBI has increased the maximum limit for transactions on contactless cards to Rs 5,000 from Rs 2000 previously, making use of Credit Cards even more appealing. Additionally, it also comes with various discounts, perks and benefits that save you money and give you access to lifestyle benefits.Continue reading to learn about how to use Credit Cards wisely and make the most out of them. 10 Tips for Making the Most of Your Credit CardThere are several benefits of Credit Card, but you will only get the most out of them if you know how to use them responsibly. Listed below are a few ways to use cards: 1. Request a large credit limit.Each person's credit limit is unique. When applying for a new Credit Card, request the maximum available credit limit. A high credit limit not only allows you to make more credit transactions but also enhances your credit score. This is due to the fact that low use on a high spending limit indicates a lack of credit-hungriness on your part, which contributes significantly to your credit history. 2. Take the time to learn about incentives.Credit Cards offer reward points for certain types of spending. Some high-end cards also include assured gift vouchers and advantages, such as complimentary airline lounge access. Some gifts may also be given as joining perks, while others may be provided on a regular basis. Furthermore, your accrued points can be redeemed for cash or in-kind prizes. Use your card in a way that allows you to get the most out of the rewards and benefits available to you. 3. Make on-time payments on your Credit Card bills.This is common knowledge, but many people ignore it—with disastrous consequences. Credit Cards charge exorbitant interest rates on outstanding amounts. So, if you do not pay your Credit Card bills on time, you will be penalised heavily. Furthermore, failing to pay your debts has a negative impact on your credit score. Pay your invoices on time to avoid additional interest charges and to protect your credit score. 4. Avoid settling for minimum payments.Making the minimum payment on your Credit Card bill is frequently misunderstood. To avoid penalties, you must pay your payment on time. However, to avoid paying high-interest rates, you must also pay the amount in full. Pay little heed to the minimal dues, and make it a point to pay off your entire card balance each month. 5. Ensure the security of your Credit Card information.Scammers are always devising new methods to scam Credit Card users. It is necessary to educate oneself and remain aware of emerging threats. Keep security details such as a security pin, CVV number, one-time password, and expiration date private and secure as a baseline precaution. Always know where your card is when you hand it over. Swipe your card only at POS machines and ATMs. An unsecured swipe could result in the cloning and misuse of your card. 6. Don't use your Credit Card at an ATM. Credit Cards also allow you to withdraw money from ATMs. Avoid using this service. While ATM withdrawals are permitted, they are expensive. That's not something you'd want to pay. 7. Consider whether you really need that co-branded card. Many companies will try to get you to sign up for their co-branded Credit Card. For any co-branded card to be useful, your consumption of that specific brand must be extremely high. This is their compensation scheme. Before signing up for such cards, you should carefully analyse the benefits. If a card can help you with your lifestyle, you should use it. 8. Take note of the joining and renewal fees. Joining and renewal fees are common on Credit Cards. However, some cards do not charge a fee. When looking for a Credit Card, consider the charge structure. The charge should be affordable and outweighed by the benefits of the card. Furthermore, many cards provide fee waivers if you spend a particular amount each year. Keep an eye out for this reversal benefit to save money on annual fees. 9. Examine your Credit Card statement/bill In addition to paying your Credit Card bill on time, carefully examine the itemised bill. Before paying your bills, ensure you understand which charges are included. 10. Acquire a loan if needed. Unsecured personal loans are also available through Credit Cards based on your credit history. Don't hunt for loans elsewhere if you need money. You can get one by using your Credit Card. TakeawayCredit Cards are a necessity in many ways, and when used properly, they can be a reliable ally in your day-to-day transactions—and, of course, during crises. Who wants to carry cash when a card will suffice? Credit Cards outperform debit cards in terms of reward points and transaction simplicity, even in times of financial stress. Take the time to learn about your card's fees, interest rates, penalties, and reward structure. If you have any questions, you can always contact your bank or customer care to have a better understanding and make the most of it. Lastly, before you apply for that card, make sure you've scoured online card marketplaces to evaluate and select which card is ideal for you and your lifestyle. For more such interesting financial information, visit our blogs, and to get started on your <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/benefits-of-micro-investing-in-digital-gold">investment journey</a>, download the Spare8 app!

The current generation adores Credit Cards! Prior to today, Credit Cards were available only to the wealthy, but today, they are accessible to many people.

Best Tips To Utilize Your Credit Cards

IntroductionIn today's digital age, investment opportunities have expanded beyond traditional avenues. One such avenue gaining popularity is a digital gold investment, offering individuals a secure path to building wealth. This article will delve into digital gold investment, discussing how to invest in it, where to buy it, and how it compares to traditional gold investment options. Additionally, we will explore the benefits of Spare8, a leading platform that provides a seamless and reliable digital gold investment experience. Understanding Digital Gold InvestmentDigital gold investment refers to purchasing and owning gold in a digital form enabling investors to gain exposure to the value and benefits of gold without needing physical possession. How to Invest in Digital GoldInvesting in digital gold is straightforward, allowing individuals to widen their investment portfolio and protect their wealth. Here's a step-by-step guide on how to invest in digital gold: Research and Select a Reliable PlatformChoose a reputable platform that offers digital gold investment services. Platforms like Spare8 or Paytm are excellent choices as they provide a user-friendly interface, robust security measures, and a wide range of investment options. Create an AccountOne of the key steps in starting your digital gold investment journey is creating an account on a reliable platform. Spare8 stands out as a leading platform that offers a streamlined onboarding process, allowing you to set up your account quickly and easily. In fact, Spare8 boasts the fastest onboarding and set up time in the industry, with the entire process taking less than 30 seconds. Choose Your Investment StrategyEvaluate your goals and risk tolerance. Spare8, PayTm and Gold Jar offer investment plans tailored to long-term wealth accumulation, portfolio diversification, or short-term trading. Align your strategy with your objectives for a successful digital gold investment journey. Buy Digital GoldPurchase digital gold securely through Spare8, storing it in allocated storage for integrity and authenticity. Additionally, Spare8 offers a unique advantage by rewarding you every time you invest. Through their loyalty program or referral system, you can earn rewards, bonuses, or other incentives that enhance your investment experience. Where to Buy Digital GoldWhen buying digital gold, choosing a reliable and trustworthy platform is crucial. Spare8, a leading digital gold investment landscape player, offers a seamless and secure experience. They collaborate with trusted vaulting partners to ensure the safety and authenticity of the digital gold you purchase.Spare8's platform provides real-time pricing, transparency, and liquidity. It enables investors to buy and sell digital gold conveniently anywhere. Digital Gold Investment vs. Traditional Gold InvestmentDigital gold investment offers several advantages over traditional gold investment methods. Here are a few key differences: AccessibilityDigital gold investment allows easy access to gold markets, eliminating the need for physical storage and transportation. Spare8 provides a seamless online platform where investors can instantly buy and sell digital gold. Fractional OwnershipDigital gold investment enables fractional ownership, allowing investors to buy as little as one gram of gold. This flexibility allows for smaller investments, making gold accessible to more individuals. TransparencyDigital gold investments offer transparency through blockchain technology, providing real-time visibility into the underlying asset. Investors can verify the authenticity and ownership of their digital gold holdings. LiquidityUnlike physical gold, digital gold investments offer high liquidity. Investors can quickly convert their digital gold holdings into cash or other assets, enabling them to react swiftly to market conditions. Spare8: Empowering Digital Gold InvestmentSpare8 is revolutionising the digital gold investment landscape by providing a secure, user-friendly platform. With Spare8, investors can experience the following benefits: Robust SecuritySpare8 employs state-of-the-art security measures to protect user accounts and digital gold holdings. Their platform utilises encryption technology and multi-factor authentication to ensure the highest level of security. FlexibilitySpare8 offers various investment plans to suit individual preferences and objectives. Whether you are a long-term investor or a short-term trader, Spare8 provides the flexibility to align your investment strategy with your goals. Real-Time PricingSpare8 provides real-time pricing information, allowing investors to make informed decisions. Transparent pricing ensures fair market value for digital gold transactions. Cost AveragingSpare8's platform allows you to take advantage of dollar-cost averaging, a strategy where regular investments are made regardless of market conditions. This approach helps mitigate the impact of market volatility and potentially enhance long-term returns. ConclusionDigital gold investment provides a secure and accessible path to building wealth. By leveraging platforms like Spare8, individuals can diversify their investment portfolio and benefit from the advantages offered by digital gold. Whether you are a seasoned investor or new to the world of gold investment, Spare8's user-friendly platform and robust security measures make it an ideal choice for embarking on your digital gold investment journey. Start investing in today's digital gold market.

Diversify with digital gold investment & the innovative digital gold jar. This article will delve into digital gold investment, discussing how to invest in it, where to buy it, and how it compares to traditional gold investment options

The Digital Gold Jar: A Secure Path to Building Wealth

IntroductionThe investment game resembles test cricket. To win, you must have patience, discipline, perseverance, planning, and a strong determination. Like a test match, where victory is determined by how many sessions a team wins, investing requires winning the small fights along the way to achieve success in the end.Long-term investment justifies instilling these characteristics. Long-term investment is the way to go if you wish to build a substantial retirement corpus, save for your child's higher education, or beat inflation. Are you wondering how this should be done? The blog post highlights the six most important tips for building a successful <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/benefits-of-micro-investing-in-digital-gold">long-term investment strategy</a>. Best Tips for Building Long-term Investment PlanBuilding a successful long-term investment plan is easy if you follow these tips:1. Understand your financial objectives. Before you begin long-term investing, consider your overall financial goals. Any investment's ultimate goal is to attain a goal. As a result, unless you have a clear understanding and vision of your goals, you are unlikely to master the requirements of long-term investing.Divide your objectives into three major categories: short, medium, and long-term. While short-term goals can be accomplished in six months to a year, medium-term goals can take three to five years to complete. Long-term goals, on the other hand, have a time horizon of ten years or more.Once you know what your goals are, you can estimate how much money you'll need to achieve them. It will assist you in organising your funds and, more significantly, will drive you to save and invest in them. So take a paper and pen, write down your life goals, take ownership of your finances, and get started. 2. Before investing, conduct thorough research. Investors must conduct as much research as possible before investing in funds with impeccable strategies. Several websites now assess the performance of two funds using a variety of parameters. These comparisons might assist you in analysing and making smarter, wiser investing decisions. 3. Begin investing early. As long-term investment demands discipline and patience, it is critical to begin early. It is essential to start early in order to instil financial discipline and to allow compounding to take place; compounding multiplies wealth creation. It also assists you in building a larger corpus. You could, for example, accumulate wealth in gold by investing in digital gold now and having it worth whatever the current value is at that time, or if you are 25 and wish to retire by 60, For example, if you are 25 and want to retire by 60, a systematic investment plan (SIP) of INR 5,000 in an equity mutual fund giving yearly returns of 10% will let you build a capital of INR 1.9 crore. If you postpone the investment for five years, the corpus will be INR 1.13 crore. Thus, being an early bird offers significant advantages. It allows your money to increase over time and allows you to combat inflation. 4. Consider investing in long-term lock-in instruments.Another approach to staying invested for a long time is to buy instruments with a long lock-in period. The lock-in serves two functions. It prohibits early withdrawals and permits compounding to take effect. Certain financial instruments, such as Digital Gold, Public Provident Fund (PPF), and National Pension System (NPS), have long lock-in periods. A five- or seven-year lock-in period in digital gold will offer you the gold value that you have invested in. It is entirely up to you whether you choose a lock-in period scheme or make a short-term investment in digital gold. PPF has a 15-year lock-in period, whereas NPS funds are locked in until you reach the age of 60. The former, on the other hand, allows for early withdrawals under specific conditions. However, unless absolutely necessary, you should avoid withdrawing. 5. Invest in stocks. Equities are highly volatile, particularly in the short term. They can, however, be as lucrative and have the potential to outperform inflation in the long run. Panicking and quitting in response to short-term market swings can turn potential losses into actual losses.The temptation of generating inflation-indexed returns from equities drives many investors to stick with their assets for extended periods of time. They are also compensated for this.For example, when the World Health Organization (WHO) designated COVID-19 a pandemic in March 2020, many investors remained committed despite seeing their earnings fall into the red. Their tenacity eventually paid off, as markets recovered extraordinarily well. Returns skyrocketed, and soon investors were sitting on huge profits. Equity investment also develops the patience required to stay engaged for lengthy periods of time. 6. Don't pay attention to market noise. Markets are full of opinions and points of view that seem to fly thick and fast, especially when things go wrong. Suddenly, everyone becomes an expert and shares their thoughts. Noises must be avoided when investing for the long run because they serve as distractions and can disrupt your plans.If the circumstances call for it, consult with your financial advisor, who is familiar with your financial plan, positioning, and aspirations. Market noises can push investors to act on impulse, resulting in poor investing judgements. As a result, keep an eye on the larger picture and stay focused on your objectives. 7. Diversify your investments. While individual brilliance can help you win a game or two, it requires a collective effort to win. The same holds true for long-term investing. You cannot and should not rely on a single financial instrument. Diversify your investments across asset classes—equities, bonds, and digital gold, among others—as well as within asset classes. Diversification helps stabilise your portfolio and balance risk and return. Optimal diversification is an effective risk-mitigation approach. Optimal diversification, a fundamental financial principle, also increases returns since market events affect each asset class differently. Bottom LineLong-term investing necessitates a regular evaluation. This is because circumstances change throughout time. The evaluation will assist you in weeding out slackers and adjusting your investments to your objectives. Long-term investing has several benefits. Doing things the proper way can help you stay on stable financial ground and on your journey to financial freedom. If you haven't started your investment journey yet, download the Spare8 app immediately and start investing in <a target="_blank" rel="noopener noreferrer" href="https://www.spare8.com/buy-digital-gold">digital gold</a>.

The investment game resembles test cricket. To win, you must have patience, discipline, perseverance, planning, and a strong determination.

4 tips for building your long-term investment plan

<div>Introduction</div><div>When we are in our early to mid-20s and begin our first jobs, our salaries are not exceptionally high. From there, we have to handle all of our monthly expenses, such as rent, food, and transportation etc. and with the newfound freedom of having money in hand, the desire to spend grows stronger. Saving and investing are the last things on our minds at this point in our lives.</div><div>Although some people believe that they should start investing when they are older (in their 30s and 40s), this is not a smart idea and is never encouraged.</div><div>But, before it's too late, we as youth should begin the practice of saving and <a href="https://www.spare8.com/benefits-of-micro-investing-in-digital-gold" rel="noopener noreferrer" target="_blank">investing money</a>. As it is widely believed, the sooner you begin, the better off you will be in the long run.</div><div>In this blog, you will learn several benefits of starting your investment journey as a youth, along with investment tips for beginners.</div><div> </div><div>5 Best Reasons to Begin Investing Early as Youth</div><div>The following are five reasons why you should start investing early and follow essential investment strategies so you can live a relaxed life in the future.</div><div> </div><div>1. Since the investment tenure is longer, the investment amount can be small.</div><div> We all have goals, such as purchasing our dream car or planning a destination wedding. For example, suppose you want to get married 7 years from now and need to save Rs 20 lakh. You opt to invest in stock mutual funds, and while there are no guaranteed returns, the long-term returns are in the 12% range. To save Rs 20 lakh in 7 years, you would have to invest Rs 15,000 per month, for a total investment of Rs 12 lakh. Another option is to invest in digital gold, which offers guaranteed returns and can be done for as little as Re1, but if you plan to invest 15K per month in this, it can result in enormous wealth in 7 years, as gold prices are always rising.</div><div> </div><div>Meanwhile, if you start investing towards the goal 2 years later, then you would have to invest Rs 25,000 per month to achieve that goal in a timely manner. In addition, the total investment would be Rs 15 lakh.</div><div> </div><div>Similarly, whether you are buying a house or saving for retirement, starting early reduces your monthly investments and total investment amount.</div><div> </div><div>2. Investing early improves your spending habits.</div><div> Saving and investing at a young age will automatically improve your spending habits.</div><div> For example, if you want to save a set amount from your fixed paycheck, you must limit your spending by making a monthly budget for yourself. Having a budget is the ideal investing and saving approach to improving your spending habits because it allows you to track your monthly spending on food, utilities, rent, recreational activities, and so on. With years of practice, this basic task becomes part of your routine.</div><div> </div><div>To make saving a habit, set aside the amount you want to save each month first. Then, use the remaining funds, and build a monthly budget. For instance, suppose you earn Rs 25,000 per month and you want to save Rs 5,000. Then, as soon as you receive your salary, put Rs 5,000 aside and then maintain your expenses with the rest of the amount.</div><div> </div><div>3. You reap the advantages of compounding.</div><div>The earlier you begin investing, the greater the impact of compounding as you remain involved for a longer period of time.</div><div>Let's look at two examples to better understand this investment strategy. Assume you wish to put Rs 4 crore aside for retirement. In the first example, you begin investing in various options such as stocks, mutual funds, and digital gold at the age of 25. You would need to save Rs 6,000 per month until the age of 60, and then invest Rs 25.2 lakh over the next 35 years to achieve this.</div><div> </div><div>In the second scenario, you postpone the goal by 15 years and begin saving for retirement at the age of 40. The target amount remains unchanged, at Rs 4 crore. Because of the delay, your monthly investments will now be Rs 40,000, for a total investment of Rs 96 lakh.</div><div> </div><div>Thus, investing 15 years later results in a monthly investment increase of six times higher and a total investment increase of four times. This is how the process of compounding works over the years.</div><div> </div><div>4. By staying involved for a longer period of time, you can accumulate a greater corpus.</div><div>Investing for a longer period of time will allow you to take advantage of compounding.</div><div>We can use the prior point to explain this. When discussing the benefits of compounding, we explained that even if you simply invest Rs 6,000 per month, you may build a corpus of Rs 4 crore by starting early, at age 25, and staying invested for as long as age 35.</div><div> </div><div>However, if you start investing 15 years later and keep the investment amount constant at Rs 6,000, you will be able to save Rs 59 lakh in 20 years. (In both circumstances, you invest until you reach the age of 60.) And if you want to accumulate Rs 4 crore in these 20 years, you must continue to invest Rs 40,000 until the end of the period.</div><div> </div><div>For this reason, it is usually more advantageous to start early and invest for a longer period of time in order to build a substantial corpus without feeling a pinch in your pocket.</div><div> </div><div>5. You are more willing to take risks.</div><div> When you are young, you have the opportunity to take more risks than when you are older. Your financial responsibilities are lower at this age, so you don't have to think too hard before putting your money into risky stocks. Even if you make mistakes with your investments, you will have plenty of time to rectify them and recover from them in the future.</div><div>At the same time, you can assess your risk tolerance, prepare to diversify your investments, and begin investing in safer options such as digital gold, FDs, and so on that provide regular income.</div><div> </div><div>Bottom Line:</div><div>So, if you haven't already begun your <a href="https://www.spare8.com/benefits-of-micro-investing-in-digital-gold" rel="noopener noreferrer" target="_blank">investment</a> procedure, do so today by downloading the Spare8 app. Begin small, keep it basic, and learn as you go. Remember that money creation is a long-term process with no shortcuts. And as a young earner, your most valuable asset is time!</div><div> </div><div> </div><div> </div><div> </div><div> </div><div> </div><div> </div>

When we are in our early to mid-20s and begin our first jobs, our salaries are not exceptionally high. From there, we have to handle all of our monthly expenses.

5 Reasons Why Youth Should Start Investing Early?

IntroductionOne of the most crucial factors to consider while planning for retirement is how much money we'll need to save or invest in order to live comfortably in our senior years. According to the National Health Profile, India's life expectancy is 68.7 years. However, it is now common to live to be 90 years old, and we must prepare for this possibility. This suggests that we will require a continuous income plan for at least 30 years after retirement. Furthermore, we must include increased healthcare costs, careers, geriatric lifestyle needs, and inflationary growth in the cost of living. This may appear to be a challenging task, but with careful and early retirement preparation, we can preserve our future.<h2>Financial Advice to Consider While Planning for Retirement</h2>If you're planning your retirement, here is some crucial advice that you can keep in mind.<h3>1. Plan for More Than You Think You'll Need</h3>You must have a broad understanding of your income needs after retirement at the time of retirement or sooner. In general, it is wiser to be careful and plan for more than we may require. It is crucial, to begin with, an estimate of all expenses. People generally believe that they only require roughly 70% of their last drawn money. However, it is sensible to predict that they will require additional funds.<h3>2. The 4% Rule</h3>It is extremely important to understand how much money you could be able to make from your investments. To help us better understand our investment, a financial expert, William Bengen, introduced the 4% rule.He believes that a retiree with a portfolio of 50% shares and 50% bonds should be able to outlive their money if they withdraw only 4% of their investment each year, adjusted for inflation. In effect, this guideline also means that the investments must be long-term and remain for 30 years.The 4% rule acts as a guide, but it is not perfect because it is based on past data rather than current market expectations or future concerns.<h3>3. Get a Head Start on Retirement Planning</h3>If you use the 4% rule as a guideline and want to withdraw Rs 1 lakh per month after retirement, your investment corpus must be at least Rs 3 crore. As with any investment, the earlier you begin investing, the higher the yields.As a rule, you should surely start retirement planning and building a retirement portfolio as early as your 20s. Compound interest in our initial investments adds up to large multiples. However, if you did not begin investing at a young age, you will need to invest significantly more to reach the Rs 3 crore target.<h3>4. Investment in Real Estate</h3>One of the best pieces of financial advice is to build a guaranteed income stream by owning property and leasing it to receive a rental yield. The rental revenue is higher when there are several assets. In fact, many seniors, particularly in cities, spend in building flat-like concepts in their homes, living in one and renting out the others. Since rents increase every year, this source of income also helps keep pace with inflation.Therefore, it is advisable to invest in property when we are younger and develop a stable and guaranteed income stream. Furthermore, we can sell real estate assets and generate additional funds for investing.<h3>5. Reverse Mortgage</h3>A reverse mortgage is another option for generating money from property. In India, reverse mortgages are not widely used. However, it is a viable option for generating revenue.<h3>6. Begin Investing in Digital Gold</h3>Indians have used gold as a kind of investment since the birth of civilization. They were among the first to use gold to trade with the Greeks, and since then it has been a part of our daily lives. However, with time our perception of gold has altered significantly.Today's younger generations perceive gold as a financial strategy rather than a wealth symbol. As a result, they prefer gold in both virtual and physical forms. However, in order to live a hassle-free life, they have begun to favour <a target="_blank" rel="noopener noreferrer" href="https://spare8.com/buy-digital-gold">digital gold</a> over physical gold.Digital gold is a new-age investment product that allows consumers to purchase 24K virtual gold, which is then deposited in digital vaults owned by the buyer. When customers want to redeem their digital gold, they can either convert it into genuine gold coins or biscuits, or they can sell the virtual gold and receive their money back.Spare8 allows you to begin investing in digital gold at any time. The application allows users to invest their spare change in digital gold, which is held in digital vaults protected by regulated independent trustees. It guarantees 100% purity and security for customers investing in digital gold.<h3>7. Saving in Senior Citizens Scheme</h3>Public sector banks like SBI offer senior citizen investing schemes. This account is designed for seniors over the age of 60, with a Rs 15 lakh investment cap and an 8.6% interest rate. The scheme is eligible for tax breaks under Income Tax Act Section 80C. Despite the fact that the money is taxable, the scheme provides one of the highest interest rates.<h3>8. Monthly Income Scheme at Indian Post Office</h3>This investment scheme provides a guaranteed annual return of 7.7%, a fixed monthly income, retains the starting money intact, and outperforms other debt instruments. The system also has a recurring deposit into which the earnings can be deposited. This accelerates savings. The maturation time is five years. This scheme has no TDS; however, the interest earned is taxable. The program is ineligible for tax breaks under Section 80C of the Income Tax Act.<h3>9. Mutual Funds</h3>Investing in mutual funds is also a good idea. These assets have greater liquidity and provide the investor with a consistent income. They are less risky than investing in the primary market while yet providing significant returns on investment.<h3>10. Pension Funds</h3>The final and most prevalent piece of financial advice is that seniors should invest in pension funds and savings plans. Though these investment options are low-risk and help individuals maintain their wealth, the returns are significantly lower.<h2>Takeaway</h2>Individuals now bear more responsibility for retirement planning than ever before. One of the most difficult components of developing a complete retirement plan is balancing reasonable return expectations with a desirable standard of living. The blog above provides the best financial advice, with an emphasis on developing a flexible portfolio that can be modified on a regular basis to reflect changing market conditions and retirement goals.To discover more about such financial facts, check out the blogs at Spare8.com. Install the app now to begin your micro-investing journey in <a target="_blank" rel="noopener noreferrer" href="https://spare8.com/buy-digital-gold">digital gold</a>.

Digital gold is a new-age investment product that allows consumers to purchase 24K virtual gold, which is then deposited in digital vaults owned by the buyer. 

Best Financial Advice to Plan Your Retirement

<div>Introduction</div><div>The prospect of a significant negative event affecting your money, such as a job loss, illness, a car accident, or a pandemic, can keep anyone awake at night. However, if you're properly prepared, the idea of something costly and beyond your control becomes less frightening.</div><div>Whatever your circumstances, the suggestions in this blog post will assist you in streamlining your financial planning and <a href="https://www.spare8.com/benefits-of-micro-investing-in-digital-gold" rel="noopener noreferrer" target="_blank">money management tips</a> budget to help you stay on top of expenses, save money, and avoid financial crisis.</div><h2>Financial Management Tips to Avoid the Financial Crisis</h2><div>The following are crucial money management tips that will undoubtedly assist you in better arranging your finances in order to avoid or prepare for any financial crisis.</div><h3>1. Begin with a financial audit</h3><div>Knowing where you stand and what may require your attention is the first step in maintaining your financial health amid a crisis. This includes taking a thorough look at your overall financial situation.</div><div>Make a financial inventory that includes the following items:</div><ul><li>A current budget that incorporates your current income and expenses</li><li>Current savings totals were compared to pre-crisis savings</li><li>The amount of debt you now owe</li><li>A list of any outstanding bills</li><li>Any balances in retirement or investment accounts</li></ul><div>This can help you decide what to prioritise when you work on your money. After you've paid your regular expenses, an up-to-date budget will show you how much money you have to devote to debt reduction or savings.</div><h3>2. Pay your bills on time</h3><div>Bills falling behind isn't ideal, but it can happen in certain circumstances. If you have past-due bills, you'll need a strategy for catching up.</div><div>The next step is to contact your lenders and service providers if you haven't already. Inquire with your landlord or mortgage company about your alternatives for getting your account up to date. The same is true for past-due utility bills, school loans, and credit card debt. Companies frequently offer payment plans for people experiencing financial hardship during a crisis.</div><div>Consider how deferment or forbearance periods for student loans, mortgage loans, or car loans may affect your future payments. If your loans continue to accrue interest and fees, your payments may be higher when you resume making them; you'll need to adjust your budget accordingly.</div><h3>3. Reconsidering debt repayment</h3><div>If you emerge from a financial crisis with debt, you'll need to consider the best strategies to pay it off.</div><div>Referring back to your crisis budget, determine how much money you can set aside for debt payback. You should have enough money to pay the minimum, but ideally, you should be able to pay more.</div><div>Next, consider strategies to make your debt more affordable and manageable so you can pay it off sooner. Consider the following examples:</div><ul><li>Transferring high-interest credit card debt to a card with a 0% APR (annual percentage rate)</li><li>Refinancing a home or a car loan to get a lower interest rate and payment</li><li>Refinancing private student loans might help you save money by lowering your interest rate and monthly payments</li><li>Consolidating federal student loans to streamline payments</li></ul><div>Interest accumulates faster than you think, so lowering the interest rate on your credit cards and other debt means that more of your payment goes toward the principal each month, allowing you to pay off the debt faster. Remember that refinancing or qualifying for a low-interest rate balance transfer is heavily reliant on your credit ratings.</div><div>You can also go over your budget again to determine what costs, if any, you can cut or eliminate to free up more money for debt payback. Streaming services, gym memberships, paid apps, and subscriptions are all examples of this.</div><h3>4. Make a savings and investment plan</h3><div>After you've built your budget and debt payback plan, the next step is to rebuild or establish savings. It may appear impossible to save in the midst of a crisis, so if you are not financially ready to save, start planning for it. During the pandemic, many people reduced their shopping, eating out, and amusement. Consider what lifestyle modifications you can make post-crisis to help you save. You can look for compatible investment options such as Digital gold, which allows you to save and build your investment in 24K pure gold digitally and works well in every situation.</div><div>Make it your priority to replenish any emergency funds that were drained during the crisis. Simultaneously, examine whether you should increase your "rainy day" reserve in case of future emergencies. If you do not have an emergency fund, you can begin investing in one with Spare8 at any time to avoid a financial crisis, as Digital gold is one of the best options that can assist you in such a circumstance.</div><div>For example, you can specify how much you need to save, divide it into several investment alternatives, and pick how much you'll save each payday. Then, automate your savings deposits so that your money can grow with as little hassle as possible. You can start with as little as Re1 and create wealth over time and consistency with Spare8's digital gold investment.</div><h2>Conclusion</h2><div>Preparing for or recovering from a financial crisis does not happen quickly. It may take several months, if not longer, for your finances to return to normal. Patience, perseverance, and the money management skills mentioned above might be your closest allies during this period as you move toward better financial health.</div><div>One thing you can do as soon as possible is begin your <a href="https://www.spare8.com/benefits-of-micro-investing-in-digital-gold" rel="noopener noreferrer" target="_blank">micro-investment journey</a>. Get started now by downloading the Spare8 app!</div><div> </div>

The prospect of a significant negative event affecting your money, such as a job loss, illness, a car accident, or a pandemic, can keep anyone awake at night.

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