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Breaking Stereotypes: The Future Of Finance And Tech Is (And Will Be) Women

Work culture in organizations is gradually moving towards diversification and inclusion. The current times are witnessing gender stereotypes bring identified and shattered in the wake of gender sensitization and diversity. Organizations across the globe are making concerted efforts towards the goal of equality of opportunity. Still, equality at workplaces is a far fetched dream. Take for instance the case of the US, where: 

Yet they earn lower salaries and fill up fewer seats in male-dominated professions like technology and finance. Fortunately, these stereotypes – those of women typically avoiding math, science and often all things logic – are on the verge of shattering.

A study conducted by the global research organization Catalyst stated that among Fortune 500 companies, the companies which had the highest number of women directors on board have shown better financial results and those having at least three women on their board have stronger-than-average results.

Gender Stereotyping deeply impacts the psyche and confidence of the female workforce. As per research, by the age of 6 years stereotypes regarding intellectual ability take root in girls. Girls identify themselves less with STEM subjects (Science, Technology, Engineering, and Mathematics). At the workplace, women find a less conducive environment to hold leadership and skill-based jobs, share their ideas in discussions concerning these subjects. 

Indian Scenario: Tech

The current Indian scene has begun a positive, and hopefully soon – pretty picture: 

  • Women representation in corporate jobs has increased from 21% to 30% in a span of five years, as posted in  Zinnov-Intel Gender Diversity Study 2019
  • Females are represented higher in non-technical roles at 31%, while in technical roles their share is 26%. 
  • Only 11% of the C-suite positions are held by the women, they were represented at  20% in mid-roles and 38% in junior roles. 
Women's Day

If these stats are compared with the global figures, Indians are surely taking strides in leaps and bounds to cut across cultural misfits and gender Stereotyping issues. As per a NASSCOM study of IT professionals and middle management from companies of Europe and India, 35% of the people with specialist technology roles are women in India as compared to a mere 17% female representation in Europe. 

Several organizations like Oxfam India through its campaign Bano Nayi Soch are all in for progressive ideas that subvert the norms of patriarchy.   

In 2016, Facebook initiated recruitment practices focused on bringing in black and female workers into their workforce – in who now make up 36% of its workforce. Sheryl Sandberg, COO of Facebook and the only woman on their board posits the concept of ‘leaning in’ in her recent book as the idea of being ambitious in any pursuit.  

Kiran Mazumdar Shaw, the CEO of Biocon and the first woman billionaire entrepreneur, reiterates that there is no dearth of talent in meritorious women and even though a small minority, they are well respected and worthy of inclusion. 

Indian scene: Finance

Women are considered excellent investors, but female representation in the finance sector remains meager. A CFA Institute Gender in Investment Management study shows a mere 11% representation of women investment professionals in the industry.  Research across the globe has proved how a culturally rich and diverse workforce delivers optimum results and lower risks for investors. Experts cite several pros of getting the women included in the workforce. 

  • Firstly, female inclusion will tend to bring in newer perspectives into the industry that can usher in a new revolution in the industry. Quality of output and decisions will definitely see improvements. 
  • Gender diversity can lead to innovations and rethinking of the old investment strategies that are sure to impact investment outcomes. 

Several initiatives have been taken to improve the involvement of the females at all levels. For instance, Young Women in Investment, India’s first initiative seeks to create female awareness and interest in the investment management industry. The initiative focuses on presenting investment as a long term viable career option to the women. The success and support of this initiative have definitely paved the way for the inclusion of females in the future of finance. 

Initiatives to Break Stereotypes

While we’re doing well, there can be several initiatives that can make the future of tech and finance into a substantial female-centric arena: 

  • Tech can be leveraged to advance gender parity and women empowerment in a number of ways. The development of the gig economy is offering a contingent workforce that is sure to lessen such gaps in the future. 
  • Unlearning the biases in our mindset and doing away with gender stereotypes will be a daunting task that would demand our attention towards sustainable and all-inclusive economic growth. 
  • A survey conducted by Unilever showed that 77% of men and 55% of women felt that men are best suited for high-stake projects. Such views deeply impact gender parity issues. Marketers and media need to stop the sexist portrayal of women. 
  • Social, political and cultural fronts should take it upon themselves to curb these formative practices of stereotyping and expose both the genders to all kinds of non-traditional fields like tech or finance to let them make their decisions rationally. 
  • There is a dire need to bridge the skill gap among women by taking advantage of digitization and tech innovations. The global “talent shortage” is currently at 38%, with the top ten hardest jobs to fill in STEM professions. The focus has to shift to building competencies and skillsets among women. 
  • Another key area of concern is the online representation of women. There are 250 million fewer females present online as compared to males. Connecting and bringing greater access to regions with no internet can bring about unforeseen opportunities and can even act as catalysts synthesizing women’s inclusion in tech and finance. 

The instilling of the right temperament among the youth holds prime importance as the majority of them make their career choices by the age of 26 as per a survey. Women do not lack in tech or finance skills and knowledge, what they lack is the proper nurturing environment enabling them to fulfill their dreams sans any bias or stereotyping. Once the institutions of today get in sync with gender equality and diversity themes, the potential and opportunities awaiting women in tech and finance can be attained.
And we can surely hope for a feminine era in finance and technology awaiting us in the near future. 

“You are fierce, bold and daring! Also, the best when it comes to caring.”
Happy Women’s Day!

Featured

Spouse In The Same Office: A Closer Look At The Implications for HR

Compiled By: Sandeep Raghunath
About Sandeep: He is the Head of Human Resources at EarlySalary, with 10+ years of international experience in HR across industries.

It is perfectly natural for a professional to fall for another if they’re working in the same office, or are spending a significant amount of time together. Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction. While they may be frowned upon, relationships within an office setting are far from uncommon. Some partners even often end up getting married. 

In this context, however, the HR function isn’t expected to remain out of the loop. Organizational policies, cultural sensitivities, etc – there are many factors influencing the HR functions’ role in managing professionals with a spouse in the same office. How can they approach this? Let’s look at some important aspects.

Disclosure of relationship

It is vital to maintain an environment where it is known that keeping a relationship or marriage secret is not in the interest of the company and can have larger implications. According to Sarah Churchman, head of diversity and inclusion and employee well being at PwC, the only way to manage relationships is for the couple to be totally out in the open. “If they don’t inform us, someone else in the department will. Not because they are necessarily behaving in an inappropriate manner, but simply because they may fear a problem with favoritism.”

Some enterprises have a policy in place allowing for managers to be demoted, transferred or even dismissed in the case of the manager being in a relationship with their direct report without disclosing the same. It is, therefore, essential that an office couple is made to sign out a disclosure form with the HR Department. This allows for a line of communication between the office and the parties involved and also serves as a formal notice of their relationship. It also prevents misinformation and rumor-mongering in the workspace which hampers productivity. 

Different organizations have varying HR policies on how they deal with a spouse at the same office. If a company is strictly against work relationships, one of the spouses can be dismissed, though it would not be a popular move and discourage transparency. “You can’t legislate against office romances or indeed falling in love, and an outright ban would be totally unworkable,” says Churchman.

It is imperative for a company to have a policy on office relationships and furthermore ensure that all employees, especially spouses, get familiar with these and abide by them at all times during work hours. This includes coffee breaks, lunch breaks, business trips, etc.

Personal life and Professional life

The need to maintain a professional relationship between spouses in the same office space is vital. Often, the hardest battle in managing office relationships is inculcating the need to strike a balance between personal life and professional life. According to a research “on flirting at work” conducted by Amy Nicole Baker, an associate professor of psychology in University of New Haven, and an author on workplace romance papers, it was found that people who frequently witness other colleagues flirting often feel less valued by the company and have a decline in job satisfaction. This feeling of discomfort can also lead to many quitting their jobs. In order to prevent others from being uncomfortable and thus putting oneself under the radar. 

Spouse In The Same Office: A Closer Look At The Implications for HR
“Open and vulnerable conversations are fairly likely to occur, and the more familiar they become with each other, the more potential there is for mutual attraction”

Public displays of affection and flirtatious conversations can disrupt the working of the office and reek of unprofessionalism. It is essential to treat your spouse like a regular colleague within office hours and even in work parties, off-sites and other such events which are an extension to the office workspace.

Senior-Junior Relationship

In the case of a senior and subordinate getting married, the need for professionalism is critical in order to prevent conflict of interest. According to most office guidelines – it is necessary for the senior spouse not to be involved in the appraisal or evaluation of their partner. The two must not work together in the same department in order to curb the space for favoritism and nepotism within the workspace. There is also a potential threat to the security of confidential client information and the risk of information leaks.

To avoid the occurrence of favoritism, one spouse should be transferred to another department, and ideally, no couples should work together in the same department.

Divorce

The unfortunate scenario of a married couple splitting up can have deep repercussions on their work ethic, their behavior in the office as well as the office environment itself. The disclosure form should specify what would happen to both the parties in case of this occurrence. The way two ex-partners are treated in the office also deserves attention. They might act in a more isolated nature and may be unable to maintain good performance. This situation is a nursing ground for potential blame-game and office politics. This difficult period of the employees’ life should be battled with care and acceptance. They might not need advice and might need someone to listen to them in order to clear their mind and concentrate during work hours. In case of poor performance, they should be nudged towards the direction of working better and given gentle reminders instead of indifferent statements like “Your divorce is not our problem.”
Perhaps an Employee Assistance Program to help deal with such traumatic instances is worthy of consideration from employers.

Featured

Can Millennial Stress be Resolved by Financial Wellness?

Stress is an issue bigger than ever for millennials, who are rushing ahead with their worklife, finding little time to enjoy the intricacies of life. They are not only toiling themselves with projects, preparing reports and meeting targets, but also when off the work they busy themselves worrying about their debt, savings and expenditure.  India has been, off late, a very volatile economy with companies shutting down production and filtering out chunks of employees. As such millennials are forcing themselves to work in return for poorly paid salaries and unsatisfactory job environments. In most of the cases, they are not able to manage their day-to-day expenses and have to revert to debt; while in other cases are confused about their financial course.

A whopping 76% of Millennials say they are experiencing financial stress, up 23 percentage points from 2018, according to the PwC 2019 Employee Financial Wellness Survey.

Financial stress is the top contributor in affecting employee health and morale followed by their jobs and relationships. Matching your salary with your expenses is only the tip of the iceberg, when cash flow and debt issues add to the worries. Employees are worried that they are not able to save enough and will face or are facing a financial crunch. Let’s look at the major issues hounding today’s millennials in terms of finance:

Past concerns  

With higher education becoming more expensive each year, an increasing number of new employees enter the corporate sector already laden with the burden of huge debt in the form of education loans or personal loans. As per Workplace benefits report 2017, 40% of millennials say that they left high school and college unprepared for the real world. As such they look upon their employers for the necessary guidance and help related to a majority of topics around financial wellness. 18% of millennials want more help with their student loans.

In some cases, these debts may be gifted down from one generation to another. A son may have to pay off a home loan or some other debt incurred by his father. These circumstances dilute the finances and millennials find it difficult to lay away the stress.

Present concerns

According to the 2017 Workplace Benefits Report, a significant number of Millennials say they feel unprepared to manage their finances and need help with topics across the financial wellness spectrum, including saving for retirement (43 percent), general savings help (40 percent), paying down or managing debt (34 percent), saving for major expenses (36 percent) and budgeting (31 percent). 

Peer pressure, maintaining the status quo and lavish lifestyles often lead millennials to the brink of a financial crisis if they do not plan their finances well in advance. Many are highly ignorant about how to proceed with investments; banks or mutual funds, long term or short term, commodity or shares, and a lot more. About 43% feel that they require more help with investing, 40% wanting more information on how to save taxes and 21% feel that they want to save more. It’s an additional issue when they require funds in a lump sum for unforeseen expenditure or a major purchase. They either trap themselves in instalments or else fall in a debt trap. 63% of Millennials consistently carry balances on their credit cards and two out of five have trouble making minimum monthly credit card payments.

Future Concerns

Besides provident fund schemes, gratuity and a few other benefits, employees aren’t assured adequately about their future. They remain concerned about their retirement and pension, their children’s education, medical expenses and a lot more. Pension schemes are offered by insurance firms, but which one is best suited remains a matter of concern. Career opportunities and growth also impact future and present decision making. Not surprising then that employees, especially millennials, find themselves to be dependent on their employers.

Why should employers take up financial wellness programmes?

Financial stress not only impacts an employee on a personal level, but his working capabilities and mental faculties get impacted too. Stress can be behind severe health concerns that may lead to employee absenteeism, employee turnover, and dissatisfaction. The issue of financial health becomes of utmost importance to keep the solubility of the firm intact on one hand and to achieve common organisational goals on the other. As per a survey, an employee spends 12 hours on an average each month stressing about their finances. 

Bank of America Merrill Lynch report says that the lack of confidence in financial matters affects Millennials’ workplace behavior. On average, employees spend 3 work hours each week (12 hours per month) dealing with financial stressors.

A well thought of and structured wellness programme may act as a tonic for the employees’ financial health:

#1 Making an in depth study of employee concerns before finalising on the mode the financial programme is critical. Not everyone shares the same crisis, and not everyone will desire third party approvals or advice before taking decisions. A financial assessment is essential before you initiate the program and want it to succeed. This can be an eyeopener for those employees who may have been unaware of the causes of their financial stress and will make them ready to adopt the new financial course.

#2 Educating employees about financial health and other resources should be taken care of as well. This can be one through seminars, online courses, or even lectures and classes conducted by an expert or professional.

#3 The employees must be educated on healthcare costs as well. It doesn’t hurt to take this opportunity to promote healthier lifestyles as well. This can save them a lot in the long run. Group insurance schemes and health insurance schemes should be encouraged as a norm in the organisation.

#4 Financial debt management, especially the management of student loans, is another area of focus. Employers, if possible, could even consider taking it upon themselves to sort out the education loan or debt of the employees as a gesture of goodwill. This can be offered as an employee benefit as well. Executed right, the company can go a long way in earning the reputation of being the best in class when it comes to their employees’ welfare.

#5 Then comes the basic question of managing the current expenses such as installments, deductibles, premiums and other expenses. There are several paradigms involved in financial planning and it can be overwhelming for a millennial who has just been placed on his job.

Encouraging employees to take part in these programmes and letting them get involved through participation, and one on one discussion will assist them in reducing their financial stress. The overall focus of the employee can shift to organisational task boosting his productivity and overall efficiency. At the individual level, it will boost their confidence to manage their current expenses and plan for their future expenses in advance. Financial wellness programmes can, therefore, help in improving employee health and quality of life. A healthy and financially sound human resource can be an unending source of profitability and efficiency for any enterprise.

5 Habits of Women Who are Smart With Their Money

Ever wondered why some women are better than the others at handling finances? Is managing money in a better way rooted in genes? Are some just more intelligent or more qualified? A bit of both perhaps. A 2017 Fidelity study shows that women save a larger proportion of their income than men. Another study built on this financially savvy narrative, pointing out that women participate in greater numbers in financial wellness exercises – such as retirement planning. 

Handling your finances efficiently is part of a smart lifestyle. Financially literate women achieve it by practicing it on a daily basis. It’s a habit. Just as you take the time to address the effects of stress on your mental health, it is essential to prioritize your financial health.

So what is that these smart women do? What makes them better? 

Let’s find out what we should follow in order to handle our money better.

  • Keep lifestyle costs in check
women, financial

Often, women may be labeled as spendthrifts. But a smart woman knows how to prioritize. She keeps a check on her and her family’s spending habits. A financially intelligent woman also knows when to say no. She spends wisely and doesn’t fall into the temptation of unrestricted indiscipline, retail therapy, or the like. Financial smartness is determined by the ways we manage our expenditure and our lifestyle. A smart woman tends to follow a set budget without compromising on the quality of life.

  • Deal with your Vices
women, financial

Without meaning to stereotype in any way – most women do enjoy shopping a lot more than men. Again, this isn’t stereotyping – science and data-backed studies back this up. So, as part of a gender that may make extended, impulsive purchases, like getting a coffee before work or a drink after work, smart individuals need to learn to deal with such vices. Smart women keep low-cost substitutes within reach, which help them curb unnecessary spending.

Catching up with friends over a happy hour is important, but making a routine of grabbing drinks or food just because it’s convenient is not what a financially smart woman would do. Don’t hit up the vending machine for a snack; keep a bag of almonds or fruit gummies in your purse.

  • Emergency Funding
women, financial

Whether it be in the form of FDs or gold, which can be liquidated at any time, or cash stocked on the top shelf of the closet, women generally have considerable savings In addition to these, most financially smart women have an emergency fund, separate from their savings. An intelligent woman hardly ever panics. This is because she always has a contingency plan. She is calm always because she knows that she is ready for an emergency.

  • Convert your jewelry to gold investments
women, financial

Nobody’s against physical gold or silver, and of course, it’s great that you can both afford them. But investments are the smarter way to save. In fact, according to Canadian fintech startup Mylo’s data, women are twice as likely to avoid investment losses as men. Safe to assume that diversified, tried-and-tested investments like gold help. 

With commodity investments like gold, you can earn through interest and save by cutting the making charges of physical jewelry. Research thoroughly and decide how much you should invest in gold investments, and how much you should spend in buying physical jewelry.

  • Keep a tab on recurring costs
women, financial

Of course, you can put your internet or phone bill on auto-pay; it is hassle-free. But don’t just forget about it indefinitely. Always schedule a time to reassess your monthly bills. Research and negotiate your recurring costs; it helps you get better rates: insurances, cell phone bills, or even Netflix subscriptions. You’ll be surprised when you get new and improved rates, once you can cancel the old ones.

For women relying on credit to bolster their financial success, monitoring interest rates is another challenge. A considerable amount of money can be saved by refinancing your loans when you can take advantage of a lower interest rate. You can check out EarlySalary; it provides instant, superior, short-term loans at low-interest rates. 

Ladies, This List Isn’t Exhaustive

While these habits might help you get started, remember that it’s not always one size fits all regarding spending and saving. You can figure out a long-term plan that fits your lifestyle by taking time to explore your relationship with money. You can also consider taking professional help from organizations, like EarlySalary, where they provide loans and solutions for almost all kinds of emergencies.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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The Complete Guide To Getting A Two Wheeler Loan Within Minutes

Getting your vehicle brings with itself a sense of freedom, and the first vehicle one generally owns a two-wheeler. In addition to cost-effectiveness, a two-wheeler is the perfect means of transport for everyone. Youth love the new-age scooters while the middle-age groups prefer motorbikes. The experience of a two-wheeler is liberating.

This dream is usually fulfilled with the help of external financing in the form of loans. This is a guide to get a loan to buy a two-wheeler without issues.

Steps

  1. Type of loan: Understand the type of loan and brand according to your needs. One also needs to understand and know the company they are planning to avail the loan from. One should consider factors like charges, interest rates, plan benefits, coverage, customer service, and other offers while considering taking the loan. 

Earlysalary provides one of the lowest interest rates without asking for any collateral or down payments. EarlySalary’s two-wheeler loan process is quick, hassle-free, and comes with flexible plans.

2. Checking loan eligibility: Some of the standard criteria for a
bike loan application in India include:

two wheeler loan
  • If you are a working professional, your age should be a minimum of 21 years to apply and a maximum of 60 years when tenure ends.
  • If you are self-employed, you should be a minimum of 21 years old and a maximum of 65 years when the tenure ends.
  • An applicant is supposed to have a minimum earning per annum, depending on the type of city you are in.
  • A minimum residence in the same city for one year with a phone number at residence/office.

Most websites calculate your bike loan eligibility criteria on their own by taking your information, making the process a lot more straightforward. EarlySalary FAQs should provide an instant loan amount in less than 10 minutes if you fulfill all their criteria.

3. Calculating EMI: For the uninitiated – an EMI or Easy Monthly Installment is a payment fixed by the borrower to repay the lender on a particular date every month. Websites usually have an EMI calculator, which calculates an estimated EMI amount based on the details fed into it. Take EarlySalary, for example. With it, you can avoid manual calculations and even rigid EMI amounts. The app accurately determines repayment amounts and interest charges and lets you pick from flexible repayment options, allowing you to choose your two-wheeler loan EMI.

4. Application: With the right lender, The two-wheeler loan application process can be done entirely online. Most would require you to fill in your personal and bank details as required. Also, details about your two-wheeler are supposed to be refurbished like road price, name of the dealer, RTO location, etc. Ideally, though, you should pick a lender that avoids too many questions and offers you a loan straight up. The entire approval process being completely digital will also make it a very quick offer. Applying for Loan for Buying a Two Wheeler has the least hassle when you face minimum documentation and quick processing. 

two wheeler loan

5. Documentation: To have your two-wheeler loan application approved, you’ll typically need to furnish some documents. These generally include:

  • Residence proof (Voter ID, Passport, driving license, etc.)
  • Identity proof (Aadhar card applicable)
  • Income proof (salary slip or IT returns)
  • Two passport size photographs
  • PAN Card

Planning your two-wheeler loan

  • Purchase Plan: Keep an eye out for avail attractive discounts and offers around the time of festivals or anniversaries. This might include benefits like free insurance or reduced processing fees, which will reduce your cost.
  • Researching: With a wide range of two-wheeler loan choices available in the Indian market today, it becomes difficult to choose the best. Understand the benefits provided and additional eligibility criteria asked for, and then select the one which suits your needs.
two wheeler loan

  • Creating a repayment plan: 4.13% of people in 2019 risked default on the payment on their two-wheeler loan. A better financial plan would mean that the burden of repayment reduces, and the process is seamless. Plan for contingencies, factor fuel, and other maintenance costs while creating the repayment plan. EarlySalary’s plan comes with flexible repayment tenures and zero prepayment charges. It also helps in receiving up to Rs. 2,00,000 in financing for your two-wheeler.
  • Factors affecting interest rates: Getting finances for your two-wheeler comes with an interest payment. Certain factors like net income, income stability, employee reputation, credit score, loan period, and repayment history will decide the loan you might receive. Ensure that your financial standing is good in terms of repayment, and you have a stable and good net income. It will help in ensuring you get your loan at a lower rate of interest.

What’s Next After Two Wheeler Loans?

The dream often starts from a two-wheeler and expands to other future investments and financial goals. Regardless of their variety, EarlySalary personal loans are here to help. For two-wheelers though, today, anywhere in India, you can get a two-wheeler loan in a matter of minutes. The customer is spoilt for choice and with tech taking an upper-hand, its advantage customer.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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A Personal Loan For Medical Emergency: Just What The Doctor Ordered

When it comes to any kind of contingent expenses or unforeseen expenditure, a personal loan is like a quick fix solution – be it for a marriage, home renovation, or an unexpected ailment. 

A medical emergency in the family though, it can take a toll on you not just on the physical front but also mentally and financially. On top of this, throw in the uncertainty and panic surrounding all of us amidst the COVID-19 pandemic that’s causing its own share of mental health issues, and it certainly spells disaster. The situation becomes more worrisome in case the cash resources are restricted. In this situation, personal loans are your best friend. 

Prerequisites and eligibility criteria for a medical emergency loan   

As soon as the word “loan” is uttered, the image of a brick, a mortar bank, and a thick file of paperwork pops in most of our minds. Thankfully, our economies, technologies, and culture have come way ahead from the time these were the sine qua non to avail any loan. In today’s time, instant personal loans are readily available by not just banks but also several other financial institutions. Some of them even offer instant disbursement of loans and pre-approved packages to their users while comfortably sitting on their couch. 

Medical emergency, personal Loan

Most of these organizations, such as EarlySalary, have a simplified and paperless procedure for this loan. For instance, the eligibility for the personal loan for a medical emergency includes just three simple qualifications, i.e.,

  • Citizen of India 
  • above 21 years and below 55 years of age
  • salaried individual with a minimum salary of INR 18,000.

EarlySalary’s high approval rate, coupled with an assurance of the money reaching your bank account in a jiffy with next to no paperwork, culminate in a loan experience rivaling those of what some materialistic purchases give us.

Coverage of Personal Loans for Medical Emergency 

As opposed to the conventional loans, in case of an instant personal loan taken from EarlySalary or any of such financial institutions, along with the high approval rate and instant disbursement of the loan, another remarkable feature is the flexibility concerning the loan utilization. 

With EarlySalary, the loan amount can not just be used for medical expenses such as surgeries, medical bills, et al., but absolutely anything related to the medical emergency – no questions asked. There aren’t any unnecessary restrictions like the ones involving insurance claims, such as an upper cap on the medical expenses and room type, etc. In simple words – take the money, use it, and repay on convenient schedules, or even early – there are no prepayment charges!

The bottom line? Money never comes in the way of affording the best medical facilities and treatment for you and your family. 

How to get instant loans for medical emergencies online 

The process is as simple as ordering something online – logging on to the concerned website online, filling out the form, and uploading the necessary documents. That’s it, and the amount is instantly transferred to your bank account.

For instance, to avail a loan for a medical emergency from EarlySalary, you just have to follow a 5 step process:

  1. Log on to the EarlySalary website or download their app. 
  2. Click on their “Start Application” button and fill out all the necessary information required.
  3. Once the application is approved, just upload the essential documents such as the passport-sized photo and identity proof on their portal with self-attestation in a pdf format. 
  4. Sit back and utilize the loan amount, which will be transferred to your bank account almost instantaneously! 
Medical emergency, personal Loan

Even though several online websites claim to give instant personal loans, be mindful of being duped by some dubious websites, which will cause more harm than benefit. That’s why users should use a reliable source, just like EarlySalary. 

Along with all the benefits mentioned above, EarlySalary also offers other services such as no additional cost for prepayment, medical loans to study medicine, no further renewal or annual fee, and flexibility in choosing the tenure for repayment, among others. So, you can choose EarlySalary and never let money come between you and your family’s health. 

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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Download the EarlySalary app here, or simply log in to our website and be a part of the #OneInAMillion experience.

The Millennial Way of Splurging on Experiences – Made Possible With Personal Loans

Millennials rate experiences above all else. The world may have inclined towards materialistic possessions thus far, but for this demographic, all that is trumped by the real experiences that stay forever. After all, those are the moments to be lived for. 

Experiences are what makes someone who they are. Nothing can be taken into the afterlife, but experiences can be cherished forever. And the best example of splurging on experiences is how  ‘Millennials’ or the ‘Gen Y’ do it. Their spending on getting experiences has seen an upward trend. Eventbrite commissioned a study revealing that 78% would prefer indulging in experiences rather than materialistic items, like going out for dinner or some concert. This is the generation of ‘experience economy’.

The rise of the experience economy has been primarily due to the advent of social media. People are looking at pictures of families and friends gorging on a sumptuous meal in an undersea restaurant or skydiving in Spain. All this has given a greater connection to amass experiences. Further, after listening to the earlier generation’s stories, Gen Y tends to recreate the same habits and enjoyment as their parents or grandparents.

Millennial, experience economy, personal loans

How is the experience-splurging taking place?

It is all about creating budget-friendly experiences. Millennials are adopting various creative ways to explore.

Creative accommodation

There has been an increase in rented accommodations rather than buying them. This is due to different reasons, including tight-pockets. Experiences are expensive; hence there is a practice of cost-cutting in case of accommodation. No wonder a rise in studio-apartments around the world is taking place. Further, rather than resorting to a hotel during vacation, millennials prefer their ways. Camping under the stars, staying in an Airbnb, or taking up capsule rooms like in Japan, the accommodation market has adjusted according to the millennials’ creative and budget needs; after all, they are the ones driving this ‘experience economy’.

Personal touch

Rather than taking up a high-paying job, many would take up a position with better human interaction. Further, a better work-life balance and career development are on top of millennials’ minds. Paul Cross, the founder of Everfast, said, “Today, modern science has debunked the myth that consuming things made of atoms makes you happier. It does, but the happiness is short-lived. We now know that happiness through experiential consumption—going to festivals with friends, is long-lasting and highly preferential.”

Frugality in lifestyle

Millennials cut down on expenses that are cut down to make way for better experiences. They tend to choose cheap food and transportation to compensate for spending on getting their bucket list goals fulfilled. Hitchhiking has been the newfound love of such travelers, and they prefer food from shacks or roadside spots or would instead prefer to have it made by them. After all, it is about selective splurging.

Millennial, experience economy, personal loans

Dreams made possible with personal loans

Millennial, experience economy, personal loans

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In May 2016, Buzzfeed published an article on the “urban poor”. It defined urban poor as “Objectively and relative to a vast majority of Indians; they aren’t “poor” at all. But they are indeed hungry and broke a lot. These are the metro-dwelling twenty-something who have internalized the pressures surrounding them, and spend most of their salaries on keeping up the lifestyles and appearances that they believe are essential to earning those salaries.”

The experience splurging has been the cause of major debt among the millennials. But when experience has been rated higher than anything, intelligent choices should be taken. For instance, taking personal loans is not a bad idea. So, are today’s youth broke millennials or smart borrowers

India’s largest instant personal loan & salary advance platform, EarlySalary has a loan for all purposes. Be it last minute paying of utility bills, taking an impromptu vacation, or buying stuff at a flash sale; everything is possible at the tap of a finger in a few minutes. An instant cash loan starting from Rs. 5,000 to Rs. 2,00,000 for a tenure of up to 12 months, for example. Travel and shopping EMIs have been among the lowest, to be paid in 3-6 months. Wish to learn a new skill? EarlySalary has got you covered. Personal loans are a way to go for Millenials willing to splurge on experiences.

The experience economy is the new buzzword today, led by the millennials. Splurgetting is a new term created by their practices. But everything comes for a price. Well-thought financial wellness would mean low millennial stress and a smooth and seamless transition into fun and happiness. Fortunately, millennials aren’t afraid to talk about money.

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A Beginner’s Guide For Choosing and Comparing The Best Personal Loan Offers

Personal loans are ideal for both aspirations and pressing financial needs. Called an unsecured loan, this type of credit is extremely popular, making up 28% of all bank credit in India. Unsurprisingly then, there’s no shortage of lenders seeking to meet this market demand. Some even give you instant approval after applying, and you can have access to the full sanction of the loan in just 24 hours.

You can choose a personal loan depending on your wishes. It’s why it’s considered the best way for you to raise funds, be it for weeding, for a vacation, or medical treatment. Before you apply for a personal loan though, you must be aware of some essential things you need to consider before choosing your loan plan:

Tips for Choosing the Desired Personal Loan

Compare the Rates of Personal Loans

It is always the most important part before choosing your loan; you should know which one best fits you. Lower interest rate implies lower EMIs. So before you apply for a personal loan, make sure that you check all the possible lenders’ interest rates.

Select Your Loan Amount

When opting for loans, make sure you’re confident about the amount of money you require. You always apply for the amount you need instead of selecting an amount recklessly. Choose a lender who offers a substantial amount of loan and ensure that it covers all your expenses. Your EMI largely relies on the rate of interest and the amount of your loan, so you need to select a suitable amount that you can positively return in due time without facing any penalties.

Check on Extra Fees and Charges

While choosing a loan, compare the fees and charges in addition to the interest rates. The extra fees and charges include late payment fees, processing fees, prepayment fees, etc. The costs might be higher or lower, depending on the lender. You can apply for a loan on lenders like EarlySalary that promise no hidden charges and no prepayment fees. Before applying for a loan, ensure that you consider these factors to avoid spending more than you may have anticipated.

Enquire About Flat Interest Rates vs. Reducing Balance Rates

Some lenders offer an option for you to choose between flat interest rates and reducing interest rates. In flat interest rates, the amount of interest is calculated on the whole amount and applied to your EMIs throughout the entire tenure. In reducing interest rates, the interest on your loan reduces over the loan tenure as the loan amount is paid periodically. Before applying for a loan, choose your preferred mode.

Keep An Eye On Your Credit Scores

Your credit report is a summary of the loans you’ve taken and your repayment history. It includes details of credit cards, unpaid bills, accounts, and other activities and is impacted by several factors. As you may guess, it is crucial to keep a regular check on your credit scores to avoid any fraud or miscalculation. It’s also equally crucial to keep your credit score in check if you’re applying for a loan from a bank. While you can repair your credit score with a variety of actions, you may also want to explore new-age lenders that allow you to take a personal loan without a credit score.

Know About the Loan Processing Time

Always enquire about the required documents and the time for the loan to be sanctioned. Some banks take more time to approve loans than the others, so compare the duration required before applying. Banks with the option of online submission of documents require lesser time than the banks you need to visit. 

Personal Loan Offers, Guide to Personal Loan

If you’re on the lookout for urgent cash, head over to instant loan portals such as EarlySalary, which assure an instant disbursal of funds, in the order of hours, if not minutes.

Read the Terms and Conditions Carefully

It is crucial to know and understand each and every term and condition thoroughly. Always ensure you study the loan document carefully if you do not want to face any difficulties in the future. Ignorance of the clause isn’t valid grounds for violations, or even avoiding consequences.  If required, take help from an advisor.

You can apply for instant personal loans up to Rs. 2 lakhs at EarlySalary. Here you can enjoy easy cash transfer, flexible repayment tenure, and no prepayment charges. Register with us now to enjoy the benefits as early as possible. Just makes sure you meet the rather liberal eligibility criteria:

Criteria for Applying for a Personal Loan

  • The age of the applicant has to be between 21 to 60 years.
  • The applicant needs to be an Indian citizen.
  • The applicant must have a steady job (both public and private meets the requirement) with a salary, preferably above INR 15,000 or 25,000, depending on the amount

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What is Financial Literacy and why is it important?

In major corporate institutions, the HR and finance departments work together and attempt to create financial harmony for the organization’s assets – its employees. It is the HR professionals who are in the position to partner with the finance function to deliver a direct impact on improving financial literacy among employees at every organizational level.

What Is Financial Literacy? 

Financial literacy is the sense and ability to know and understand the financial resources. While that may be the textbook definition, the reality is, when we talk about financial literacy, we often refer to our ability to leverage finances for our benefits and long term success. A person has to be able to productively use different financial skills – primarily investing, managing your income, etc.

Today, evolved financial resources and products are widespread. Most consumers depend on credit cards, loans, mortgages, etc. for purchasing items. Investments and insurance accounts have found their place in the current scenario, making it crucial for people to understand and use financial resources effectively. 

There are many skills that we’d categorize as a crucial aspect of financial literacy. These include management of wages or household budgeting, paying off debts, evaluation of credit cards and loans, etc. Professionals should have a basic knowledge of financial concepts like compound interests or time value of money. The lack of financial literacy can be lethal for stable and long term financial success. 

Take the Standard & Poor’s Ratings Services Global Financial Literacy Survey. According to it, only 33% of adults worldwide have acceptable levels of financial literacy. In 2017, around 1,101 students were asked about what they thought was the most beneficial high school level course. About 51.4% of students answered “money management” courses would be the most beneficial. 

In America, the Financial Literacy and Education Commission (FLEC) recommends targeted materials and strategies should be employed by programs to underrepresented subgroups in the population. It is necessary to understand the needs of low-income and to produce relevant materials that can help eliminate the problems brought on by poor financial practices. 

Why Financial Literacy Matters

Financial literacy

Have you ever wondered:

  • How many adults can’t afford emergency expenses?
  • Why credit card debts have grown?
  • How many adults don’t have backup plans for retiring?

To help consumers save enough and avoid these challenges, financial literacy is critical. Most millennials, who incidentally make up the largest share of the workforce, are unprepared for a financial crisis. This has been proven in the Covid-19 pandemic. More than half of the workforce lack an emergency plan to cover as much as 6 months of expenses. 

These do seem like individual problems, but they affect the entire population as a whole. The job loss due to COVID and lack of financial literacy have led to a rise in mortgage foreclosures. Financial literacy can also help protect adults from frauds which are, unfortunately, becoming more commonplace. Financial literacy has a broad range of implications for the economy, and improvement in it can lead the way to a global economy.

Trends Making Financial Literacy More Important

There are five trends that demonstrate the importance of making informed and productive decisions about finances: 

1) Complexity

There are various options for investment and saving products. They offer varying interest rates, and different options, forcing a consumer to make a decision they are not adequately informed to make. Complex financial instruments add to the decision making pressure and have an impact on investments in assets education loans etc

2) Financial environments are changing

The financial environment is now a global market, with many participants and even more factors to influence it. Financial markets tend to exhibit levels of volatility historically unseen. Naturally, retail investors find it difficult to create and implement a financial set path.

3) The number of choices has increased tenfold

There are so many options – brokerage firms, banks, insurance firms, credit unions, credit card companies, financial planners, mortgage companies, and other financial service companies – all vying for assets, creating confusion for the consumer.

4) Retirement plans

In the past, people relied on pensions to support them in their retirement lives. Professionals managed pension funds and put the financial burden on the organizations that sponsored them. The working person did not contribute to his own plan and was almost never made aware of the investments or status held by the pension. They were not involved in decision making.

Today, pensions are rare. Employees are expected to participate in plans and have to make the right financial choices and decide how much to contribute to retirement savings. With the medical world progressing, lifespans are getting longer, and this means that the new generation needs more money for retirement than prior generations.

The primary benefit of financial literacy is that it empowers individuals to make smart financial decisions. By incorporating financial literacy in the workplace, organizations and employees receive, amongst other benefits, increased productivity, and higher retention. Financially literate employees tend to have greater focus and less stress, making them more effective. The Society for Human Resource Management found that an employee’s personal financial issues can lead to an inability to focus at work and higher absenteeism. It has also suggested HR leaders should hire a professional counselor. 

A financial counselor is vital too, and worthy of consideration for key decision-makers in enterprises. EarlySalary has a stellar track record of powering financial wellness for corporate India, in helping and training the modern workforce for the financial challenges of today, and tomorrow. A few hours of a financial planning program go a long way and deliver visible results in the medium to long term.

The Bottom Line

An improvement in financial literacy will have a positive effect on the consumer themselves, and also motivate them to use financial resources with full knowledge. 

It is not easy to learn how to be financially literate, but once mastered, it can ease life’s burdens tremendously.

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The Most Reliable Strategies for Promoting Financial Wellness in the Workplace

Have you ever considered:

  • How many employees are living salary to salary or paycheck to paycheck?
  • The relationship between productivity and financial wellness?
  • How many employees have their retirement savings exhausted before actual retirement?
  • How many employees, both men, and women, actually agree that their compensation is keeping up with their cost of living?

Most employees are not vocal with their employers about their financial issues. According to data from the Employee Financial Wellness Survey by PwC, only 43% of men say their compensation is keeping up with their cost of living. The number is even lower for women – at 30%. No surprises, then, that increasingly, financial wellness is seen as a must-have employee benefit.

Armed with financial information, data, and the advantage of easy access to employees, employers, have a unique opportunity to introduce programs to improve individuals’ financial literacy and well being. 

For the success of such financial wellness programs, employers must start with a clear strategy inculcating business objectives. Financial wellness includes understanding the areas of an employee’s economic life that are influenced by an organization and then taking steps to improve it.

Integrate Benefits 

Make your workforce understand 

Explain what a complete financial wellness offering appears and how the programs that you introduce in the future can support it. List all the financial benefits that you offer, ranging from banking services to retirement plans.

Know your audience 

Understand your audience – in this case, your employees. This should help in catering to the needs of a diverse range of employees.

Simplify the process

Make it simple for employees to find and use your financial wellness programs, including automated solutions. Always ensure a quality service. This helps in generating and maintaining positive perceptions and increases the usage of such programs. 

Generalize 

Remember that sometimes, the employees are not the financial decision-maker in their family. Make it possible for the employee to involve other family members in accessing the plans.

Single portal

Keep a single portal or platform for all your benefits offerings. Research your population’s priorities, and depending on that, promote content in segmented ways.

Feedback

Analyze what’s working and what’s not. Adjust according to the feedback.

Explore established and emerging solutions

Financial Diagnosis: 

There are many programs that help diagnose employees’ financial wellness issues and also implement custom solutions to meet those needs. Partner with vendors – such as EarlySalary – that can offer financial assistance and insights to your employees

Emergency Back up

Consider auto-enrollment benefits to an emergency savings program such as EarlySalary. This ensures that your employees’ financial situations are secured. 

Cash Management

A variety of firms can help your employees understand the right ways when it comes to spending and saving. Owing to innovation and technological progress, there are sophisticated methods of tracking money habits online.

Easy Investing

Simplify the complexities inherent in investing and make information easier to understand for your workforce. 

Action Plans

Introduce a variety of tools that help your employees develop financial action and budget plans.

Show the full picture

Several vendors and platforms are available to help employees understand their financial states and cycles – from spending to savings, and including everything in between.

EarlySalary’s Financial Wellness program can help your employees feel financially secure. We’ve partnered with more than 280+ corporates and have delivered effective financial wellness services to more than 50,000 employees.

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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Restructuring Your Personal Loans – The Solution Is Debt Consolidation

Debt consolidation relates to the process of taking out a new loan to pay off other debts, generally unsecured ones.  Manifold debts are merged into a single one in which the payoff terms are favorable to you. A debt consolidation loan is that unsecured personal loan which is taken to combine all other debts into one.
It is most often used to combine and pay off credit cards, personal loans, student loans, and other debts.                                     

How does it work?
A majority of borrowers apply through their bank, credit card company, or credit union for a debt consolidation loan.

It is the perfect place to start, given that you have a great relationship or payment history with your institution. If you are rejected or turned down by any chance, you can explore the private mortgage companies or lenders.

Creditors are compliant in doing this for numerous reasons. Debt consolidation maximizes the plausibility of soliciting from a debtor. These loans are generally granted by financial institutes such as banks and credit unions. However, there exist other functional debt consolidation service institutions that grant these services to the general public.

The essence of getting a debt consolidation

No collateral is required to acquire a sizeable fund

Personal loans are unsecured loans. There is no need to commit your valuable assets and then keep losing your precious sleep, thinking about the time to pay off when you take a personal loan.  

If your credit history has a good record, and you have a good relationship with your financial institution, you can get the consent for a sizable sum adequate to repay your current dues without worrying about collaterals. 

Interest rates are reduced on your outstanding dues

Short-term continuances like credit card dues usually come with substantial charges on pending amounts. Their collective effect can cause your debts to rise, and if you are already coping up with repaying your previous debts, the added charges can obviously be a burden you’d rather avoid.

Using a personal loan with a reasonable interest rate for debt consolidation empowers you to dispose of enormous penalty charges and proposes a cost-efficient solution for returning dues.

Improve your credit scores

Maxing out your credit cards, and therefore, credit utilization rate, negatively impacts your credit score. Credit utilization is an estimate of the volume credit you use out of the total limit made available to you. A personal loan is, however, not considered in your credit utilization. 

personal loan

You can dramatically reduce your utilization rate by debt consolidation and make timely repayments to boost your credit score

Enjoying a longer tenure to repay the monthly dues

Most financial institutions offer repayment tenures ranging from 1 year to 5 years for personal loans. Hence, you can easily relieve the strain on your budget by going for easily equated monthly installments (EMI) over an extended period. 

Things to Keep in Mind

Let’s now look at the few things you need to keep in your mind while you are consolidating your debt:

  1. Recognize the pending loans and other debts. Be mindful about the total due amounts
  2. Have a thorough look at the tenure
  3. Go for a personal loan or a debt consolidation loan from convenient options like EarlySalary
  4. Most importantly, i.e., when you receive your loan, stick strictly to the payment cycle.

How to Get a Debt Consolidation Loan

The conventional method for a personal loan application involves visiting the office and filling out essential forms. It is often mandatory to submit the KYC forms in the form of a hard copy. They usually take a significant amount of time to complete processing.

But the process of consolidating debt (i.e., getting a single loan to manage all your loans) doesn’t need to involve visits to offices, especially not in the post-COVID era. Those searching for a faster application process for an online personal loan

An increasing number of people now seek online services such as EarlySalary and get a loan without stepping out of their homes. An online personal loan is the best approach for here – it occupies far lesser processing time and even involves no physical documentation. 

Online personal loan apps like EarlySalary have revolutionized the way we look at loans. Not only do we get a personal loan with instant approval, but the process is entirely online, and without hassle. For more information on the benefits of EarlySalary loans and how to avail them, click here.

In other words, you’re saving time, and you’re saving money. Calculate your precise EMI amounts, and therefore your savings, by using this personal loan calculator.

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Here’s How to Recession-proof Your Finances

India found itself among recession-affected countries when its first quarter’s (April-June) GDP growth rate fell by 23.9% – the worst contraction in Indian history. Unemployment rates are historically high, and the economy is in bad shape due to the worldwide pandemic. This is similar to the global recession from the 2008 financial crisis. Over 43 million people in the United States had filed for unemployment benefits, an unprecedented rise since the great depression.

Unfortunately, a recession like this is entirely out of control for the everyday folks. But what can be controlled are the response measures taken to face the recession. This might not be the last recessionary period, hence, we should take some proper precautionary measures to recession-proof the finances to be future-ready. While we’d shared a list of financial tips for 2020 earlier, the post-COVID era calls for a relook at how to manage our finances.

1. Emergency Funds

The idea of safety or an emergency fund is to keep ourselves above the water. A dip in the economy might mean increased unemployment and decreased incomes. An emergency fund can act as a safety net in case of a fall so that you can always rise. 

Cutting down on unnecessary expenses when times are good might mean extra savings, which could be added to your emergency fund. After all, saving during a recession is quite difficult in contrast to saving when times are good.

2. Budgeting

Making a budget for ensuring that the remaining funds don’t run out. A list of necessary resources should be given a higher portion of the budget against discretionary spending. A separate budget set aside might prove to help in case of times of economic downfall.

3. Clearing Debts

As soon as the economy starts to fall, creditors would rush to get their debts paid. But such a period might overstress for an individual living hand-to-mouth. The best way is to pay up debts as early as possible. Give creditors priority, which ensures that they don’t run behind you for their money.

4. Downsizing Lifestyle

A subscription to OTT platforms might not be essential in these times over essentials. A sugar rush could be contained but not the expenses related to education. This behavior could be inculcated even amidst better times, which should help increase savings – and help contribute to emergency funds. A frugal lifestyle doesn’t explicitly mean living hand-to-mouth but instead making conscious and wise spending choices. Sustenance is what we’re looking at. Check out the EarlySalary blog for more financial insights and tips. 

5. Diversification Sources of Income

As the sources increase, so does the income. Some extra work might make one feel burdened, but it brings with it extra money, which will always help your livelihood. Further, as the recession strikes, there is still a possibility of losing the job. Multiple jobs or any other sources ensure that the income cycle keeps going even when one of the sources has stopped.

Finances, recession,

It shouldn’t be necessarily being employed by someone; one could be employed by himself/herself. Renting out assets like a garage, a car, or an empty flat might give monetary benefits. One could use their talents to generate income, like teaching skills or performing somewhere.

6. Investment Diversification

The adage of ‘don’t put all your eggs in the basket’ aligns well here. An economic fall might mean losing more of your funds if it has been tied in the same investment. Increase and diversify your portfolio in different assets and sectors. Other than just keeping your investments in the stock market or mutual funds, look around and find other assets. Invest in commodities, debt instruments, and more. 

7. Seek Guidance from Financial Institutions

India’s Largest Instant Personal Loan & Salary Advance Platform – EarlySalary helps customers get short-term and low-cost instant loans for their needs. Whether it’s rental payments, utility payments, or even a medical emergency and education fees; Early Salary has its borrowers covered. It’s one of the few institutions that’s entirely digitized, enabling rapid access to loans within a few minutes, at highly competitive rates.

The critical secret behind recession-proofing your finances in learning and knowing. Keeping oneself aware of all significant developments in the economy might help one make informed decisions. Further, as the saying goes, ‘prevention is better than cure,’ making preparations in advance should lessen the economic downturn’s effects on your finances

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Tips for adjusting your budget when facing a crisis

After the 2008 global financial recession, this is what Martin Khor, the then Director of South Centre, wrote – “ The causes of the global financial crisis are to be found in the financial and economic policies of the developed countries, primarily the United States (US). Developing countries are not responsible for it, but they are now seriously affected”.

An ongoing crisis like the current pandemic is a looming threat to not just a particular nation, but the entire world. People panic with their finances; they don’t know how to use them in a good way.

In India, the start of the pandemic brought with it negative news. The stock market fell by as much as 30%, e-commerce platforms had to shut their operations, corporate layoffs increased, the GDP growth fell to 3.1% during the fourth quarter of fiscal year 2020 and the common public was left to fend for themselves, scared and frightened. (See Economic impact of the COVID-19 pandemic in India)

In scenarios like these, it’s paramount for people to understand how to construct their budget and get through tough times without falling into debt traps.

Understanding A Crisis and Overcoming Financial Stress

Identifying problems: What is the primary problem causing financial challenges? This could be an existing loan with high interest or an exorbitant monthly bill. Identify it first and learn to mitigate the risks. It helps in getting a permanent solution to your troubles and plugging the gaps in your financial situation.

Setting priorities: Panicky behavior is the biggest obstacle during a crisis. Considering setting priorities between your finances; and necessary expenses. Understanding the situation and listing out needs vs wants will help.

Address the problem: Stop delaying making decisions because of panic, fright, or lethargy. Don’t ignore the rat hole in your kitchen. Decide to confront the crisis and start working on it.

Developing a plan and budget: Consider creating a budget. It will help in getting your finances back on track. A detailed, well set out plan always helps in reaping future benefits.

Tracking progress: Don’t just sit back after making a plan. Execute it and track your progress. See if it works, and if not, start working on a different plan. Keep on your toes and keep working your way up.

Learning to adjust budgets in times of crisis

  • Cutting down unnecessary expenses: Ask yourself – do you need that Netflix subscription right now? Can you survive without getting yourself some sweet treats? Do you need the latest smartphone in the market?
Budget

Economics, as defined by Lionel Robbins, is summarized as ‘making choices in the face of scarcity’. This is what everyone would do well to remember, making the essential, and important choices. Consider your utmost necessities. They could be your usual groceries, paying off basic utility bills like water and electricity, or fuel charges.

  • Considering substitution: Consider this – your budget doesn’t allow you to eat out or have some sweet treats. You can’t afford expensive books or going to movies. What do you do then? You substitute them. Create treats at home, read through online open-source libraries, and watch old uploaded movies online. Substitutions might not be exactly what you desire, but it can satisfy your cravings in a cinch!
  • Staying on track with debt payments: Remember, the more you delay paying off existing loans, the more you get stuck in the debt trap. Take it slowly but ensure your debts don’t become a raging mountain. It helps to get financial help sooner rather than later because the more you second-guess your financial choices, the less you can put your hard-earned money to good use. It helps your financial stability and you would sooner come out of the crisis.
  • Considering assistance from financial organizations: Taking up this step wasn’t the norm in earlier times, but not today. There are many quality instant loan apps all around ready to help you with your cash crunch while offering a simple, easy to use interface right from your smartphone for the whole process. With proper budgeting and expense planning, you wouldn’t consider yourself into falling into any debt traps.

EarlySalary is one of the forerunners hereby being India’s earliest consumer lending platform. They have helped in getting short tenure instant loans to people in the form of salary advances and have now passed a million instant loan disbursals.

Yes, it’s no hidden secret that a crisis can be scary. But at the end of the day, all that matters is how you manage yourself and confront the crisis. Things can become hard, but we could find our way through by using various methods and techniques.

Think smart, work hard, and keep yourself stress-free!

Feel free to get in touch with us for any questions on credit, loans, and your instant cash needs! We’re listening all day on:
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