FIVE WAYS TO EFFECTIVELY INVEST YOUR ANNUAL BONUS

Appraisal season is here. It’s time to fill out the appraisal form and sit down with your manager to have “the talk.” Everyone hopes to get that yearly bonus and salary increment they have worked hard all year for

Pune: The CRISIL AAA/ STABLE and [ICRA]

AAA(Stable) rated NBFC, Bajaj Finance has once again revised its FD rates by up to 35 bps. The revised FD rates are applicable for all new deposits and renewals with effect from March 04, 2023. After the hike, FD customers (senior citizens) will have the opportunity to earn returns of 8.20% p.a. for investments between Rs15,000 to Rs5 crore, for a tenure of 44 months. —ANI

MOU s FOR GIVING ACCESS TO BETTER FUNDING SIGNED

With career growth, responsibilities grow. Ideally, one should ensure that their wealth grows in line with their future goals. Performance appraisals are usually accompanied by bonus payouts and salary hikes. One might be inclined to splurge and buy that car or the new mobile phone but if they can be judicious with their spending they can plan better for much bigger financial goals in future.

BREAK THE RULE amount can come from yearly bonuses, past investments maturing, gift from family and relatives, etc. In such a case, one must opt for the reverse 50/30/20 where 50% of additional income is saved, 20% is spent on lifestyle choices, and the remaining 30%, is allocated towards needs. It will help increase the savings component of income and allow compounding to work its magic.

Here are five ways to use you annual bonus effectively to enjoy benefits in future :

Pay Off Loans

reduce the interest burden considerably.

ADD TO YOUR SIPs

New Delhi: National Real Estate Development Council (NAREDCO) said it signed over 50 memorandum of understanding with various entities during its first finance conclave. The industry body in the statement said these MoUs between various real estate developers and funding entities would enable India to build a USD 5-trillion developed economy. The first NAREDCO finance conclave happened on Friday. The total estimated value committed on the MoUs is estimated at over USD 15 billion in which NAREDCO would play the key role of a facilitator. —ANI

SURGEONS, FOREIGN EXPERTS ATTEND 20TH ANNUAL CONF

A common rule of thumb while saving is to use the 50/30/20 approach. 50% of the salary is used for essentials and non-descretionary spending like rent, grocery, electricity. 30% on wants and luxuries like clothes and eating out, and the remaining 20% is set aside for investment. This traditional approach should ideally be tweaked when one gets a lumpsum amount. This

If you have high-interest debt looming over your head, bonus money can be a way to prepay or possibly pay off the debt entirely. Credit card debt or personal loans are typically high interest debt and should be paif off first. Interest rates have been going up off late which has increased monthly EMIs significantly. Frequent prepayment of loans every year can help

FROM ADANI POWER IN 2021-22

Gandhinagar (PTI): The Gujarat government purchased electricity worth Rs8,160 crore from Adani Power Ltd between 2021 and 2022 at tariff rates revised upwards from Rs2.83 to Rs8.83 per unit, the state Legislative Assembly was informed on Saturday.

Paying down debt and building an emergency fund are great first steps and the next best step is to consider investing for retirement. SIPs are the easiest way to invest, it promotes regular investments and maintains investment discipline. One can add a one-time boost to these investments using that bonus. The purchase of additional units to increase their initial investment amount is also available, and there are always new funds one can explore depending on their risk profile.

INVEST IN YOURSELF

The extra income can also be utilized to upskill yourself. Is there a job skill that you have always wanted to learn? Using your bonus amoun to learn that skill could be a great way to improve your earning potential at your current job and also prepare you for a better job in future. You could also use that bonus amount to learn some personal skills that can be a great source of satisfaction, too. Learning a new musical instrument or a new foreign language can all be great ways to make your life more fulfilling.

TREAT YOURSELF

Financial prudence is essential but one should not deny themselves occasional treats. Proper planning ensures that spending on something fun or luxurious does not derail future plans. One can set up a fund to start saving for goals like a vacation, and excess can be invested.

Annual bonuses are a treat and they should be used mindfully so that it improves your future, reduces your financial stress and also help you enjoy occasional luxuries in life.

We hope the performance review goes well for you and you get that well-deserved treat. However, if things do not work out well and one has to look for opportunities elsewhere, here is a guide to help manage finances in tough times.

Tavaga is everything you need to start saving for your goals, stay on track, and achieve them in time.

Build An Emergency Fund

If you do not have an emergency fund or were hit from some unexpected expenses this year then you should use your bonus money to ensure you’re covered. Financial surprises like a job loss, natural disaster or unexpected renovation can strike anyone, anytime. One should ideally build a fund worth 3-6 months worth of expenses to prepares for such emergencies. This corpus should be invested in highly liquid instruments like bank savings account, short term FDs or liquid funds so that they are accessible all the time. This can give you a back up and more importantly a peace of mind during such rainy days.

No deals were finalized during visit: Foxconn

per unit, he said. The state government revised upwards the unit rates under its power purchase agreement from the company because of a rise in the cost of imported coal, he said.

The Deal In 2007

Mumbai: The Obesity & Metabolic Surgery Society of India (OSSI) is hosting its 20th annual conference from March 1-4, 2023, at the Hotel J W Marriott, Sahar in Mumbai, with around 500 doctors in attendance from across India. The conference, organized by Dr Abhay Agrawal (Organising Chairman) and Dr Manish Motwani (Organising Secretary) is also being attended by 25 International specialists from around the world. —ANI

Responding to a starred question by Aam Aadmi Party (AAP) MLA Hemant Ahir, state Energy Minister Kanu Desai said that in 2021-22, the government purchased 11,596 million units of electricity from the company for Rs8,160 crore. The charge was revised upwards month-onmonth in the range of Rs2.83-Rs8.83 per unit, he said.

In 2007, the state government had signed an agreement to purchase power from Adani Power Ltd for 25 years at levelized tariff rates of Rs2.89 and Rs2.35 z In 2007, the state government had signed an agreement to purchase power from Adani Power Ltd for 25 years z At a levelized tariff rate of `2.89 and `2.35 per unit z The state govt revised upwards the unit rates

Since the project was coal-based, the said power company was not producing energy in full capacity because of “unscheduled increase in the price of coal sourced from Indonesia after 2011”, Desai said.

First India Bureau

Taipei: Taiwanese tech giant Foxconn confirmed on Saturday that its chairman had visited India, but denied it had "entered into any binding, definitive agreements" after reports saying it was planning new investments in the country.

Also known by its official name, Hon Hai Precision Industry, Foxconn is world's biggest contract electronics manufacturer and a principal assembler of Apple iPhones. Both companies are seeking to diversify away from China, where much of their manufacturing is based. Foxconn said that no deals had been finalized during chairman and CEO Young Liu's visit to India from February 27 to March 04.

Investors’ summit deals will create 6 lakh plus jobs: Andhra CM CM REDDY SAYS

Vishakhapatnam (PTI): Andhra Pradesh has garnered investment pledges worth Rs13.05 lakh crore with a potential to create over six lakh jobs during the two-day Global Investors Summit (GIS), Chief Minister YS Jagan Mohan Reddy said on Saturday.

Speaking at the valedictory ceremony, he said 352 agreements were signed in 20 sectors, out of which the energy sector stood out through 40 deals and pledges worth Rs8.84 lakh crore with a job creation potential of 1.9 lakh, he said.

"In the IT & ITES sector, 56 MoUs were signed, amounting to Rs25,587 crore of investments and will generate employment for 1,04,442 people. In the tourism sector, 117 agreements have been inked for an investment to the tune of Rs22,096 crore, that will create employment for z Renewable energy sector was one of the sectors which drew significant investments z These investments would take renewable energy generation a long way

30,787 people,” said Reddy. Further, he pointed out that renewable energy sector was one of the sectors which drew significant investments and these would take renewable energy generation a long way.

The festivals are enjoyable, not just because of the culture and traditions associated with them, but more because we celebrate them with our family and friends.

— Dr Jagdeesh Chandra, CEO & Editor-in-Chief, First India

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