Be Happy instead of Rich!

How many times were you ready to compromise your free time for making more money? Prioritizing money might deliver that temporary pleasure of fortune, but in the long run, it might actually undermine your happiness. Of course, this doesn’t mean you have to deny the salary raise you have been offered or give away all your wealth. It is true that making more money could give you happiness, but the way you utilize it shapes the joy you get out of it. 

A recent survey on more than 500 people in the UK, showed that people with more money in their savings account were happier than those who saw depressingly low numbers every time they visited the bank. Some people might argue saying wealthier people are happier, forgetting the fact that with increased wealth, there is a surge in the lifestyle. With the surplus money, you end up buying more and more things, and to make space for these, you might end up buying a bigger house, and the list goes on. You might eventually reach a point where the ‘surplus’ money, which was giving you happiness, isn’t even surplus anymore, due to the change in lifestyle. 

In that case, the idea of saving cash could be intimidating. You might get anxious about cutting down on your expenses, creating a budget plan, and might even end up sacrificing on things. Always ask yourself:

  • Is what I buy essential for me?
  • If not, is the expense genuinely worth it and brings happiness?

By this method of approach, you can cut down on unnecessary expenses and manage to maintain your money. Especially if your answer to the second question is no, you need to sit back and take a break from those expenses, at least for a few weeks. By now, most of you all might have this question in your head. Afterall, what is the right way to spend money, and still be happy?

Spend on experiences

It is normal for us to spend money on things that aren’t necessary for our survival. But, is it good? Is it worth it? If you are spending money on experiences that are going to give you a lifetime of memories to cherish, then definitely yes! Buying materialistic things such as clothes, gadgets, etc., might give you satisfaction for a while, until they get worn out. Experiences on the other hand, even though might seem a little expensive, gives you life-long happiness, rather than just being satisfactory at the moment. With the help of EarlySalary, you don’t have to worry about the expenditure. You can now pay all your bills and cover all the last minute-payments with the help of EarlySalary’s products. You can get instant cash loans up to Rs 5,00,000 for a tenure of up to 24 months. It comes with zero prepayment charge and you will get your loan amount transferred directly to your bank account.

Invest in time

In your busy lives, you might find it hard to make time for your leisure or have fun with your closed ones. Apart from your job, smaller things such as running errands for the home, cooking, etc. could consume a lot of time of your day. Instead, you can make use of delivery services to get your food, groceries, and other supplies delivered. There is no doubt you would be spending a little more money than how much you would have spent if you had done it by yourself. At the end of the day, you will be successful in buying yourself some quality time, so why not?

Invest in others

You could use your extra money in gifting something to someone, helping out a stranger facing some trouble, or even donating it to a charity or NGO. Although spending money on yourself is more tempting, several studies have proven that you are more likely to not regret spending money on someone else. Even research shows that giving away a little might also boost your mood. This might not apply to everybody. This is something somebody should do out of interest, and not because of any external force. 

The Fulfillment Curve

Source: pinterest 

The figure shown above is called The Fulfillment Curve. It depicts the level of happiness that comes along with more and more money. The curve consists of four parts. Let us look at each one of them in brief.

  • Survival

This simply means, you barely have money to buy necessities and even a little amount of money is going to bring in a lot of happiness. You will be much happier just by availing your basic needs such as food, clothes, and shelter.

  • Comforts

Once you start making enough money for basic necessities, you will start investing money on your comforts such as sofas, bed, extra pillows, second or third pair of jeans, etc. These purchases too, bring you immense joy and happiness as you get the satisfaction of making more than necessities. This section of the curve is still considered to be positive, where money is still bringing you happiness. At this point, you will start towards becoming rich.

  • Luxuries

Eventually, your comfort expenditure starts to expand. From buying one chair, to two or three extra chairs, from a small house to a bigger one, and probably ten extra pairs of jeans. These aren’t comforts anymore, they are luxuries. They make you so happy, that you will end up wanting more and more, eventually pushing yourself to the peak.

  • Overconsumption

Now that you are rich and you have reached the peak, you will start buying unwanted things and invest your money that might hardly give you any happiness. You uncontrollably start spending on things that are going to be a burden for you. The money which was once enough to buy you comforts and even luxuries, and make you happy, will push you further and further towards stress, in order to earn more money. If this goes on, it will be a never ending cycle, and you will end up with zero happiness with all the money that you’ve earned.The best section of the fulfillment curve is either the comfort or the luxuries section where you know you have enough. It is extremely important to know that you have enough money that would be sufficient to bring in happiness.

When will you know you have enough money?

When your spending and your happiness is equally balanced, and when all your necessities are fulfilled, that is when you know you have enough money to be happy. It is better to have enough money, than to be rich, that would eventually push you towards an unhappy life. You will feel content when you have enough, which is not too little, or not too much.Well, there is no simple answer to what ‘enough’ is. It’s a fairly subjective concept, after all. It is upto your realization, when you reach the luxuries section in the fulfillment curve, that you have enough money.Take time to analyse your income, your expenditure and what your ideal ‘enough ’would be. Work towards it, and never, ever, push it further ‘enough’.

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Money & Happiness: The Perfect Relationship

Ever asked friends and family the sutra to be happy? Relationships, values and other non-material things must have surely made it to that list. Plus, they would have also said that money can’t buy happiness. Guess what, a recent study shows that money can indeed make you happy. Yes, a study by Mathew Killingsworth corroborated another 2010 Princeton study and showed that increased earning equals increased happiness. The new study reveals that higher earners continue to experience greater “happiness” as their income increases beyond $75,000 and that well-being rises linearly with income.
In this blog, we unfold the perfect relationship between money and happiness and share ways you can be more satisfied with relation to money. 

1. There’s No Free Lunch

There’s nothing called free lunch in this world. After all, it is with money that you can fulfil the lower needs of food, shelter and security on Maslow’s Hierarchy of Needs pyramid. In purely economic terms, more money places you on a higher utility curve as you get more choices. Money can help you achieve success materialism and shift your mindset to enhance economic motivation that is your drive to work and improve your well-being. 

2. Financial and Emotional Well-being 

Tough times come to us when we least expect them and steal us of our happiness. However, when you have a rainy day fund,  you have a cushion against the worst and be in better control over the situation. Supporting your loved ones in crisis requires emotional and financial well-being and if you have both, they feel more reassured. 
The thumb rule is that you should have a buffer equivalent to 3 months of your basic salary to have greater autonomy whenever there’s a dilemma.  

3. Happiness of Giving

A 2008 study showed that money is correlated with happiness when spent on others. Remember that time when you gave her the first gift or took them for a vacation? Spending on others gives a sense of fulfilment and why not, we are all social animals who have an affinity for healthy relationships with others. After all, money is what you need for the joy of giving in philanthropy and for connecting better and stronger social ties.

Spending money on experiences makes you happy because you share those moments with your spouse, partner, friend or family. If you are waiting to buy an experience worth sharing but not sure how to fund it, get on to Fibe now to get the necessary financial support. We can help you with an instant loan so you don’t have to wing it alone. 

4. Golden Triangle of Happiness

The golden triangle of happiness puts relationships, financial control and sense of purpose at the core of satisfaction and wellbeing. If you are capable of meeting your financial commitments such as bills and payments, you feel more comfortable with your current situation. 
Savings help you enjoy life while building resilience for the future. Make sure you actively save, do budgeting and not spend mindlessly. You may or may not have been bestowed with a fortune but, you can build yourself wealth and close the gap through financial planning. 

5. Money is Just a Means and not an End

What matters the most is how you choose to spend and earn money. There are not many “millionaire next door” types, so you should know how to live within your means, save and invest money like it’s your second  job. In crazy times like these, where millions lost their jobs, saving and investment are worth their weight.  

Just put together all the studies and you’ll realise that it is safe to say that money and happiness can be the perfect relationship. Whilst, you should know that no amount of money can give you happiness if you don’t know how and where to spend it. Financial goal setting should be in line with your core values. There’s no cookie-cutter approach to it, so make sure your decisions support your life goals.

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Here’s How To Tackle Your Compulsive vs Impulsive Shopping Habit

To a great extent, we all get excited by consumerism but some fall prey to compulsive and impulsive shopping behaviors. While most of us think a lot about money- how much we have, how much we need, how to get more, etc., we still end up messing up our finances and budget. Given the importance of money for our own lives and of our loved ones, the one easy thing that you can do to take charge of your financial health is by tackling your compulsive and impulsive shopping habit. 

This blog will help you identify if you are a compulsive shopper, introduce various ways to tackle your shopping habits and help you avoid the most common mistakes that people make while making shopping decisions. 

Who is a Compulsive & Impulsive Shopper?

Compulsive shopping habits are addictive and make you spend more. It is more common among women and can even cause psychiatric disorders like anxiety and depression. The most common causes of this habit are perfectionism, OCD (obsessive-compulsive disorder), a way to fill a void in life or just the need to be in control. Some signs of a compulsive shopper are:

  • You think about shopping all the time
  • You tend to ignore loved ones and prioritise shopping over everything
  • You have failed to get over this behaviour and becoming anxious about it

On the other hand, impulsive shopping is buying without planning. For example, if you are enticed by the 4 letter word- Sale and end up buying without having planned for it or even without needing it, you are an impulsive shopper. If you succumb to an urge in the moment, then you may be guilty of this habit. Digital marketing and ecommerce mix emotions with data science and tap this behaviour. They help you channelise and cope up with your feelings through shopping and ordering and give you instant joy and satiate your temptation. 

How to Tackle Your Shopping Behavior

A. Track and Note your Spending Habits

Record every purchase you make to help you understand the pattern, triggers and times when you feel most tempted. This will also help you trace purchases made for needs vs those for wants. If you always break your monthly budget then this may be the best time to begin tracking purchases through a journal.

B. Avoid Flash Sales

The urge to shop is triggered more when there are sales. If you feel like kryptonite during sales, then mindful spending can be done by either carrying limited cash or limiting the spending limit on your credit or debit card can help you take control of impulsive shopping. Unsubscribe from the mailing lists that entice you with sales ads. 

C. Ask for Help

Prepare a list of items you need, handover your wallet to your loved one and ask them to ensure that no item you add to the cart is out of the listed ones. This way you make money access tougher, increase the time spent on buying and thereby, spend more time reflecting on the decision. Act on the root cause of your impulses and triggers, know whether it’s a weapon to express anger, to feel more secure or soothe yourself. Engage in some side hustle such as blogging, cooking, or any other hobby to look away to channel your energy elsewhere. If you are one of those for whom when the going gets tough, the tough goes shopping, then train your mind to do something else and avoid browsing shopping apps which make you more vulnerable. 
So the next time you face a major decision while shopping, keep in mind the above tips and make informed and hopefully, better choices. At a minimum, we believe that shopping decisions can impact your financial affairs, so take charge now and never succumb to these habits.   

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How To Take Care Of Your Women Employee In your workplace

While our country advances and the GDP of the country is on a steady rise ever since 1991, the participation of women in the workforce has been seeing a declining trend. From the year 2004- 2005 where it was 42.7 percent, it has fallen to a mere 23.3 percent in 2017 to 2018. According to the latest World Bank report, it has fallen to 20.3 percent in the year 2019. 

This just goes on to show that special efforts must be made to improve the position of women in the workforce. Women employees should be encouraged to progress and to excel in the so-called man’s world.

Tips to take care of women employees in the workplace

One of the most important functions of any organisation is to treat all its employees equally and take care of growth opportunities for all the people working there. Here are a few tips that you can keep in mind to promote the growth of women employees in your organisation:

a. Have pro-women policies at workplace 

The organisational setup and the policies are made keeping a predominantly male workforce in mind. Few changes need to be made to accommodate the women employees as well. This can go a long way in providing them the requisite impetus for further growth. 
For instance, Zomato India recently announced upto 10 leaves to the women and transgender employees on account of “Menstural Leave”. 
Other changes such as parity in incentives and pay, equal opportunity for promotion et al also needs to be ensured as the same are enshrined by way of a fundamental right in the Constitution of India itself. This would ensure that they can break the glass ceiling that is imposed on the growth of the women employees in various organisations. 

b. Flexible working options 

Most women employees have additional responsibilities at home and a bigger share of the household chores as compared to her male counterparts. Therefore, options like Work-from-home, flexible working hours and target based working. 

c. Onsite childcare facilities

As an extension to the previous point, the responsibility of childcare also falls predominantly on the women. The organisation can provide a creche or childcare facility in the office itself. This can really help women employees with young children to effectively manage their work with the responsibility of their child, especially in the metropolitan cities where most families have a nuclear family set up and do not have the extra hand of help with the childcare from their relatives.

d. Give extra importance to women safety

More and more women are working late nights and even opting for graveyard shifts. In such a case, the organisation should be proactive in placing a few checks to ensure that their women employees are able to safely reach their homes. A lot of organisations offer special cabs for pick up and drop of their employees, surveillance within the office and its compound etc, among other things. 
Not just this, the organisation should also have an effective system to keep a check against the sexual harassment at workplace. After the #Metoo movement, several cases of sexual harassment at workplace came to light in highly reputed organisations as well. 

Therefore, keeping up with the compliances under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act 2013 is a must. In addition to this, the HR should have an open door policy for any woman who wishes to complain of any act of such nature and utmost importance should be given to making a safe environment for her to talk about her experiences, without having to worry about any sort of backlash. 

Concluding words 

More and more women are stepping out from the comforts of their home and venturing out to have a career of their own. It is pivotal that apart from any other thing mentioned above, all employees, men or women, should be treated with respect and dignity. It is important to make the women employees feel that they are an equal to their male counterpart and that their contribution is equally paramount to the organisation. This is not only important for the organisation but for the country at large.  As it was rightly pointed out by Michelle Obama, 

“No country can ever truly flourish if it stifles the potential of its women and deprives itself of the contributions of half of its citizens.”

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Signs Indicating The Need For Financial Health Checkup

Financial planning can be a tricky business. Managing finances is not really as simple as it seems and sometimes you may hamper your financial health without even realizing. 

Your overall financial health comprises several things such as: 

  • Your credit score, 
  • Your investment portfolio, 
  • The liquidity of your assets and 
  • The amount of savings and emergency funds. 

A perfect balance of all these factors, though desirable, is very tough to achieve. So don’t kick yourself too much if you struggle. Here are a few signs that you should watch out for and reevaluate your financial health in case  you can see a few of them: 

1.You have a Low Credit Score 

A credit score depicts the creditworthiness of an individual. It takes into account your past credit transactions, its repayment et al and depicts whether or not you are a reliable borrower. In case you have a low credit score, it means that you are a risky borrower and you will have trouble getting any form of credit. Even in case you do get the credit, it would be at a significantly higher interest rate. 

You can use our credit score calculator for free and while sitting within the comforts of your home. 

2. No emergency fund 

Saving and setting aside some part of your income every month for a rainy day in the future is pivotal. The importance of an emergency fund was felt extensively during the COVID 19 pandemic were a lot of people incurred huge unexpected medical expenses while not having a job or having salary cuts. 

In case you do not have an emergency fund for any contingent needs, it is definitely time to reconsider your financial plans and take a thorough look at your financial health. 

3. You are stuck in a vicious debt circle 

Borrowing money can help tide over some emergency expenditures and with the advancement in the fintech sector, getting a loan has become as easy as ordering food online. However, in case you are borrowing money to return older loans or pay your credit card bills, it is safe to say that you are stuck in a debt trap. If that is the case, you should replan your finances or consolidate all your debts for easier repayment. 

To know more about how to restructure your debt and consolidate it, refer to one of our earlier blogs here. 

4. You are living paycheck to paycheck 

In case your income is just sufficient to cover whatever expenditures you are earning and you are not saving anything, it can cause a lot of trouble to your financial planning. This is because saving is the bedrock upon which all future financial decisions and investment prospects rest on. 

Therefore, if by the end of the month you are broke, it is time you reconsider your financial health or think about supplementing your current income with some alternate income stream. 

To learn more about how to save from your salary, read one of your earlier blogs here. 

5. Your net worth is stagnant or declining over the year 

If your net worth is declining then it is a dead giveaway that your financial health is not optimal. Net worth is essentially the sum total of all the assets and the income that those assets are generating in a specific period. 

In case your net worth is not rising, chances are that there is some problem with the way you are planning your finances. In such a case, you should definitely reconsider your financial goals or even consult an expert about replanning your financial goals. 

Concluding words

It is extremely important that you get started on your financial goals from the very beginning. At the end of the day, it is about making the right financial choices.   

If the magnitude of the task is bothering you,  simply visit our website and put all your worries to rest. We, at Fibe, provide several financial services school fee financing, instant personal loans, medical emergency loans and a plethora of other services with no hassle and at just a click of a button. What are you waiting for? Partner up with us and take care of all of your financial wellness needs. 

Get started on the Fibe experience now!

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Financial Habits In Your 20s That can Make You Rich In Your 30s

Whether you are a young graduate, a small business owner or a professional in your 20s, the desire for a good lifestyle is common. However, that lifestyle you aspire cannot be sustained by many unless there is a steady fire hose of regular cash flows. This is why you need sound financial habits that can catalyse your meticulous and consistent hard work into wealth. 

Myths about becoming rich within months followed by the shiny, glittering social media images abound us. Becoming rich is not a matter of luck, but about setting goals, ignoring distractions and most importantly- ignoring naysayers. While you may not be amassed with a fortune, there are ways to create one for yourself with time. In this blog, we share the 5 financial habits that you can adopt in your 20s and become rich by your 30s. 

  1. Track your Spendings

Take a long hard look at your spending patterns. If you are an impulsive shopper, then you should know that the idea of becoming rich in your 30s is a real stretch. Start with record keeping of every expense you make such as grocery, leisure, fees levied on your credit card (unlike on the Fibe Salary Card), subscriptions, etc. While setting personal budgets, first set aside the money you’ll need to fulfil your financial goals and then spend the remaining amount. 

2. Buck the Short-Term Market Noises

With the financial markets sending mixed signals with rising crypto fever, fiscal stimulus, inflation risk or fluctuations owing to economic and political instability, you need to ensure that your financial decisions are based on fundamentals and not market rumours. Leveraging volatility is an art, we suggest you sit tight and ride the market when you are well-armed with information and a money corpus that can act as an insurance.

3. Invest 

If you think that socking all of your money away can make you rich in your 30s, then you are mistaken. You need to diversify your money through a well-rounded investment portfolio that provides passive income. Explore and invest in instruments that you understand well. Allocate resources as per your risk appetite and never be greedy. After all, getting rich is easier than staying rich. Leverage the power of compounding and rotate your money to earn higher returns that beat inflation. It’s the snowballing effect with multiple income streams.

4. Avoid Debt for Debt

Live within your means or else debt will trap you. Learn to fight your impulses as you would be left with nothing but the regret of wasting money and the opportunity to earn more. If you have bad debt, know that you are paying higher monthly interest rates. Avoiding bad debts in your 20s is like a heuristic. Develop the habit of evaluating debt decisions by determining whether they are conducive to your overall financial goals. 

5. Earn and Create Wealth

Your income is not equal to the wealth you have. Accumulate wealth in your 20s and earn returns. Indian tax laws incentivise long-term investments, so invest in real estate, bonds or ETFs to accumulate wealth. They can reduce your overall tax liability with concessions and deductions. Prioritise financial stability and allocate any raises you have in a fixed ratio, say 80:20, wherein 80% is into wealth creation and the rest to spend now. Apportion some portion to high-growth instruments like large-cap equities. 

Who wouldn’t want to make astronomical returns? But let’s agree that expecting king-sized returns without these habits is a recipe for disaster. While there is no exclusive path to becoming rich, financial habits instill financial discipline and help you become more objective in money matters. 

With all of the 5 habits above as the backdrop, there are instances when one may need external support to fight the cash crunch. We, at Fibe can help you with financial wellness ideas, credit, or personal loans to fulfill instant cash needs!

Download the instant loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Tips To Do Budgeting With A Variable Income

Knowing budgeting tips can help you manage your finances better. This becomes especially crucial if you are one of the 31.8% of urban Indian workers who are self-employed or work as contractors or freelancers. In such employment, your income is proportional and related to your work. As a result, determining or predicting your monthly income can be challenging. 

Assume you work in the sales industry. Here, your monthly income depends on your commission, which can vary depending on various factors. Similarly, if you work in the service industry or a job with rotating and hourly schedules, your work duration can vary, making your income variable. One way to navigate this is to know how to make the budget. A budget will help you plan your resources and manage your money for better financial health. 

Also Read: Why Your Employees Should Be Helped With Budgeting

Read on to learn some successful budgeting tips for a variable income. 

1. Create a baseline budget for every month

If you are wondering how to do budgeting for variable income, a baseline budget is the place to start. A baseline budget refers to the bare minimum budget, which includes the total amount of necessary expenses. The total is also the minimum amount of money you need to make or earn each month. 

This budget usually accounts for necessary utilities and bills such as rent, food, water, and transportation. It is crucial that you do not include non-essential expenditures, such as eating out, shopping, or entertainment, in your baseline budget.

You can use several online budgeting tools and templates to create your baseline budget based on your variable income. These help you categorise past expenses and determine how much you spend each month on necessities and essential items. 

2. Prioritise monthly expenses based on your variable income

Prioritising your monthly expenses based on your variable income is the next step after creating a baseline budget. This is crucial as it can help you figure out what you need to pay first and what can be taken care of later, such as leisure-related expenses. 

Under this budgeting strategy, you need to determine what bills you need to pay first, second, third, and so on. This has to be in the order of importance and overall value. To create a comprehensive plan, you can also rank them by their due dates. 

Assigning priority can be game-changing because it ensures that you adequately and appropriately allocate your money to top-budget items when you get paid. It also ensures you can still pay for the essential things with your variable income, even if your paycheque does not cover every aspect of your budget. 

So, assign your monthly expenditures along the lines of what is necessary and crucial, such as your electricity bill and rent, and what you can let go of temporarily, such as eating out and that monthly Netflix subscription.

3. Plan better for the future months when you earn more

Finally, having a variable income also implies that there will be months when you will earn more and planning out your expenses wisely during those months is crucial. Suppose you earn more than your average variable income in a certain month. 

In that case, you first pay for the essentials and then set aside a percentage of the remaining money to create an emergency fund. This budgeting strategy ensures that you have something to fall back on when your variable income is dwindling or is less than average. 

This also helps you prepare better for unprecedented events, especially if they require you to spend a substantial amount of money. It is crucial to add a small part of your variable income to your emergency account each month before you reward yourself with leisure and non-essential services. 

It is important to remember that formulating a detailed and meticulous plan is the first step in knowing how to do budgeting with variable income. This will help ensure you make the most of your income every month and take the necessary steps to secure your financial well-being. 

In case you run out of financial resources or face an emergency even after using these budgeting tips, Fibe’s Personal Loan can help. With this loan, you can get instant financial assistance at attractive interest rates, with a simple application process that requires minimum documentation. 

Download the Personal Loan App or log in to our website to get affordable funding of up to ₹5 lakhs.

FAQs on Budgeting Tips with a Variable Income

What are 3 examples of variable income?

Some examples of variable income include commissions, bonuses, or the income of an hourly worker with fluctuating work hours.

What is a variable income?

A variable income is when the compensation one gets is not fixed and fluctuates each month. In simple words, you may not earn the same amount every month.

What are the sources of variable income?

Bonuses, commissions, hourly wages, grants earned from equity compensations, freelance income, and business distributions are some sources of variable income.

Teach Money Lessons To Your Teens

Do you ever look back at the things you did in your teens and wonder if you could have done them differently? It’s that age when we feel that the world is our oyster, and we often act impulsively. Well, breaking bad habits in adulthood is tough, which is why it is important to teach your teens good management skills that they would need in life. One such skill is money management. While your children are still in their teenage years, it is much easier to mould them into money-wise stewards of tomorrow with financial literacy.  

As parents, we never want our kids to make the same mistakes as we did. Let’s not forget that they would have to charter their path, make mistakes and learn. However, what you can do is help them side-step the pitfalls you had experienced. In this blog, we highlight the 5 money lessons that you should teach your teens.

a.Involve them in Monthly Budgeting Exercise

Involve your teenagers to actively listen and participate in the budgeting exercise. This is an excellent way to teach them how to save money and the value of saving. You can start with something as simple as explaining your budgeting process and how much things cost as a percentage of the monthly budget. Don’t overwhelm them with price tags. Instead educate them with the worthwhile options. As they grow older, you can also discuss the trade-offs made and the future returns from delayed gratification. However, make sure you breakdown your budget and discuss areas that are okay to talk about with your teens. 

b. The Art of Saving

As your teens prepare for higher education, it’s the right time to introduce the concept of saving for short-term goals versus long-term goals. Teach them the power of compounding through compound interest. Teach them using specific examples of how money can double in a shorter time duration and how with saving they can fulfil their more expensive wishlist. This has the dual benefit of checking on the impulsive buying behaviour and instilling long-term vision and planning attitude in them. 

c. Experiential Lessons

Do you give pocket money to your kids? If yes, then this can be the beginning of their relationship to money and influence their behaviour with money. Limited pocket money can empower them and make them responsible for their decisions. You can even open a bank account in their name and expose them to various aspects of banking. Alternatively, you can take them shopping at the grocery store. This way they can see the family’s budget, induce them to compare prices and then make money decisions.The What,

d. Why and How of Debt 

As your teens progress for higher studies, debt may be required sooner and sometimes life may tumble because of a medical emergency, unexpected house repair, etc. This is when debt may come in handy. Educate them about the prerequisites for taking debt, responsible credit behaviour and the difference between good and bad debt. Teach them about the common tools lenders use for due diligence and credit decisions so they can build a good credit score from the beginning. 

e. Goal Setting

Saving and spending wisely is important but what’s even more important is goal setting. Ask them what kind of lifestyle they want in future, a timeline for their goals and educate them about what they need to do to keep up with those lifestyle choices. This can motivate them to think long-term, begin planning and act accordingly. 

As per T. Rowe Price’s 2019 Parents, Kids & Money Survey, 75% of kids wished that their parents had taught them more about money, and 72% reported that their parents are “always worried about money.” Such statistics are not uncommon, so begin money lessons for your teenagers early as they could have a huge impact on their financial trajectory in future. 
With all that in mind, there are times that even we as adults need financial help to strike a balance. We, at Fibe, can help you with financial wellness ideas, credit, or loans to fulfil instant cash needs!

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.

Transcend Boundaries, Straighten Finance: #YouGotThePower

From juggling household errands and office chores, from being a daughter to a sister to a wife to being a mama, she goes around heroically vanquishing every barrier in her path. 

This Women’s Day, as we commence our campaign to applaud “her”, we urge you to join hands with us, to empower, exemplify, educate and encourage women. Let’s whirl our words “#YouGotThePower” into a thunderous voice.

Since forever and a day, the survival of the fittest has persisted. In this epoch of materialism, none can deny that money keeps you at par with those around you.

Why women have got to appear at the financial forefront

Priyanka Chopra Jonas put it just right- “No matter where you go in life or who you get married to, you have to be financially independent – whether you use it or not.”

How many times have you canceled taking off on that holiday or buying that costly dress you couldn’t take your eyes off of or held yourself back from splurging on that beauty or hair treatment? 

Well, we got good news. You don’t have to worry about shopping on Amazon, or scheduling the voyage on MakemyTrip as we at Fibe let you directly spend money there!

If you crave to revisit or undertake to study something you have often wanted to, but the packed finances constrain you, our education loans are just the answer.

As we age, with the lines on our faces, our healthcare needs arise. With the government supplying tax advantages to women who invest, it’s time for the females to talk money.

Being a caregiver shouldn’t restrict you from spending on yourself or saving for trying times. Did you too overlook the fact that women presently control up to 85% of household spending? That puts them on the map as they are in charge of more than $5 trillion, in the United States alone.

What do the stats say?

In India, the average male life expectancy is 67.4 years while the female is 70.2 years. 

Post-retirement, or even now, women have more expenses to take care of.

If the husband, unfortunately, passes away earlier, we would hate for you to stumble with finances. With family assistance diminishing in present times, it is now on women to take their care in the later years of life. Women have been kept miles away from taking decisions, especially monetary since times unknown. This has continued even after Independence.

One-stop solution

At EarlySalary, we believe in doing our bit for the goddesses we commonly forget to revere.

Every woman out there is entitled to know her net worth. With zero prepayment charges and loans up to ₹ 5 lacs, we have your backs. 

Nervous about the hassle of paperwork, standing in line, and numerous visits to the bank? What if we tell you that you can apply in just 10 minutes? Yes. What’s more, is, you can rapidly transfer to and from your bank account, with a couple of taps on the screen!

Now if you don’t want a loan right away, wouldn’t it still be good to have some in store for a mishap?

In case you are wondering, our signing-up process is as simple as it gets. Within 10 minutes of downloading the app, you can transfer that currency to your bank.

Here’s how. Register with your mobile number, fill in the deets and as soon as you get the approved limit, you are good to go! 

You no longer have to depend on your husband or your salary as we let you pay your child’s school fee in EMIs too! The cherry on top is that low-cost EMIs are available on travel and shopping loans too, as we attempt to give you wings to fly!

As soon as the pandemic’s over (or even if not) and you feel like swiping a card at the salon or your favorite restaurant, we have for you, the salarycard! Acceptable pan India, with adjustable EMIs on every transaction and no renewal or prepayment fee this is surely the best gift you will have ever received!

With ever-increasing responsibilities and even the simplest of things costing us all money, why not let the woman (or men) in your life, feel being looked out for? And what’s better than this International Women’s day to express how much you adore her? For the women reading this, it’s time you call the shots.

Cheers to the new horizons of womanhood!

Happy Women’s Day from ours to you and yours!

Download the instant loan app here, or log in to our website and be a part of the #OneSmallStep experience.

How to ask for a raise

Asking questions makes people nervous, and asking for a raise, more so. Those moments could be nerve-wracking and stressful. It seems like an extremely difficult task where some employees wait for several months before asking for a raise.

Asking for a raise might be necessary, albeit being an uncomfortable task, so we, at EarlySalary, have some tips for you. 

Prepare

Anything important requires preparation and is especially crucial when asking for a raise. You should be sure about the claims you make and ensure the timing of the meet is crucial.

  • Positive testimonials: Keep a folder of all the positive comments you have received from your superiors, colleagues, and customers. Check on that track record in certain periods. This will also help in your improvement. 
  • Consider what you bring to the table: In the long run, how would you contribute to the organisation to be worthy of the raise? This question will definitely be in the minds of your superior, and so should it be in yours. 
  • Knowing your worth: Consider certain factors like the job description, the tenure you have been serving for, your current salary, and other related factors to find what you should ask for. Try researching how much a similar role is offered by other companies in the market.  
  • Data is the key: Statistics and data backing up how valuable you are to the organisation can really help convince your superiors in giving you a raise. 
  • Correct timing: You cannot just barge in your superior’s office asking for a raise while they might be busy with some prior engagements. Ensure their availability before you approach the topic. 
  • Practice: You can record or practice in front of the mirror. Or you can even have someone role-playing as your superior to help you prepare. 

The D-Day

Once you’re confident about your preparation, you can go ahead and ask for that raise. However, preparation alone is not enough. Make sure to keep the following tips in mind when approaching your boss for a raise. 

  • Introduction: Go with a formal opening instead of directly asking for raise. It doesn’t have to be detailed, but make sure your crisp opening has the necessary substance. Keep it short, sweet, and simple, as it is better not to beat around the bush. Their time is as valuable as yours. 
  • Be ready to take more responsibility: If you get a raise, it is extremely probable that it comes with additional responsibilities. Understand what the organisation might need and attempt to pitch yourself for that position along with the raise.
  • Proactive communication: Try to shake off the nerves and communicate proactively with your superiors. Tell them what you need, what they can expect out of you, and be receptive to the feedback they give. 
  • Pull out your folder: While modesty is often a prized quality, make sure to talk (not boast) about your accomplishments to your superiors. Demonstrating the work you have done will certainly help in your case. Make sure to use as much data as possible, and make use of numbers. 
  • Be ready for the hard questions: You have served the company well, and your superiors are sure to appreciate the fact. However, be ready for any hard questions and substantiate your answers with facts and numbers. 
  • Confidence and Gratitude: Be confident and specific and express your gratitude to the panel or the person with whom you are communicating with.
  • Knowing how to respond in case of a NO: If it’s a no, remember to learn how you can get better..  Try to ask for feedback and constructive criticism, and make sure to implement them in your work before you ask for that raise again. If the answer is maybe or not right now, you may try to follow up at certain intervals with prior appointments with them.

Irrespective of whether you get a raise or not, make sure to take that in stride. If you get a raise, don’t let it get to your head, and if not, don’t get too dejected. If you really feel that your work is not valued enough, and you are rejected for a truly well-deserved raise, consider taking a look at similar roles in the market, and see how much they offer.

If you were really looking forward to the raise, looking for your next lifestyle upgrade, Fibe will always be at your rescue. With an instant transfer to your bank with no prepayment charges, you can avail of up to Rs 5 lakhs from their easy-to-use platform. Their instant cash and instant loan products aren’t limited to just personal loans, but you can get loans for even the basic needs such as paying your utility bills!

Download the personal loan app here, or simply log in to our website and be a part of the #OneSmallStep experience.