Are the Late 20s The Most Financially Stressful Period of Your Life?

As any 20 something having lived in the 2010s would concur, financial planning and money management is a critical skill to have in today’s day and age, perhaps more than in any period before. It’s a common belief that your late 20s are the most financially stressful years of your life. Which is partially true. There’s something that can be done by everyone to reduce financial stresses with good money management. 

Over the years, increased population, inflation, and economy, it has become increasingly difficult to achieve, let alone maintain, financial stability. This is especially true for people in their late 20s as they are at the beginning of their careers. Many also take education loans for advanced studies or starting their own businesses.  This is the first time people in their lives are earning a decent amount of money and are responsible for it, so it’s expected that they are naturally careless about it. 

Another reason that these years are especially difficult financially is the rate of inflation and rising prices rarely ever matches the rate at which people’s salaries or paychecks are increased. A major portion of the newly graduated work in large corporations based in expensive metropolitan areas, which tend to increase their living and operating expenses by significant amounts, then say living in small towns where expenses tend to be frugal. An important factor here is also peer pressure and the burdens of social media. In today’s digital world, people are in a constant race to indulge in consumerism, often for the sake of perceptions. This lifestyle is especially appealing to the youth, but it doesn’t mean it’s financially responsible. 

Credit cards also enable many to live beyond their means. They lead to unexpected debts though, and it’s important to remember that credit card debts are no joke. We’ve even done a dedicated post on their perils here. Interest rates on credit cards can be ridiculously high. 

Another critical issue that merits a mention is the rising prices in the housing sector. The rates of properties have been on a one-way trajectory in almost all urban and metropolitan areas – again, the areas where a majority of graduated youth work. Buying a house in cities has become practically impossible even for someone with a very well paying job. It’s something on every youth’s mind, as owning a house is a standard by which the success of a person is still judged in society. All of these factors combine to make the late 20s a really stressful period in anyone’s life in today’s economic world. 

Financially stressful

However, with a little bit of help from a proficient financial planner or accountant, all of these things can be handled pretty easily. Here are some very important steps that people in their 20’s must follow to ensure financial freedom and independence for their future years to come. 

  1. Start living within means: The hard, but most effective way to keep a check on expenses, and maintain savings in today’s economy. And this is just the first step. People should do their best not to spend more they make in a month, or it could trap them in an endless cycle of debt repayment. 
  2. Stop using credit cards: This is one of the best actions you can take to stop wasteful spending – skip credit cards, or even cancel your existing ones. Almost all the stuff you purchase with a credit card, you could with the debit alternative. Or, if you’re short on cash, from instant loan apps that offer far lower interest rates. 
  3. Formulate a financial plan: A clear financial plan with objectives, tabs on expenses, and more is crucial when you start out your career. Define realistic goals based on your spending and saving habits. A financial plan has to include everything from purchasing a house to securing your retirement to monthly expenses. This should ensure you remain financially secure over the long term. 
  4. Generate passive income: Something everyone can do in their spare time to make a bit of money is pick up an interesting hobby that can create a passive income stream. Examples include blogging, photography, or even web development. It doesn’t necessarily have to be related to your job. In addition to being an efficient use of your free time, it also generates extra income that you could perhaps funnel into building a financial portfolio with varied investments.
  5. Be Smart With Debt: Of course, living within your means may not always work. We may be on the receiving end of insufficient pay, high essential expense, or a combination of both. In such cases, it certainly makes sense to turn to some debt financing for assistance. At the same time, it’s important to be prudent about your choice of debt. Pick the right loans, with the right interest rates, and with the least hassle. Fibe, for example, offers instant Personal loan via your smartphone up to Rs 2 lakhs, at interest rates as low as Rs 9/day.

In conclusion, the 20s are financially stressful, turbulent times. It certainly can be a fairly stressful and confusing phase. At the same time, it’s also a time of immense learning and growth, and an opportunity to be financially proficient is not one to be missed. Good luck!

Powering Financial Wellness for Corporate India: Fibe’s Employer tie-Ups

As an increasing number of organisations across the globe recognise the paramount significance of financial wellness programs for their employees’ financial health and well-being, a common awareness in the corporate sector is the concern about financial literacy among new and existing employees. 72% of the employees in Indian workplaces had no idea about how to manage their retirement savings, as per a survey by ArthaYatra. The same survey pointed out that a whopping 68% of the employees faced financial stress in their lives and 37% of the employees faced distraction at work due to the building stress. 

Firms and organizations have come to discern the futility of the traditional financial programs in the wake of current times.  New customized programs are required to handle employee stress by helping them manage their expenses, investments, insurance, loans, and guide them in planning their finances in the present and for their retirement in the future. The firms, therefore,  are entering into tie-ups with lending portals and financial wellness partners to help them manage their employees’ finances and promote better productivity at work. By 2018, over 77% of Indian companies were expected to onboard financial wellness partners, a survey reported.  

Fibe, among the top online lending portals in India, has partnered with more than 250 companies and assisted over 4 million employees in overcoming their financial worries. So far, it serves as a financial wellness partner to 350+ organizations. By focusing on a singular problem faced by its core target group – young salaried working professionals, Fibe enjoys a considerable edge over other lending portals. Let’s delve deeper into this interesting conglomeration with organizations powering financial Wellness for Corporate India. 

Powering Financial Wellness for Corporate India: EarlySalary's Employer tie-Ups
A PWC survey indicated that 62% of the employees were concerned about not being able to meet their monthly expenses. 

Managing The Monthly Cash Crunch

Young professionals who may be underserved, or have just begun earning usually find it difficult to manage their expenses. The month-end financial slack is a major cause of financial stress among such professionals.

The objective behind such corporate partnerships is simple – to revolutionize the short-term loan scenario by introducing the concept of an instant digital salary advance:

  • A professional can get up to 4 times their monthly salary amount as a salary advance with no liability accruing on the employer.
  • The interest rates start from INR 6 per day. 
  • Short-term loans ranging from INR 8000 to 200000 can be availed to meet emergencies.

This helps in relieving the employer of the need to grant personal loans and the employee of any financial stress. The flexible repayment schedules act as a cherry on the cake letting the employees plan the repayment as per their convenience. 

Education and medical needs

Besides monthly expenses, employees may require funds to finance their higher education or to pay their children’s tuition fees. At other times, a medical emergency may force them to opt for credit. Such expenses, if not met at the right time, can have serious implications on the lives of these professionals. To cover such expenses, EarlySalary ensures:

  • One-click emergency loans to cover hospital bills and to pay EMIs of a previous loan. 
  • Tie-ups with a large network of schools and colleges for easier reimbursement of school, graduation or skill up-gradation courses’ fees. Zero down payment and zero interest on EMIs further relieve the burden of the employees. 

Travel and recreational needs

A Majority of employers rightfully consider recreational needs as an intrinsic part of employee health and well-being. EarlySalary assists here as well, taking care of the travel plans, shopping needs and recreational ventures professionals may have. It has partnered with major brands – like MakeMyTrip, Flipkart, Amazon, and others- helping employees derive direct benefits:

  • Employees get the convenience to shop and travel at 0 % EMI with the click of a button. 
  • The ES Salary card provides exclusive benefits by providing safe credit to the employees 24*7. The ES salary card provides a dynamic limit for all types of transactions. 

Future financial planning

As per a survey, 33% of employers have found an increasing number of employees coming to work but unable to engage with their work. Financial stress also leads to the issues of employee turnover and absenteeism on part of the employees. Firms spend considerable amounts in recruiting and training personnel and hence, naturally making fixing such issues their prerogative. Besides current financial planning, retirement and insurance plans should also figure on the list of priorities.

With partners such as Bajaj Allianz, Apollo Munich, Coverfox – EarlySalary takes care that the premium of the insurance plans is paid on time. It offers top-ups for existing insurances and parental coverage over insurance. 

Seminars and Education programs

The idea here isn’t to just assist professionals with quick cash but to ensure a high level of financial literacy for long term benefits. to boost financial courage. and their confidence. Via seminars and educational programs, employees can gain from practical advice related to credit management, budgeting, and the knowledge to go ahead with their day to day expenditure.

EarlySalary has been offering these customized solutions in association with Talent Edge. It is also engaged in conducting financial wellness seminars related to:

  • Financial planning
  • Credit counseling
  • Debt management
  • Budget guides

These programs intend no liability for the organization. There is no working capital or financial loss to the employers from running the program internally. A more productive and financially resilient workforce has organizational advantages that are fairly obvious, with the potential to go a long way in helping a firm achieve its objectives.

Fibe is assisting employers and employees bridge the gaps in their financial understanding via its succinct utilities and employee-centric programs. So far, over 1650 crore loan amount has been credited to the accounts of the blue and grey collared class of working professionals across India.

Many more to come!

World Thinking Day: Do Millennial Women Have Equal Access To Credit?

“On virtually every global measure, women are more economically excluded than men.” – The World Bank’s Gender at Work report (2014)

Millennials across the globe have been defining their equations and setting their own norms in the career they choose or the business they own. They are the trendsetters, the startup generation, the innovators irrespective of their sex or background. The current era is ushering in a new sense of equality among working professionals. Still, it won’t be an understatement to quote that the discrimination and lack of opportunities millennial women face with respect to pay, credit and spending choices are quite conspicuous. On this World Thinking Day, a discussion about the insights into what makes the other sex a lesser suitable candidate for institutional and formalized credit facilities is much needed. 

There’s plenty of statistical evidence pointing to the severe gender inequalities in terms of financial inclusion operating at the ground level. In spite of the great amount of publicity over gender parity legislations and erudite discussions over the state of affairs at the world forums, figures point to gaping holes in the provision of financial inclusion for the millennial females: 

The World Perspective

  • Of the 141 countries surveyed by the European Bank for reconstruction and development, 
  • In 79% of the countries, women had far less access to bank accounts than men.
  • In 78% of the countries, women found it more difficult to get a loan than their male counterparts. 
  • 82% of the countries had their women less conspicuous in terms of savings in a financial institution. 
  • Similar stats showed the imbalance in terms of debit and credit card usage with 78% and 79% of the countries with debit and credit card usage disparity respectively. 
  •  In 2014, 58% of women had a bank account compared to 65% of men.

The Indian Case

India ranked 142 out of the 149 countries on economic participation and opportunity in the 2018 World Economic Forum’s Gender Gap Index. This figure clearly denotes the extreme gender imbalance in the labor market and entrepreneurship. Gender roles have been defining the opportunities and share women get in the business space. And the major obstacle in this imbalance is the denial of equal credit and borrowing facilities to females.
Let’s look into some major factors leading to this lopsided credit rationing:

#1 Share in the Total Workforce

All around the world, women comprise 40% of the workforce, while in India they form only 23.3% of the total workforce. This disproportionate workforce ratio is one of the major factors. A male is still considered the breadwinner of the family, while the female has the role of a subsidiary. The economic contribution of the females to the GDP is less because:

  • Domestic services are never a part of GDP as they do not hold any economic value nor do they provide the women with any financial independence.  
  • Women have lesser access to higher education and career opportunities in comparison to men. 
  • Societal norms and maternal responsibilities often push women to the periphery of the economic conundrum.  
  • Safety issues and poor infrastructure leading to greater crime rates against women often dissuade them to have a career path. 
  • Labor-market deregulation policies are given effect without prioritizing women. 
Gender parity in workforce participation can set an economy on a prosperous path. According to Cuberes and Teignier (2016), closing the gender gap in entrepreneurship and workforce participation in India could boost GDP (gross domestic product) by 27%. 

#2 Entrepreneurship 

In India, women entrepreneurs are meagrely represented at 10% of the total number of entrepreneurs. 98% of the women entrepreneurs hold micro-enterprise ownerships across India and 84% of such enterprises do not hire workers at all. Though the equations are changing, the names of such successful female entrepreneurs can be counted on the fingers. Small and medium scale enterprises house the largest female workforce majority of which are either contract workers or salaried employees. 

The informal sector contributes to nearly half of the GDP in India. Women working in this sector have no or very limited access to credit facilities:

  • Patriarchal mindset is still prevalent in the work culture of offices due to which many men find it derogatory to work under a female boss. 
  • Institutional hurdles and high reliance on self-financing. 
  • Insufficient maternity provisions in the legislature limiting their career growth. 

#3 Property Inheritance norms

A woman may be earning sufficiently to fend for her family but her right to say in financial matters of the house is almost always overshadowed by their partners. They may have a bank account or use debit/credit card but being the second sex, women are deprived of complete financial liberty. Restrictive norms around inheritance implanted by society further impede their access to secured credit. Over 90% of the establishments owned by women rely on informal sources of finance. Institutions refrain from granting loans to females for the lack of collateral or stability of job tenure.  80% of women-owned businesses with credit needs are either unserved or underserved. This is equivalent to a massive $1.7 trillion financing gap.

#4 The pay gap and financial awareness

Women are largely employed in small scale industries with low productivity and the majority of these industries form a part of the informal sector (such as agriculture and construction) where no labor laws are put into force. For equal work, women:

  • Receive lower wages, 
  • Spend less average time for schooling and 
  • Have to opt for the responsibilities of a homemaker curtailing any scope for growth.

Only 20% of the female workforce is employed in the formal sector. Financial planning and management, when it comes to women, is considered the partner’s job for lack of financial awareness. Millennial women are trying to break out of ignorance and managing and planning their finances but the parity is still a far-fetched dream. 

Virginia Woolf stressed the need for financial independence for females to become full-time writers in her essay ‘A room of one’s own’. On similar grounds, the utmost need is to provide equal opportunities to women workers and entrepreneurs, especially millennial women, by unhindered access to credit and capital. 

EarlySalary, one of the popular lending portals, has been known to provide consistent financial services to professionals and underserved salaried millennials irrespective of their gender and with minimal formalities involved. The idea is to contribute towards the financial inclusion of every male and female in the economy.

God Helps Those Who Help Themselves: This Shiv Ratri, Pick The Right Personal Loan

In India, there’s rarely a month without a major festival. As we get ready to celebrate Shiv Ratri with grandeur and families plan to get together to make memories, it is important to ensure we’re well set to fund our grand celebrations. With family gatherings, outings, or even short trips on the horizon, our wallet should hopefully not be cause for concern. This holds true even in a broader context throughout the year – financial stability is critical for whatever life throws at us, whether it’s medical emergencies, travel plans, or even daily expenses. 

Many of us may need loans in such circumstances. And while credit is a great enabler, it also comes in all types. As borrowers, we need to make sure we pick the one that is best for us – in terms of interest rates, accessibility, the entire application process, and many other aspects. Our finances, after all, are entirely our responsibility. As they say, God helps those who help themselves. 

What To Look For In A Personal Loan

1.Usage Flexibility 

Personal loans are meant for a wide variety of uses, and they should remain that way. A personal loan that restricts how you deploy your funds isn’t one you should be going for. There are plenty of dedicated loans in the market, whether they’re for educational purposes or vehicle purchases. Your loan should ideally be free of any restrictions.

2. Collateral Free Loan

By nearly all commonly accepted definitions, a personal loan should require no collateral as security. For many of us, collateral may hold more than just tangible value. With plenty of personal loan apps in India, you’re more than likely to find options that don’t demand collateral. 

3. Repayment Flexibility

Restrictive repayment schedules can often be a considerable source of stress once you’ve borrowed your funds. A hassle-free loan experience must essentially include flexibility in repayment schedules. No prepayment charges are a welcome bonus you should keep an eye out for. 

4. Quick Processing

It’s 2020, and with all the digitization around us, especially in the financial sector, loan processing should be a quick procedure. This is only possible if loan providers eliminate paperwork, rely on automated tools for assessing borrowers, and seek to improve borrower experiences. There are already a number of instant loan apps across the country, making the market competitive, and ensuring borrowers can pick from the best lending services out there. 

5. Attractive and fixed interest rates 

Perhaps the most important aspect to keep an eye on – interest rates can vary wildly based on who you borrow from. They’re largely determined by your credit score, salary and other factors. With new-age quick personal loan apps however, they remain competitive, and are determined with a broader perspective, and not just your credit score. In fact, you can borrow even if you do not have a credit score. The interest rate should be fixed throughout your loan tenure. 

EarlySalary

EarlySalary, a pioneer in personal loan offerings in India, offers a variety of custom borrowing solutions in the form of instant cash loans to help you meet all your financial requirements, scoring optimally in all the metrics we just discussed.

EarlySalary’s instant personal loan app requires no paperwork, with its online document submission. With approval times within 8 to 24 hours of application, and direct disbursal into your bank account, urgent festival expenditures can be fulfilled within a day. Borrowers can borrow up to Rs 2,00,000 at interest rates as low as Rs 9/day.

Whether it is a visit to Kashi Vishwanath or a grand pooja ceremony, EarlySalary’s loan schemes capture the festive mood and spending needs of borrowers by reducing the hassles and exorbitant fees involved in borrowing. But the offerings don’t stop there.

This Shiv Ratri, you could fulfill your parents’ long-awaited dream of visiting a place that can give them peace, on a journey away from the doldrums of life into solitude. A travel loan from Fibe can take care of all expenses related to your journey. 

A shopping loan from Fibe gives you the ease of buying all the essentials. Cash crunches are a thing of the past. With EarlySalary’s tie-ups with e-commerce giants like Amazon, Flipkart online shopping can’t get more convenient. You can shop and repay in 3 EMIs at zero extra cost.

As a borrower, you’re honestly spoilt for choice, with a wide range of instant credit options available right from your smartphone. You can shop across brands, or get instant online cash loans, all through the app.
It may finally be time to make your big-ticket purchases on the auspicious occasion of Shiv Ratri.
Live, unrestricted!

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.

Freeloader: 7 Signs You’re In A Relationship With The One

Relationships are an important part of our lives. Love may be blind, but lovers don’t have to be, not to the presence of a freeloader partner, at least. In simple terms, freeloader meaning refers to a person who is not a fair contributor and expects the other person to cover the expenses. 

Identifying a freeloader personality can be difficult, especially in a short duration. However, there are some signs that can make things easy. Here is an example of a freeloader. Suppose you go on a movie and dinner date with a person. After the date, you ask the other person for their share and they refuse to contribute.

This unequivocal balance in terms of money matters often harms relationships and partners. Here’s a closer look at the financial red flags in partners.

Money talks in between cuddles

There are chances that your date or partner will often try to discuss their financial issues while sipping a pina colada with you on a romantic night out. 

Being empathetic and helping your partner in dreary times shows your affection towards them until that person has intentions of simply hiding behind you each time a problem surfaces. Companionship is all about caring and sharing and not piling one’s burden on your counterpart. Be wary!

No insistence on sharing bills

It was ages ago when the burden of paying the restaurant bills, bearing the finances of dining out and watching movies, among others, was only on the men. The world has moved forward and with gender roles being rewritten, it is appreciable if both partners share the bill or expenses. 

Pretentious ways with no real concern can often lead you to empty your wallet while the other just stands by, smiles and takes it for granted. This is among the classic signs of a freeloader. So, stop taking things at face value. 

Fancy habits and addictions

Despite a meagre salary, if a person splurges excessively on clothes, dine-outs and indulges in other unnecessary recreations, there are all the chances of them borrowing from you. They may even assure you with hugs and kisses that they will return the money as soon as they get their salary next month. 

But promises are never meant to be fulfilled when it comes to freeloaders. They enjoy other people’s hard-earned money without much remorse or guilt.

Financial dependence on parents

Someone who jumps from one job to another and cites unusual reasons is definitely a red alert. Partners who like to depend on their parents for money may continue to do so in the near future as well. 

Take note when the other person starts asking favours from you. These include using your car or credit card, almost always forgetting their wallets and always expecting expensive gifts- all these are freeloader characteristics.

Intentions to share accommodation but not rent

If your partner insists on moving in with you, an arrangement where they don’t split the rent may be acceptable, depending on your relationship dynamics. Perhaps they contribute in other ways, such as on the groceries or utility bills? However, if it’s entirely your wallet, then that is a cause for concern. 

Such tendencies indicate a shunning of financial responsibilities and letting the other partner bear the expenses explicitly shows that the person is a freeloader who likes to while away and sustain on other’s money.

Before putting your heart and soul into a relationship, it is advisable to use your mind and check whether your partner is a financial defaulter with a bank or lending institution. If they are a freeloader, there are complete chances of you paying their interest and loan amount. 

Lacks pride and blames others

As an individual, we’ve got to take responsibility for our actions. Your dependable partner is not worth your love if they know nothing about self-worth. A laid-back attitude can look quite chilled out and appealing, but that does not help in relationships in the long run. 

Also, if a person claims they lost their job because of the boss, they got late because their friends held them up, or they have no savings because they spent all on their family – then watch out! You may have encountered a potential freeloader and the next target may be you. Both sides need to make efforts.

Bundle of excuses to extract dough

A sad tale of a relative admitted to hospital or insufficient funds to pay off the rent or college fees – there can be innumerable excuses from your partner intermittently spread over a period of time.

On the other hand, your partner spends your money elsewhere with their friends or by going to expensive clubs and places. A person committed to you just to take advantage considers it your duty to pay and pamper them. They measure love in rupees and gifts. 

Before getting struck by the winged-cupid, it is better to take a step back and observe your current or prospective partner’s financial habits and ways. Once committed and deep into the relationship, it becomes increasingly difficult to attach greater significance to anything but love. 

Fibe, one of the leading online lending portals, can assist you or your partner during a financial emergency. You or your partner can easily get an Instant Personal Loan of up to ₹5 lakhs once you meet the eligibility terms.

The funds get directly transferred to the preferred bank account and successfully prevent money from being a thorn in your relationship. Simply download the Personal Loan App or apply on our website to get started. 

FAQs on Signs of a Freeloader

How do I get rid of a freeloader?

One way to cut off a freeloader from your life is to be firm and say no when asked. Confront them about their behaviour, relay your expectations and set clear boundaries. 

What does it mean if someone is a freeloader?

A freeloader is an individual who uses your resources without any appreciation or giving anything in exchange. These resources may be money, food, accommodation, etc.

Valentine’s Day Fact Sheet: Matters of the Heart And Wallet

Love is the most uncensored emotion that creeps unknowingly in each of our lives. Or, to put it better, it has been ubiquitously present as a part of our existence. Underlying in almost every benevolent act of ours, we celebrate it every day. But just as a sapien needs his birthday to claim another year to their existence,  we have Valentine’s Day celebrated each year as the day of love. St. Valentine would feel alien to the concept of an entire week of roses, hugs, kisses, teddy bears and chocolates but Valentine’s Day has actually become a fairly commercial, multi-million industry on the rise each year. 

In this second post of our 3-part Valentine’s series – #MattersOfHeartAndWallet, we explore how India shops, and splurges, on Valentine’s week. 

Love is not a commodity to be bought or sold, of course, but today love has equal sync with money and romance. India has seen a steep surge in Valentine’s Day rush in terms of gifts, dates, and trips whether for partner or others, whether as a couple or all alone. Let us mark in terms of numbers the trends in India of how love transpires and conspires to empty our kitties.

Indians Love Valentine Gifting 

We like to pamper each other when in love and what better day than Valentine’s’ Day to do that. The spending stats of Indians show some interesting and some queer facts about the expenditure on love:

A survey by CashKaro.com indicated that about three-quarters of couples bought gifts for their partners to celebrate the Day, while 80% thought this was essential practice for Valentine’s Day.
Younger couples lead the way here – those indulging their partners through gifts most commonly belonged to the age group of 16-24 years. India, with 70% of its population below the age of 35 years, is sure to witness a rapid increase in this gifting trend in the coming years. Interestingly, 77% of the men felt that they ought to pay on dates.

The Heart & Wallet Go Hand In Hand

Valentine’s Day records the third-highest number of orders (after Diwali and Raksha Bandhan) placed for gifts in India. Money and love have surely got a connection with each other when it comes to 14th February. Thousands of crores are spent on gifts and dates all across the lovestruck regions of India. Take a look at the facts:

  • Even as early as 2014, we’d seen a whopping INR 16,000 crores being spent, which swelled to 22,000 crores next year. 
  • A majority of the people spent anywhere between
    INR 1500 – 3000 on flowers, candies, and chocolates among other gifts. 
  • Corporate employees and those aged 30+ years prefer more expensive gifts, with their spendings ranging anywhere between INR 1000 – 50,000. For the younger generation, the range comes down to INR 500 – 10,000. 
  • Another interesting finding is – changing gender roles. Women between 25-35 years spend 35% more than their male counterparts.

V-Day Preferences

When it comes to making our loved ones happy, we don’t count the bills. The week starts with Rose Day, when gifting flowers especially roses and orchids are the trends, followed by other days such as Chocolate Day, Teddy Day and others before Valentine’s Day finally arrives. Besides gifts, people like to go for dates, on holidays and on short adventure trips as well. Check out the trends:

  • Candlelight dinners seem to be losing their popularity. The top preferred gifts now are Jewellery, Bouquets, Chocolate hampers, and Teddy Bears.
  • People don’t just gift their partners. About 43% of the gift orders placed were for loved ones other than the buyer’s partner. 
  • We’re also opting for more thrilling options too – such as adventure sports like bungee jumping, surfing, among others, and holidays to offbeat destinations.
  • Singles are trying to find love in pampering themselves. The number of trips by solo-travelers to foreign locations increases considerably around Valentine’s Day.

This V-Day why to worry about managing your finances

Indians are die-hard romantics and know how and when to please their loved ones. But sometimes these splurging can fall heavy on the pockets of the salaried class. Enjoy each moment of this Valentine’s Day and shower your partner with gifts and dates without the worry of managing your finances. With Fibe, you can get an instant loan from anywhere between INR 2,000 to INR 2,00,000 at rates of interest as low as Rs 9/day. The loan amount can be availed of even if the employee has no credit ratings. The loan amount can be paid in installments over a period of time adjustable as per your needs and convenience.

So don’t stop yourself from proposing your crush or rekindling your romance this Valentine’s.

How to deal with MONDAY BLUES for your employees

Beating the Monday blues is often the first task on many people’s to-do lists when they return to work after a weekend. This feeling of anxiety is very common, especially when you get back to work after a long weekend. 

But why do we feel this emotion? Is it common? How does it impact our productivity? How can you get rid of it? For an answer to the question, “What are the Monday blues?” and to learn how to deal with this emotion to increase your productivity at work, read on.

  1. Identify the root cause

Before changing your lifestyle and morning routine, you must understand the root cause for this fear, anxiety or sadness. While it is common to hope that the weekend may be prolonged, this can negatively impact your performance if this persists throughout the day. 

If you stress about some pending tasks or an ongoing conflict with a colleague, then Mondays can be difficult to tackle. In case of dissatisfaction with your job or personal problems, you may not be able to give your full attention to work. 

However, by understanding and identifying what is causing the problem, you can find the solution and remove the Monday morning blues. 

  1. Unwind on the weekends

After a hectic week, you need to replenish your energy. That’s precisely why resting properly and relaxing on weekends is essential. This way your body and mind can perform efficiently in the following week. If you have not rested properly during the weekend or are still stressed about the upcoming week’s tasks, beating the Monday blues can be quite challenging. 

To prevent this, try avoiding any work-related calls or emails on weekends. Go for a trip with your loved ones, or calm your mind by engaging yourself in your favourite pastimes.

  1. Get proper sleep the night before

This is the most important yet the simplest tip to help you eliminate the Monday morning blues. By getting a proper 6-8 hours of restful sleep, you can wake up refreshed on a Monday morning. 

To help you get a good night’s sleep, follow these easy hacks:

  • Make sure to include good physical activity in your Sunday routine
  • Avoid alcohol or caffeine closer to bedtime
  • Unplug electronics one hour before bed
  • Meditate for at least 5 minutes before you sleep
  1. Prepare for Monday before the weekend

If you are going to work without any idea of what task to tackle first, then this can induce higher levels of anxiety. So, prepare a list of assignments, meetings, emails you must send and other tasks before leaving work on Friday/Saturday. 

This way, when you are at your desk on the first day of the following week, your stress will reduce considerably if you already have a roadmap to follow. 

  1. Avoid planning the difficult tasks on Monday

When planning your agenda for the next week, include lighter and easier tasks on Monday. This is because tackling these tasks will help in boosting your motivation. So, if you have an important client meeting or plan for a big assignment, schedule it on the second or the third day of the week. 

This will also give you sufficient time to prepare for the complicated tasks in the coming days.

  1. Energise your morning routine

Hitting the snooze button on your alarm and rushing to work can have a negative impact on your feelings and attitude towards the day. To fix this, include an exercise regime in your Monday morning schedule or even a brisk walk. 

Along with a healthy breakfast, you will also have a fresh mind and a positive attitude on Mondays. 

  1. Have post-work plans

To motivate yourself and keep your energy high during Mondays, you can make plans with your friends and family after work. This could be a small family dinner or a movie night. Having post-work plans on Monday ensures you have something to look forward to at the end of the work hours. 

Keeping a positive attitude is a guaranteed remedy for beating the Monday blues and dodging the anxiety of the new week. However, if you are anxious about managing your finances, there is no better solution than Fibe’s Instant Personal Loan. 

With Fibe, you can apply, track and repay your loan easily. To get a personal loan effortlessly, simply download the Personal Loan App or visit our website and register to get started. 

FAQs on How to Deal with Monday Blues

What does it mean to have Monday Blues?

Closely linked to the ‘feeling the blues’ meaning, Merriam-Webster defines it as, “a feeling of sadness or depression”. So, if you’re feeling sad or depressed about returning to work, you’ve got the Monday Blues. 

How do you use the phrase ‘Monday blues’?

To use Monday blues in a sentence, you can say, “I’m feeling the Monday blues” or “Today I’ve got the Monday blues.” 

Is it Monday Blue or Monday Blues?

The correct way to use the term is Monday Blues.


#MattersOfHeartAndWallet – Romance & Financial Compatibility: Questions to Think About

Renowned American jazz pianist, Willie “The Lion” Smith, once said, “ROMANCE without FINANCE is no good”. 

Compatibility between romance and finance is akin to the compatibility between the heart and the brain. While the heart may run wild and wants the best, the brain needs to step in to make wise decisions. If the decisions of the heart may be made based on reel-life fantasy, it’s the brain that does the real-life processing to reach beneficial conclusions.

In the first of our 3-part Valentine’s Day series – #MattersOfHeartAndWallet, we tackle financial compatibility. 

When it comes to our significant others, romantic gestures often overpower financial constraints. We often consider it alright to extend the budget a little when expressing our love. Alas! If only being romantic did not cost a fortune. It does not take long for matters of the heart to become the prime reason for the worries of the wallet. 

Romantic and financial compatibility is equally essential, raising important questions that need to be asked to maintain a balance between the two. Let’s take a deeper dive into the interplay between these two concepts:

Is There an Equal Financial Contribution?

Of course, we’re well past the culturally male-dominated days where only one partner – the husband – generated income in the household, with the couple’s immense love for each other being sufficient to spend the rest of the life

With evolving cultures, economic progress, and inflation on the rise, priorities have significantly changed. Financial security has become essential to continue living happily. In today’s time, rather than the “head over heels” sentiment, perhaps financial soundness sustains love between people more. 

A major factor behind arguments between couples is their finances. A lack of money and ever-increasing debts can lead to sustained stress between partners. At times, issues escalate to a greater extent, where relationship strife turns into reasons for divorce. A financially stable person far outweighs a broke selfless person when it comes to choosing a life partner. 

Are Your Spending Styles Compatible?

Is one of you a spendthrift while the other a miser? It doesn’t have to be that extreme, but the point is – is there a considerable gap between how you and your partner spend money? Some believe in extravagance, after all, what’s the point of earning money in the first place?

Others prefer to only spend on ‘value’, and save for a rainy day. 

There’s nothing inherently wrong or right with either approach. What is critical is ensuring there’s a minimal gap between both your styles. The further apart you are on this spectrum, the higher the chances of issues cropping up, since this would be an aspect you’d perceive on a daily basis.

Do You Discuss Monetary Contributions With Each Other?

Believe it or not, romance does flourish when each partner pulls their own weight. If you do not discuss contributions and finances with your partner, it may sprout seeds of resentment and disdain in your relationship. It is essential to be open in your discussions about money whether it is regarding saving it, spending it, earning it or investing it. 

Even if one of the partners is not earning, it doesn’t mean that you should not have money discussions. The one who stays at home makes a greater contribution than the one who goes out to earn. Budgeting is the crux of many issues. Hence, participation and awareness of all parties are essential. 
Couples who tend to hold open conversations about money have few to no incidents of hidden purchases. They become equally adept at planning and managing their finances. 

Are You Wise In Using Credit? 

Another crucial aspect to keep in mind is the use of credit. Credit and credit scores play an important part in day-to-day expenses. Credit can be hard to source if your partner has a poor credit score despite yours being considerably high. Simply gaining an understanding of the credit score of both yourself and your partner can help you tackle future credit urgencies. In other words, financially aligned couples tend to have easy access to affordable credit. 
Discuss and align bill payments, credit card repayments and other such things which can impact your ability to apply for credit with banks and other financial institutions. 
This potential issue, fortunately, is being addressed well with the rise of instant loan apps like EarlySalary, which offer quick personal loans right from your smartphone, and don’t rely solely on credit scores for assessing borrower credibility.

Conclusion 

You can certainly enjoy romance while staying in financial sync with your partner. On a lighter note, perhaps a bottle of fine wine can be enjoyed while you finalize your budget? Are the best kind of dates the ones where you tackle taxes with your better half?

In the next post in this series, we’ll take a closer look at what it means for your partner to be a freeloader and its implications on your relationship.

An Intimate ThankYou: EarlySalary’s #ThanksAMillion (Handshake) Campaign, By The Numbers

Compiled By: Sudesh Shetty
About Sudesh: He is the Founding Member and Head of Marketing at Fibe. Backed by over 10 years of experience in digital advertising and marketing, Sudesh has driven Fibe (Formerly EarlySalary) with innovative and excellent marketing strategies that boost brand awareness, profitability, and growth.

We at EarlySalary, recently achieved a milestone befitting our title of India’s most popular lending app for salaried individuals – we successfully disbursed 1 million loans! Sure, this was cause for celebration. But our customers deserved more than the typical corporate thankyou message. This is why we decided to lead the industry again, this time in celebrating milestones, by engaging in 2-way communication with all our customers.

Call for entries were rolled out to existing customers, who were asked to post their one in a million stories. To participate, they had to share their experience with EarlySalary on social media platforms using the hashtag #ThanksAMillion.

The technology pioneers that we’ve been in the credit space, we decided to put our minds to use on creating a virtual handshake feature in the EarlySalary app, hoping to connect deeper with our audience and deliver a more intimate thankyou.

The feature was triggered when customers shook their smartphone and allowed them to unlock exciting prizes as a reward on the momentous occasion of us achieving the 1 million salary advances mark. 

In order to ensure the best gifting experience, EarlySalary is associated with reputed brands like OYO, Zoomcar, EaseMyTrip & Enrich. Of course, support from social media giants like RVCJ Media made this possible – with the brand engaging in the innovative meme marketing format that it is known for. Influencers on Instagram were happy to support us as well, boosting our own efforts where we put out two video advertisements featuring original stories from customers whose lives we touched.

Much like our success in revolutionizing the country’s credit sector, we saw similar results here. With over 24 million in combined impressions across all social media platforms, this exercise in gratitude was a resounding success, and certainly a humbling experience. 

Here’s us breaking it down for you by the numbers

4 Million Impressions on #ThankAMillion

Our hashtag of gratitude – #ThanksAMillion – was an instant success on Twitter. It generated over 4 million tweets from users, who shared their experiences and sent the hashtag trending on the platform. Another hashtag – #ShakeHandsWithAnApp

10 Million Impressions #ShakeHandsWithAnApp

Discussions on our innovative new app handshake went incredibly viral on social media, getting more than thousands of entries and clocked nearly 10 Million impressions on Twitter. 

1.5 L handshakes reaching over 25 million online

Over 1.5L people shook hands with the EarlySalary app, while videos shared online were viewed over 7.3 million times. In total, the campaign touched over 24 million people across platforms.

EarlySalary’s video campaign wasn’t to be left behind, reaching nearly 18 million people with over 4 million views.

In case you’ve been living under a rock – EarlySalary provides young working professionals an easy line of credit, instant cash loans, interest-free EMIs and other long term loans in sectors such as education, travel, shopping, etc.

In conclusion, we’re beyond thrilled to exhibit the rather impressive results of proper planning and execution powering campaigns. We achieved high social media reach, connected deeply with our audience, gauged feedback, and were fortunate to introduce our product to a fresh set of customers. Most importantly though, we’re glad our audience was entertained and responded positively. There can be no better validation 🙂