slide

 Here’s what you should do with EMI money

 If you never gave the emergency fund the importance that it deserves, then this is the first thing you should start correcting.

If your emergency fund needs to be started or increased in size, then use the monthly surplus (that is freed up from EMI stoppage) to install your emergency fund. 


The minimum that you should aim for is having 6 months’ worth of expenses as an emergency buffer.


If your basic living expenses are about 75,000 per month, then try to keep an emergency fund of 4.5-5 lakh.


 If you have other high-interest rate loans, like personal loans at say 15% and credit card outstanding at 36%, then start clearing these off. 


Once the above two things are handled, next comes that you start investing properly for your goals. 


Just start investing with whatever you can and then keep on increasing your investments over the years as your income increases.

If you want to bulk up your retirement corpus, then you can even increase your PF contributions via VPF in addition to equity fund SIPs.

Click here to know more about home loan EMIs

Check here for more personal finance related stories.


Cleared home loan? Here’s what you should do with EMI money

Since your home loan is done and dusted, what next should you do with the money that is freed up because there are no EMIs to pay now? 

Income Tax: These 3 sections of insurance should be prioritised while tax planning

First-time investor: Here are some mutual funds you must have in your portfolio

5 investing lessons from Motilal Oswal’s Manish Sonthalia to earn from the market

Insurance portability: From benefits to requirements; All you need to know

Top 5 insurance products to avail tax benefits and security before FY23

Over 9% return on fixed deposits: These two banks are offering highest interest rates on FDs

Budget 2023 Expectations: AMFI pitches for parity between mutual funds and ULIPs

Systematic Withdrawal Plans: Here's how you can make the most of it

Stock Check: JSW Infra jumps almost 100% from IPO price in 5 months; should you still buy?

Currently trading at around  <span class='webrupee'>₹</span>236, the newly listed JSW Infra has surged almost 100 percent jump from its IPO price of  <span class='webrupee'>₹</span>119 in less than 5 months. Technical and fundamental experts suggest if you should still buy the infra stock.

Axis Mobile App ranks top position on NPS leaderboard

According to a survey, Consumer awareness was most notable for payment platforms such as Paytm, Google Pay, and PhonePe. However, when it comes to Net Promoter Score, Axis Mobile App claims the top position with a score of 59, followed by ICICI Bank's iMobile Pay, and then BHIM.

Weekend Wrap: From Trent to Adani Power, top news and market movers this week: 27 October 2023

The stock market cycle is always a few months ahead of the economic cycle.

From top news makers to market performance, here's the market wrap for the week ended 27 October 2023.

Why rebalancing a portfolio provides a safety net against volatility?

Investing isn't a 'set it and forget it' game.

Rebalancing a portfolio provides a safety net by helping control volatility and minimizing the impact of market downturns, even though it may not always yield higher returns compared to an unbalanced, equity-heavy approach

Rebalancing of portfolio: What is it and why is this important?

Whenever the market spikes or declines, investors are supposed to rebalance their portfolio strategically in order to stay aligned to their financial goals

Cleared home loan? Here’s what you should do with EMI money

Since your home loan is done and dusted, what next should you do with the money that is freed up because there are no EMIs to pay now?

Topics to follow