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Top Ways for CAs to Manage their Personal Finances Better

The number of practising chartered accountants is declining in India, with the current number standing at around 1.31 Lakh. By comparison, there are about a million doctors in India while a staggering 1.5 million engineers enter the job market every year.

The comparatively low number of CAs ensures that they are always on their toes. The high demand for their services offers them little or no time to manage their personal finances, which leaves them monetarily vulnerable during times of emergencies. Of course, most of these emergencies can be dealt with a personal loan for Chartered Accountants, but that’s no substitute for sound financial planning.

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Start saving early

Given the commerce background of a majority of the CAs, this tip should not sound alien to them. The golden rule of thumb is to start saving 10% of total post-tax income at the beginning of one’s career and increase the percentage as the income goes up with time.

By the time an individual reaches the age of 35, he should be saving 35% of his post-tax income. The motto should be “Income - Savings = Expenses” and not the other way around.

Invest in diverse portfolios

An investment is a smart way to grow one’s financial assets. CAs should invest in a diverse range of options instead of putting all their eggs in one basket. There are numerous options available out there that one may consider.

Stocks

Investment funds

Bonds

Financial institution products

Insurance

Retirement funds

Annuities

Commodity futures (gold, oil, etc.)

Depending on your personal disposition and propensity to take risks, you should invest in two or more of these options. Read the fine prints of all these types of investments, and choose the ones that correspond to your needs and financial condition.

Pay off debts

You may have taken a loan to complete your studies, buy a house or rent office space for your new practice or any of the thousand other reasons. It’s sensible that you pay off all your debts as soon as possible since multiple interest rates will bleed you through a thousand cuts.

You may consider availing a Personal Loan for Chartered Accountants from Bajaj Finserv to consolidate all your debts under one umbrella and settle them as soon as possible. Take a loan of up to Rs. 35 Lakh, if feasible, to meet various expenses and pay off any debt you may have. An advance comes in handy as the CA loan interest rate is quite reasonable nowadays.

To make the process even more approachable, Bajaj Finserv provides pre-approved offers on multiple financial products including personal loans, home loan and business loans. Not only does this simplify the process of getting a loan, but it also helps you save on time. All you should do to check your pre-approved offer is share a few simple details with them.

All these offers along with simple CA Loan eligibility criteria make such loans an ideal option to manage your finances and take care of any emergency expenses effortlessly. You can use the credit for various purposes other than consolidating your debt. Finance your CA firm, go on a holiday or buy something you have always wanted to.

Do not let money issues come in the way of your dreams and ambitions. Plan your finances well and steer clear of financial disasters.


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When you look at the vendor finance definition, you’ll realise that it’s applicable to just about every business, regardless of the industry you operate in. This means whether you’re the owner of a manufacturing unit or have a service enterprise, you don’t operate in a silo. You’re sure to be dependent on various vendors for smooth functioning, and hence you need adequate finance to facilitate this. In a nutshell, this is what vendor finance helps you do. It makes sure you have the monetary resources to pay your vendors on time.


Take a look at the larger impact of having the necessary vendor finance on hand at all times.


• Smoother supply chain management

• Low inventory management costs

• Increase in productivity and efficiency

• Better ability to adopt latest technology

• Positive working capital balance

• Adequate liquidity to tackle unexpected expenses

• Financial backing to expand business with ease


To enjoy these benefits, it’s important to have ample vendor finance on hand. If your cash flow doesn’t allow for this, a smart option is to sign up for a vendor financing scheme. By choosing a feature-rich option you can get the money you need in an instant. Bajaj Finserv’s Vendor Finance is one such financial tool that you can count on for all kinds of requirements. Take a look at why it’s beneficial to choose this option over others.


Customised loan scheme with a substantial sanction

This loan is customised to suit your vendor financing needs. So, whether it’s paying a supplier of raw materials or your third-party housekeeping and maintenance staff, you’ll always have the funds at your disposal. Bajaj Finserv offers you Rs.30 lakh via this tailormade loan, ensuring that even if you have multiple vendor finance needs crop up at the same time, you’ll never fall short of cash.


Quick application, quick disbursal


To build long-lasting relationships with vendors, the first and most important step is to honour your payment commitments. To help you do so Bajaj Finserv offers vendor finance instantly, with approval in just 24 hours. Not having to submit collateral makes the process even smoother.


Flexible usage of funds


Bajaj Finserv understands the volatile nature of your business and the need to run a lean operation. This is why it allows you to avail the sum as a Flexi Loan. Here you can borrow in instalments from your total sanction, paying interest only on what you use and not the total you qualify for. Thereafter, you can choose to pay interest-only EMIs, repaying the principal at the end of the tenor. What this means is that you can save up to 45% towards repayment.


Repayment as per your convenience


Another way in which this vendor financing scheme aligns itself with your needs is by offering a flexible repayment plan. You can do so online, over a tenor of 12 to 60 months as per your cash flow. There’s no need to stress, as a long tenor is up for grabs should you need it.


Online application for the new-age businessperson


If you’re setting up your business or expanding it, you are sure to be juggling several tasks at once. In such a situation you don’t want to add the task of getting finance to your already lengthy to-do list. Keeping this in mind most lenders, including Bajaj Finserv, allow you to apply for vendor finance with absolute ease. You can apply online, while you’re on the go, and once your loan tenor begins you can track it too using a secure customer account.


It’s easy to see how a good vendor financing scheme can help you fill in the gaps and make your job of running a business a smooth, hassle-free process. What’s more, should you decide to take vendor finance from Bajaj Finserv, you can further expedite the process. All you have to do is check your pre-approved offer to unlock customised deals and access finance at lightning speed!

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