Life Stage

Know and Plan Your Life Stage

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Your Present Life Stage

Before you move

After you move

There’s the ache of leaving behind the familiar. The thrill of venturing out into the unknown. While it may take time to find your bearings, you’re likely to feel at home a lot sooner if you tie up all the loose ends in India before you take off. And chalk up a plan for your new home, before you land there.

A few things to keep in mind:

A big move comes with pretty big expenses. Visas. Airfare. Long-distance shipping. Setting up a new home. Not to mention, the possibility of paying taxes in two countries. All this can make a dent in your pocket. So, it’s best to put aside at least six-eight months of living expenses before you take off.

Set up automatic payments for any recurring bills that’ll continue to come in at home.

Will you need to file returns in both countries? Chat with your accountant to figure out your tax situation before you leave.

Check your credit cards and see which ones you can use internationally without incurring hefty fees. Also, talk to your credit card company about your move so they don’t react to transactions from unusual locations.

Calculate how much it’ll cost to have furniture, electronics and other big-ticket items shipped overseas. Compare it with the cost of buying everything afresh there. Doing the math early on will help you save money, and find the right storage options if needed.

Health regulations and costs can vary quite a bit in different countries, so make sure you plan beforehand. From vaccinations to refills for your meds to backups for your spectacles and contact lenses, figuring out your medical needs in advance is crucial.

Make sure your paperwork’s in place. From visa applications to legal and financial documents, from health clearances to global money transfers, tape up everything before you leave and save yourself the trouble of figuring it out thousands of miles away.

It may seem like you’ve landed on a whole new planet at first. A foreign language. A different work culture. Unfamiliar laws. And driving on the wrong side of the road. Begin with an open mind, and have a clear plan of action for your money. It’ll make settling in a lot easier. For you, and your family.

A few things to keep in mind:

Setting up a local bank account should be a top priority, so you can start spending without the hefty fees and currency conversions. Check to see what kind of rules apply, and talk to your employer to see if they have recommendations.

The right neighbourhood will go a long way in making you feel at home.And finding it is likely to take a while. So, it’s wise to rent before you decide to buy a property.

What's worse than racking up big expenses in a new country? Finding out they were unnecessary. Connect with the expat community in your city/ town to find shopping and dining options that are reasonably priced.

Make sure you have enough insurance on your new home, car and belongings. If your employer isn’t providing health insurance, ask around to find a policy that works well for you and your family.

Set up your local phone quickly. And until you find the right one, remember to turn off your data roaming or you’ll be in for a rude shock when that first bill arrives.

If you’re like most couples, you’ve probably spent months planning the wedding. But how much thought have you given the rest of your life together? From a new monthly budget to a retirement plan, from insurance to investments, there are several money matters to think through. And figuring them out early on is crucial for your future.

A few things to keep in mind:

Now that you have more responsibilities, it’s only wise to increase your insurance cover. Change your individual medical insurance into a family floater policy with higher sum insured.

Relook at your portfolio to make sure it has the right balance of stability and growth. Keeping about a quarter of your investments in safe instruments is a good idea.

Prepare for the unexpected. Keep aside at least three months’ expenses in a savings account or liquid fund.

Make sure you and your spouse are on the same page as far as the monthly budget is concerned. How much do you want to save? It’s best to draw up a new budget together, after talking about your debts and expenses. There may be areas where you can cut down on expenses by combining them. Like switching to a joint phone plan, for instance.

In planning for your wedding, don’t forget to plan for your marriage. Talk about your budget and expectations for the big day beforehand, and try to give priority to your long-term goals as a couple.

Before you move

After you move

There’s a lot more than 900 miles separating Mumbai and Delhi. Or Ahmedabad and Hyderabad. From rent to transit systems, from work culture to food, you’ll find differences everywhere, and in everything. And while making the transition is always going to be challenging, you can make it smoother by planning ahead of time.

A few things to keep in mind:

Make a list of all the things you’d like to ship to your new home. If you plan on moving big-ticket items like your TV and the furniture, you might want to consider getting insurance.

Keep aside at least 6 months’ worth of expenses for emergencies before you move.

If you’re renting, notify your landlord ahead of time so you can get reimbursements on your deposit before leaving.

Inform the utility companies about your move so they stop services at the right time. Give them a forwarding address for any possible deposit refunds.

There’ll be a thousand other things on your mind once you move, so make life easier by setting up automatic payments for your utilities for the first couple of months. And avoid those late payment fees.

The first few months are the most crucial. You’ve heard it. Maybe even prepared for it. But getting there, and experiencing it, is a different thing altogether. Figure out how this transition will impact your savings. Know where you’re likely to spend more, and where you can save money, and manage your move better.

A few things to keep in mind:

Figure out how the new city will impact your cost of living. Will you be paying less rent? Spending more on the commute? Revise your monthly budget accordingly.

Got any big-ticket items like electronics or furniture shipped? Check for any damage immediately after receiving them. If you do need to claim insurance, you might need to get to it quickly.

If you’re starting over in a new company, you may have to get new insurance. Check with your employer to find the option that works best for you.

Save all your moving receipts. If your employer’s paying for your move, they’ll need to see them. If not, you may be able to get a tax write-off on these expenses.

If you’re moving your vehicle as well, figure out what you’ll need to get it registered, and how much it’ll cost.

Before you move

After you move

You may have felt the need to be closer to your family. Or found a great career opportunity. Or realized that you don’t want to spend your golden years abroad. Whatever your reasons, the long journey home is going to bring its challenges. Preparing well in advance will make it less daunting for you and your family.

A few things to keep in mind:

If you’ve already found a job in India, discuss the move with your new employer to see if they’ll pay for it. If not, figure out your shipping costs. You may find it makes more sense to sell most of your belongings and start afresh.

Take a decision on your credit cards. Speak to your credit card company when you’re closing them to make sure your credit score isn’t affected.

Cancel all your utilities, magazine and entertainment subscriptions well in advance. And save yourself the shock of unnecessary bills afterwards.

Track conversion rates to figure out the best time to transfer your savings to India. Consolidate all your bank accounts abroad and leave some balance for paying off your taxes for the year.

Figure out what to do with any investments you may have made in stocks and bonds.

You’ve taken the leap of faith. Packed up everything and moved back. Once you start settling in, you may realize that the India you’ve returned to is very different from the one you left behind. Factor in any unforeseen expenses, and readjust your budget accordingly. Charting a new savings plan after settling down will make homecoming a lot sweeter in the long run.

A few things to keep in mind:

If it’s been a few years since you lived in India, the cost of living may come as a bit of a shock. Research school fees. Look up rental rates. Factor in the cost of hiring help. And draw up a new budget accordingly.

If you have an NRI account, speak to your bank to have it converted to an NRO account so you can use it effortlessly.

Renting a fully-furnished home for the first couple of years is a good idea. That way, you can take your time understanding the realty market before picking a neighbourhood (and a home).

A car may be one of the first, and most important, purchases once you return. Look up options online, visit a couple of dealerships and check on car loans so you know the best you can get in your budget.

If you’ve been using a debit/ATM card during the move, switch to a credit card for regular use. And enjoy safer transactions and better rewards.

There’s nothing quite like the thrill of entering the real world. Bringing home your first paycheck. Having control over your spending. It’s an exciting time, and an important one. Managing your money well early on can make a huge difference to your savings later. So set yourself up for success with some smart planning today.

A few things to keep in mind:

First things first, make a budget. Account for your monthly expenses. Start thinking about your long-term goals, and prioritize the ones you’d like to save towards first. Without a proper budget, keeping a rein on your finances can be pretty tough.

It’s difficult to resist the temptation to splurge once you start getting your own paycheck, but keeping your expenses low initially is worth it. Considering you’ve just begun your career and might have student debt, don’t take any other loans. That means your own house and car should probably wait for a few years.

Once you’ve settled in, start looking at the benefits your employer offers, including reimbursements on travel, so you can make the most of them.

Be picky about signing up for things you don’t absolutely need early on. Is membership to that expensive gym or entertainment streaming website a priority right now? Any service that automatically deducts fees at the end of the month is likely to make you overspend.

It really is never too early to start planning your retirement. A small sum of money put aside every month, plus the power of compounding, can go a long way.

Whether you’re taking a break from work and going back to school, or finishing your education before starting your career, studying further is a big decision. There are several things you’ll have to think about – your investment, the returns it’s likely to give, living expenses, scholarships and more. Researching all your options well can make the decision a lot easier.

A few things to keep in mind:

A good scholarship can make a huge difference financially. And it’s not just good scores that’ll raise your chances of getting one. Community service, work experience, diverse hobbies and international travel will all work in your favour by making your resume stand out.

You know the most popular programs and universities. (The ones all your peers are applying to.) Are they the right choices for you, though? Talk to your advisor to figure out which ones will give you the best returns on your investment.

Start looking at accommodations early on. Staying on campus for the first couple of years might be easier on you and your wallet.

Make a list of application deadlines for each of the universities you’re targeting. Better prioritizing means less last-minute panic.

Start researching internships and job options before you get there. Finding a good position can make a big difference to your finances in the short term, and your career in the long run.

You’ve heard about the sleepless nights. The thrill of that first smile. The joy of that little hand, wrapped around your finger. And yet, nothing can prepare you for the wave of protectiveness you feel from the moment you set eyes on your baby. To make sure your little one is secure tomorrow, start planning your finances today.

A few things to keep in mind:

Check your health insurance to see whether prenatal care and the delivery itself will be covered. And plan your finances accordingly.

If you both are bringing in a paycheck, talk about maternity/paternity leave. Check your company’s policies and figure out if you’re eligible for paid leave.

Relook at your life insurance. While a permanent insurance plan has its advantages, it might make sense to go for a term plan, now that you have a growing family.

Talk to your spouse and draw up a will. It’s uncomfortable, but important that you figure out a plan for your child’s guardianship and your assets.

Once the baby is here, your regular expenses are likely to skyrocket, with new furniture, toys, vaccinations, diapers and more. Planning ahead can help you find more budget-friendly alternatives. For instance, purchasing a gently used crib online, or going for environment-friendly cloth diapers, will help you save quite a bit in the long run.

You’ve worked for years. Built a career. Raised a family. Now, when it’s time to sit back and enjoy it all, you may find yourself wondering if you’ve prepared well enough. It’s never too late to plan for your retirement, though. Managing your money smartly will ensure you have enough saved to take care of your needs. And indulge a few wants as well.

A few things to keep in mind:

Think about how you’d like to spend your retirement. Based on your current investments and savings, calculate whether you’ll reach your target. If it looks tough, start planning your monthly budget better, and become more focused on saving.

Revisit your portfolio. Make sure you’re not being too conservative or aggressive in how you invest and allocate your assets. Aim for diversified investments that can keep pace with inflation.

Plan an emergency fund. Setting aside cash reserves that can take care of at least 3-6 months of expenses will help you immensely.

Start thinking about your legacy. Choose a whole life insurance plan, if you haven’t already, to keep your loved ones safe.

Make your pension work for you. Invest a part of it in mutual funds, and you’re guaranteed a regular cash flow.
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Know and Plan Your Life Stage

Your Present Life Stage

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

A few things to keep in mind:

Being a parent! Life before and after

Be financially prepared before your baby is born

Before moving to a new country...

Employee Benefits to look for when you are expecting!

Checklist before moving to another country

Wedding & money matters!

Decrypting the riddle "Are you settled in life"

How to stick to your wedding budget?

Fun things to do after you retire

Planning your finances after retirement

First job? Lesson 101- Financial Management

Your first job: Balancing expectations & reality

Settling into your first job — a few tips

All set to leave for studies abroad?

Leaving home to study! How to adapt to university life

Studying Abroad - Things to do First

Fixed Deposit Calculator

Goal Planner

Personal Loan EMI Calculator

Recurring Deposit Calculator

Retirement Calculator

Car Loan EMI Calculator

Education Loan EMI Calculator

Complete your KYC Details

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Complete your KYC Details

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Regular Fixed Deposit

Recurring Deposit

Mutual Funds

NRE Rupee Savings Account

NRI Home Loan

Gold Loan

Life Insurance

Health Insurance

Senior Citizen Fixed Deposit

Grand - Savings Programme

Car Loan

Car Loan EMI Calculator

Education Loan

You are in a new city and locating bank branches shouldn't be a hassle. Use our branch locator to find all the nearest branches and their contact details