![]() ![]() ![]() When users then want to categorize how they spend the cash, many either end up double booking or assume they have double booked because of the way Mint displays transactions on the Transactions page. Mint does not handle cash expenses well with this in mind-it automatically categorizes entire ATM withdrawals as expenses in themselves, assuming you will be spending the cash somewhere down the road. Not how much cash you have to spend, but how much you do spend, when, and where, versus how much you make. ![]() If you are one of these users, read on all will be made clear, and you will have a new understanding of your income, expenses, and how to use Mint like a champ.įirst, it’s important to know exactly what Mint is for: It is is primarily a tool for tracking spending and income within budgets. No longer does getting a hold of personal finances require spending hours and hours learning in-depth software like Quicken or creating tedious, error-prone spreadsheets on Excel does most of the work for us on our important assets and debts.īut many Mint users struggle with cash transactions, be they earnings or expenses. Money in your bank account can earn better returns before you spend, which makes money management more ‘s patent-pending personal finance technology is a boon for those who want a 21st-century method of keeping track of their expenses quickly and easily. Overall there is no reason why you shouldn’t use this facility. For first timers, the wait may be longer. There could be a gap of 2-4 weeks before you receive the card, although-for a know-your-customer (KYC) compliant investor-the investment can start within a day or two of applying. Unlike in a bank account, where interest is credited after tax deducted at source, you will have to track the tax incidence as withdrawals will be treated as redemption from the fund. Also, don’t confuse this with an investment in a fund, as this is more for: funds kept for contingencies, spending, and interim parking before a big spend is to come up. This is a simple way to get exposure to mutual funds, if you are a first-time investor and the absence of fees and charges on the card makes it more attractive.įunds kept in an ultra-short term fund may get over utilized through such a facility and not earn the optimal return. The biggest factor that you benefit from is convenience (after the investment is made) and at the same time receiving better returns (than a savings bank account) by virtue of being invested in a fund. Once they see how it functions, the trust builds."į is benchmarking this product against simple savings account-linked debit cards and calls it a Super Savings Account because of the potentially higher returns. “New investors have many apprehensions about mutual funds and most don’t know about such short-term funds. Chandrashekhar, founder and director,, agrees. ![]() It works especially well for the younger generation and first-time investors to get a flavour for mutual funds."Ĭ.R. In such a product, they see it as a utility. The idea is to familiarize you with the functioning of a mutual fund and to understand that idle cash can be left in a fund with complete access to you at any time.Īccording to Ashok Kumar, chief executive officer, Scripbox, “Through primary research, we found that many people felt mutual funds are a lock-in product and it is difficult to explain otherwise. There are no charges linked to this card: no annual fee, maintenance or withdrawal charges. Ltd, or via and and simultaneously apply to receive the linked card. You can apply for the fund directly through Reliance Asset Management Co. The fund’s average maturity has remained in this range of 6 months to a year. This means, on average, the securities held will mature within 12 months and capital will get repaid to the fund. This is a type of fixed income fund that invests in short-maturity debt instruments and gets you a suitable return through yield or interest earned by holding these securities-often till maturity.įor the Reliance Money Manager Fund, the current average maturity is around 1 year. There are limits on daily withdrawal, depending on your investment.Īlso, currently these limits are aligned with the RBI’s stipulations, which include the Rs10,000 limit per day on cash withdrawals from ATMs.įirst let’s try to understand what is an ultra-short term fund. If you don’t break the investment, the money accumulates returns. After that, if you want, the investment can be linked to the debit card. If you are an investor on either of these platforms, you can avail this facility and park your excess funds in Reliance Money Manager Fund through them. ![]()
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