May 26, 2018 10:19 AM IST | Source: Moneycontrol.com

This week in personal finance: How a weak Re impacts you; Why you should invest in ELSS now?

To avoid taking rash decisions while investing in a hurry, it’s better to start investing in tax saving schemes now

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Tax saving | Investment for up to Rs 1.5 lakh can be claimed for deduction under section 80C of Income Tax Act. One can save a maximum of Rs 46,350 if falling under 30% tax bracket. If one is falling under 20% bracket can save tax for up to Rs 30,900.
Tax saving | Investment for up to Rs 1.5 lakh can be claimed for deduction under section 80C of Income Tax Act. One can save a maximum of Rs 46,350 if falling under 30% tax bracket. If one is falling under 20% bracket can save tax for up to Rs 30,900.

In recent months, the rupee has been weakening consistently against the dollar. During this week we saw the rupee breaking below 68 levels to hit a 15-month low. The Indian currency has depreciated close to 5 percent against the US dollar in the last three months. Here's how falling rupee affects your personal finance.

By July, individuals are required to file their tax returns for the previous financial year. However, this could also be the time to start your tax planning for the current fiscal. Often salaried earners procrastinate when it comes to tax planning. To avoid taking rash decisions while investing in a hurry, it’s better to start investing in tax saving schemes now. Here are five reasons to consider investing in ELSS for your tax planning.

If your child has graduated and secured their first job, as a parent you need to advise them on how to use their salary wisely. Financial planners say the first tentative steps towards creating a financial plan should be taken right when you receive your first salary cheque in hand. Here's financial advice for young graduates who have just started working.

Parents should also educate their millennial kids on investing in mutual funds as it is a convenient way to invest one's hard earned income. Even if one starts with small sums, one receives the benefit of a professional fund manager. Here are some tips on how to go about maximising your mutual fund investment.

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Frequent investors tend to take high risks by investing in thematic funds without seeking advice from financial experts. To capitalise on the long-term growth opportunity in banking space, new thematic product are being launched by asset management companies (AMCs). There is also a buzz among investors to invest in these thematic schemes after the recent correction. So, should you invest in thematic banking funds now?

For most people retirement planning is their last priority. However, this is not the ideal way as starting early can make a huge difference to your final corpus. Here is a guide on how to go about planning your retirement.

If you are confused whether to buy life insurance to protect our family or instead use the premium amount towards some other financial instrument to generate wealth, click here to solve your dilemma?

Financial advisors advise investors to diversify and invest around 8-10 percent of overall portfolio into gold as a hedge against inflation. But is it the right time to invest in gold? Ever since Prime Minister Narendra Modi assumed charge, gold has yielded an annualised return of 0.4 percent. Also, gold exchange traded funds have witnessed rising outflow in the last five years due to lacklustre performance of gold. Experts reveal whether you should continue your investments in gold ETFs.