Reviewing money goals, trimming portfolio: Top personal finance stories
This week we write about mid-year financial checklist, selecting funds to drop, and the yoga gear you must have
 "Reviewing money goals, trimming portfolio: Top personal finance stories")
A mid-year financial check-up is essential for maintaining financial health and tracking progress towards goals. Read this week’s lead story by Bindisha Sarang to learn how to carry out this exercise for achieving financial stability and growth.
Namrata Kohli highlights the growing demand for yoga essentials in India and underscores the importance of comfortable, eco-friendly gear. Read this article for insights into choosing the right yoga props and wear.
Sebi-registered investment advisor Deepesh Raghaw discusses the issue of managing a portfolio with too many mutual funds. It advises reducing the number of funds by eliminating those with less than 5 per cent exposure and ensuring each fund serves a specific purpose.
If you have been investing in bank fixed deposits (FDs) all along but desire slightly higher returns, think of investing in company FDs. Look up the table from Paisabazaar.com for an overview of the ratings and returns of India’s leading issuers.
NUMBER OF THE WEEK
103.3 million: Total number of credit cards in circulation in May 2024
The total number of credit cards in circulation increased from 87.4 million last year to 103.3 million in May 2024, marking a growth of 18 per cent year-on-year (Y-o-Y). The number of active cards rose by 0.76 million in May.
Credit card spending in May 2024 increased by 17 per cent year-on-year to Rs 1.65 trillion. It was up 6.45 per cent from Rs 1.55 trillion in April 2024.
HDFC Bank continues to lead in the number of active cards, followed by SBI Cards, ICICI Bank, and Axis Bank.
Credit cards offer users discounts, cashback, and other attractive deals. They are useful in emergencies, provide an interest-free period of up to 45 days, and facilitate hassle-free transactions both online and offline. Moreover, responsible use of credit cards, such as making full payments before the due date, can help improve your credit score.
Choosing the right credit card depends on personal spending habits and reward preferences. For those who spend heavily on groceries, cards offering bonus rewards at supermarkets are ideal. Similarly, frequent travellers should opt for cards that provide airport lounge access and travel protections, such as trip delay insurance and baggage delay insurance.