<h1>Got an Appraisal? Here are 5 money management tips</h1>
Once again, it’s that time of year!
Your manager was scheduling meetings to discuss the finer elements of your goals and achievements while you prepared documentation to show what you’ve accomplished in the past year. While this may have seemed quite a task, we are sure it was a source of renewed hope that perhaps, just maybe, this year you will be able to put down enough as a down payment for your house.
Now that your April salary has been credited with that extra appraisal amount, we have got some ideas about where you can use it. 
<h2 class="has-luminous-vivid-orange-color has-text-color">Create wealth </h2>
Simply open an SIP with an <a href="https://blog.freecharge.in/everything-you-need-to-know-about-mutual-funds-is-here/">Equity Mutual Fund</a> . Not only will your money gradually increase over the years, this investment will require minimal involvement. It is a great way to put aside the extra money that you make and create wealth from it.
<h2 class="has-luminous-vivid-orange-color has-text-color">Pre-pay your existing loans</h2>
Burning your pocket paying high-interest EMIs, well now is the time to stop that and move on. You can increase your EMI amount every month or pay back a higher amount towards your principal amount. Either way- it can help you reduce your liability and financial stress.
<h2 class="has-luminous-vivid-orange-color has-text-color">Set aside an emergency fund</h2>
Emergency doesn’t come with notice and thus calls for you to be extra prepared. You can put aside the additional money you now make towards creating an emergency fund as a safety net. Just remember, the whole idea of an emergency fund revolves around its liquidity and instant availability.
Fixed Deposits, <a href="https://blog.freecharge.in/investing-in-mutual-funds-is-like-finding-the-right-partner-for-life-and-wealth/">Liquid Mutual Funds</a>, and cash are good ways to save for an emergency fund.
<h2 class="has-luminous-vivid-orange-color has-text-color">Save Tax</h2>
With increased income comes increased tax liability. You can explore using the full potential of 80C and save up to ₹1,50,000 if you don’t already. If your risk-appetite is low, you can increase your PF contribution or invest in NSCs (National Saving Certificates). Other avenues to invest can be NPS (National Pension System) or <a href="https://blog.freecharge.in/dont-make-these-mistakes-while-investing-in-elss-funds-2/">ELSS (Equity Linked Savings Scheme)</a>
ELSS is a great scheme to invest in as it not only help you save taxes but also creates wealth in the long term
<h2 class="has-luminous-vivid-orange-color has-text-color">Live it up</h2>
Have some aspirations like a short weekend getaway with your partner or upgrading your phone, we say you do it! After all, you are working hard and you do deserve these moments of achievement and happiness. 
Set aside a list of things and experiences you have been eyeing, prioritize them, and just use the extra money you now make towards achieving them.
Bottom Line
There is so much you can do with the extra bonus that you will now bank, thanks to your appraisals. 
Now that you have some idea of what you can do with your new and increased salary, what path are you going to take?
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Learn how to build wealth with your additional income. Use your appraisal money to create wealth with our top money management tips for better financial health.

Once again, it&#8217;s that time of year! Your manager was scheduling meetings&hellip;

5 ways to build wealth using your appraisal | Freecharge

Do you remember learning algebra, trigonometry, calculus in school?😵‍💫All that maths and yet most millennials and Gen Z can hardly do simple budgeting or financial planning to save their salary every month.
So how do we become better at saving money and planning our finances? Here is a quick class – 
<h3 class="has-luminous-vivid-orange-color has-text-color">Overspending is a silent budget killer</h3>
<div class="wp-block-image">
<figure class="aligncenter size-large is-resized"><img class="wp-image-5600" src="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_5.png?resize=802%2C142&amp;ssl=1" sizes="(max-width: 802px) 100vw, 802px" srcset="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_5.png?resize=300%2C54&amp;ssl=1 300w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_5.png?resize=360%2C65&amp;ssl=1 360w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_5.png?zoom=2&amp;resize=802%2C142&amp;ssl=1 1604w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_5.png?zoom=3&amp;resize=802%2C142&amp;ssl=1 2406w" alt="" width="802" height="142" loading="lazy" data-recalc-dims="1"></figure>
</div>
The first and foremost thing to start with is to curb overspending. A simple, proven way for this is to create a monthly budget plan by allotting how much you wish to spend on different categories. For example, if you earn ₹xxx a month, you may split this as follows:
<ul>
<li>Up to 20% for electricity, water, and grocery</li>
<li>10% for shopping</li>
<li>10% for other essentials</li>
<li>Up to 30% for insurance payments/EMIs (if any)</li>
<li>30% SAVINGS</li>
</ul>
By strictly dedicating a particular portion to a specific category, you will be able to keep a check on overspending and save monthly.
<h3 class="has-luminous-vivid-orange-color has-text-color">Saving every day goes a long way</h3>
<div class="wp-block-image">
<figure class="alignleft size-large is-resized"><img class="wp-image-5601" src="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=822%2C148&amp;ssl=1" sizes="(max-width: 822px) 100vw, 822px" srcset="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=1024%2C184&amp;ssl=1 1024w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=300%2C54&amp;ssl=1 300w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=768%2C138&amp;ssl=1 768w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=1536%2C275&amp;ssl=1 1536w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=360%2C65&amp;ssl=1 360w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?resize=600%2C108&amp;ssl=1 600w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?w=2732&amp;ssl=1 2732w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_6.png?w=4098&amp;ssl=1 4098w" alt="" width="822" height="148" loading="lazy" data-recalc-dims="1"></figure>
</div>
Rising prices of electricity, petrol, and daily essentials eats up most of your income. Minimizing its impact through smart management is what you need to keep your saving goals on track. Here are some tips for you to save daily.
<ul>
<li>Become energy-efficient to kickstart savings</li>
<li>Use public transport to curb petrol expenses</li>
<li>Adopt an active lifestyle and avoid using vehicles for short distances</li>
<li>Look for online stores offers on <a href="https://www.freecharge.com/">FreechargeBiz</a> to earn cashback</li>
<li>Compare offline and online rates while shopping</li>
</ul>
<h3 class="has-luminous-vivid-orange-color has-text-color">Get more from your savings</h3>
<figure class="wp-block-image size-large"><img class="wp-image-5596" src="https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=1024%2C183&amp;ssl=1" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=1024%2C183&amp;ssl=1 1024w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=300%2C54&amp;ssl=1 300w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=768%2C138&amp;ssl=1 768w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=1536%2C275&amp;ssl=1 1536w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=360%2C65&amp;ssl=1 360w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?resize=600%2C108&amp;ssl=1 600w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?w=2732&amp;ssl=1 2732w, https://i2.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_1.png?w=4098&amp;ssl=1 4098w" alt="" width="1024" height="183" loading="lazy" data-recalc-dims="1"></figure>
As important as it is to save, investing your savings is equally essential. The ideal way to start is to invest parts of your savings across multiple platforms in different forms. Here are some of the options you should try to create a diverse portfolio.
<ul>
<li>Earn interest by putting your money in a savings account (compare different types of accounts and choose the one that best suits you)</li>
<li>Open a recurring/fixed deposit account and start parking your savings for a good return upon maturity</li>
<li>Research and look for low-risk, high-return mutual funds to invest safely and efficiently</li>
<li>Plan on allocating a part of your savings to health/life insurance cover for a protected future</li>
<li>Gold investment is considered to be the safest and fruitful option. So, putting your savings in gold is indeed a win-win deal</li>
<li>Investing in stocks is another popular option to earn greater returns but requires thorough research and analysis as it brings along a significant risk</li>
</ul>
<h3 class="has-luminous-vivid-orange-color has-text-color">Keep your finance game on-point</h3>
<figure class="wp-block-image size-large"><img class="wp-image-5597" src="https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=1024%2C184&amp;ssl=1" sizes="(max-width: 1024px) 100vw, 1024px" srcset="https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=1024%2C184&amp;ssl=1 1024w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=300%2C54&amp;ssl=1 300w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=768%2C138&amp;ssl=1 768w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=1536%2C275&amp;ssl=1 1536w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=360%2C65&amp;ssl=1 360w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?resize=600%2C108&amp;ssl=1 600w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?w=2732&amp;ssl=1 2732w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/08/Icon_2.png?w=4098&amp;ssl=1 4098w" alt="" width="1024" height="184" loading="lazy" data-recalc-dims="1"></figure>
As the title says, saving money is not rocket science but smart art. We know financial planning is tricky but strictly cutting down on overspending, efficiently saving on a daily basis, and capitalizing smartly on investment options is all you need to keep your money game strong and future secure.

Do Online Recharge, utility bill payments, dth &amp; fastag recharge with Freecharge pay later option.

Do you remember learning algebra, trigonometry, calculus in school?😵‍💫All that maths and&hellip;

Saving Money Is Not Rocket Science, But Smart Art

This is a partnered post in association with Moneycontrol.
If you’re looking to save your monthly income and allocate budgets for separate needs, homemakers are the best ambassadors to look up to.
Traditionally, homemakers’ responsibilities are assumed to be limited to cooking, cleaning, and providing as caregivers for the family. This unpaid ‘profession’ is demanding, and unlike salaried professionals, it yields no breaks and offers no promotions. Yet, the community defines the true meaning of providing unconditional services; and amidst this COVID-19 pandemic, they decided to step-up even more. These unsung homemakers, who have been said to keep away from financial matters, emerged as the smartest ‘money managers’.
How did homemakers manage their finances?
If you’re looking to save your monthly income and allocate budgets for separate needs, homemakers are the best ambassadors to look up to. In the last six months, India has witnessed a dearth in regular supplies, mounting job losses, and sky-rocketing living costs. In such times, homemakers turned to some key financial instruments to rise above the setback.
Access to cash via fixed deposits
With a long-term vision in mind, many of them trusted <a href="http://freecharge.in/fixed-deposit-safe-investments-express-fd" target="_blank" rel="noreferrer noopener">Freecharge</a>‘s brand promise to invest their lifelong savings in fixed deposits. One of the compelling reasons for this product’s attractiveness is the guaranteed returns that it offers. Additionally, the flexibility to withdraw money before its maturity is also a major benefit. When households experience tightening liquidity, this allows easy access to cash requirements. And those who invested before also benefitted from the accumulated interests.
Thinking ahead with options for all risk appetites
To augment the size of their wealth bundles, many homemakers tapped the lucrative offerings of mutual funds before the lockdown. While the markets experienced sluggish growth in the first 6 months, the economy unlocking has reinforced market sentiments, resulting in profitable portfolios. Apart from mutual funds, however, <a href="https://www.freecharge.in/mutual-funds-investment-plans" target="_blank" rel="noreferrer noopener">Freecharge</a> also gave people access to various investment options depending on their appetite for risk. These include large cap, mid cap, and small cap equity funds and even debt and hybrid funds. Each of these varies in terms of risk and, as a result, the returns they offer.
Playing it safe with gold
The success saga of these new-age wealth wizards doesn’t end here. Women are the smartest gold-investors. They used their personal fascination over the product to generate increasing returns via <a href="https://www.freecharge.in/buy-e-gold-safegold" target="_blank" rel="noreferrer noopener">Freecharge’s E-Gold</a> avenue. This low-risk, high-return investment is a hassle to store physically. Offering a faster and safer way to make investments, women have trusted gold to give them higher returns this year, especially given the decline in the stock market.
As market statistics reveal, the rising volume of investments has led to a dramatic increase in gold prices. This online option bestowed convenience to homemakers when they juggled with the rising volume of household duties.
<figure class="wp-block-image size-large"><img class="wp-image-5829" src="https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?fit=1024%2C683&amp;ssl=1" sizes="(max-width: 1366px) 100vw, 1366px" srcset="https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?w=2560&amp;ssl=1 2560w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=300%2C200&amp;ssl=1 300w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=1024%2C683&amp;ssl=1 1024w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=768%2C512&amp;ssl=1 768w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=1536%2C1024&amp;ssl=1 1536w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=2048%2C1365&amp;ssl=1 2048w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=370%2C247&amp;ssl=1 370w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=760%2C507&amp;ssl=1 760w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=390%2C260&amp;ssl=1 390w, https://i1.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/shutterstock_1860968860-scaled.jpg?resize=600%2C400&amp;ssl=1 600w" alt="" width="2560" height="1707" loading="lazy" /></figure>
How did homemakers make investment decisions? 
It’s remarkable to record these successful data points. The offerings are undoubtedly living up to their expectations. But, how did homemakers, who are ideally cut off from the financial know-how, manage to make it so big? The secret solution is Freecharge’s <a href="https://blog.freecharge.in/" target="_blank" rel="noreferrer noopener">extensive blog</a> that guides people through their greys of making investments.
Every investment is a risk undertaken. An interplay between the ratio of pros to cons and personal intuition influences such decisions. Freecharge, through their blog, helped homemakers understand the market and be able to make these decisions for themselves. To facilitate extended support, they also have a 24/7 customer support toll-free number that intends to solve all kinds of queries – no matter how trivial they are.
What other steps did homemakers take to expand their financial cushions?
Investing in financially viable products was a smart strategy, but not exhaustive in itself. It was equally important to earn more money during the lockdown. This is where homemakers put their ‘homely’ skillset to commercial use.
For example, <a href="https://eshe.in/2020/05/05/women-entrepreneurs-in-lockdown/" target="_blank" rel="noreferrer noopener">Pooja Carippa</a>, a yoga instructor and mother of two, left her corporate career to pursue her dream project. In the lockdown, she utilised Zoom to keep her livelihood floating. Offering a week of free sessions, she eventually charged for her 4-hour-per-day-classes. This got her 50 sign-ups from students across the globe.
In Pune, when the virus struck, a married <a href="https://idronline.org/a-day-in-the-life-of-a-woman-entrepreneur/" target="_blank" rel="noreferrer noopener">woman entrepreneur</a> with a steady T-shirt business found herself out of work. To feed her 6 family members, she repurposed the raw materials to create masks. Capitalising upon the pressing opportunity helped her earn the support of Mann Deshi. She is now running her new venture with a team of thirty women.
Research from <a href="https://www.wbs.ac.uk/news/are-women-better-investors-than-men/" target="_blank" rel="noreferrer noopener">Warwick Business School</a> boasts about women’s portfolio, which has outperformed men’s by 1.8 percentage points. The terrific combination of women’s intellectual and skills applied to investment opportunities such as FD, MF, and Gold via digitally suitable apps like <a href="https://www.freecharge.in/" target="_blank" rel="noreferrer noopener">Freecharge</a> has a promising path of development.
Be smart like homemakers: Capitalise upon Freecharge!
<figure class="wp-block-image size-large is-resized"><a href="https://frch.in/mfblg" target="_blank" rel="noopener noreferrer"><img class="wp-image-5809" src="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=765%2C82&amp;ssl=1" sizes="(max-width: 765px) 100vw, 765px" srcset="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=1024%2C111&amp;ssl=1 1024w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=300%2C33&amp;ssl=1 300w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=768%2C83&amp;ssl=1 768w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=370%2C40&amp;ssl=1 370w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=760%2C82&amp;ssl=1 760w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?resize=600%2C65&amp;ssl=1 600w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-35.png?w=1255&amp;ssl=1 1255w" alt="" width="765" height="82" loading="lazy" data-recalc-dims="1" /></a></figure>

This is a partnered post in association with Moneycontrol. If you&#8217;re looking&hellip;

Indian Homemakers: The Unsung Money Managers of 2020

Salary hike is like a sibling you want. Everybody wants one. But no one’s happy with it. Whatever hike you got, if you do these simple things with it, we promise it will make you happy.



Did you really get a salary hike?



Never measure your salary hike in percentage. Always ask for a salary structure. Check what component of salary has increased and what are the tax implications. If your take home is coming to the same amount, ask the HR to restructure your salary to cut down on the taxes.



Invest more



We are not suggesting you shouldn’t have fun with the hike. You should for the initial 2 months. Once you’re done shopping, eating out and holidaying, we suggest you invest 50% of your hike amount in Mutual Funds. For instance, if your salary has increased by Rs.20,000, keep Rs.10,000 for fun, and start an SIP for other Rs.10,000. If you invest Rs.20,000 every month for 15 years and keep bumping up your investments every year, you will probably have more than a crore savings.



EMI’s are your enemies.



You end up paying 20% interest pa if you took a personal loan and 40-45% if you took it against credit card. Try repaying your loans. Ask them to increase your EMI’s, so you can pay it all quicker and save interest.



Build Emergency Funds



Don’t treat your investments as emergency funds. If you withdraw money when the markets are bad, you will end up making losses. It’s important to save some money for any emergencies in life.



Good Karma



Donate more for a cause and earn good karma. But this time, Karma will give you money. Because you are eligible for deductions up to 10% of the donors adjusted income.



Have fun



Probably, the most important of it all. Go have dinner with your friends. Buy your dream bike or go on a holiday.



We believe if you think a little more about how to handle your salary hike and your siblings, you will always be happy with what you have.



 Check out Mutual Funds on Freecharge <a href="https://frch.in/mfh">here.</a> 



*Mutual fund investments are subject to market risks, read all scheme related documents carefully.



<figure class="wp-block-image size-large"><a href="https://frch.in/mfblg"><img loading="lazy" width="1255" height="136" src="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?fit=1024%2C111&amp;ssl=1" alt="" class="wp-image-5799" srcset="https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?w=1255&amp;ssl=1 1255w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?resize=300%2C33&amp;ssl=1 300w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?resize=1024%2C111&amp;ssl=1 1024w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?resize=768%2C83&amp;ssl=1 768w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?resize=370%2C40&amp;ssl=1 370w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?resize=760%2C82&amp;ssl=1 760w, https://i0.wp.com/blog.freecharge.in/wp-content/uploads/2020/12/button-25.png?resize=600%2C65&amp;ssl=1 600w" sizes="(max-width: 1255px) 100vw, 1255px" /></a></figure>

Salary hike is like a sibling you want. Everybody wants one. But&hellip;

Got a salary hike? Here is what you should do

<h1>All You Need To Know About Credit Score</h1>
We see it everywhere. “Check your credit score for free”, “Credit Score check in just a min.” What’s all the fuss about? Let’s find out.
What’s a credit score?
To put it simply, the credit score is the adult version of the 10th standard marksheet. It’s the measure of your creditworthiness, much like how your 10th marks were used to figure out how much of a “good boy/girl” you were.😒
The credit score or the more apt CIBIL score is given to you by the TransUnion CIBIL company after analyzing your credit information. The score takes into account the number of open accounts, your total level of debt, your repayment history( do you pay on time), your duration of availing credit and other factors. 
Importance of the Credit Score
Did you have a curfew as a kid? Or were you one of those kids whose parents trusted you completely? 🤯 That’s the crux of the credit score too- dependability. It shows how dependable or risky you are as a borrower. It helps financial institutions understand whether you will pay on time/regularly when you take a loan from them. Especially personal loans and other loans that don’t need security.
Credit score affects 3 things
<ul>
<li>Your eligibility for a loan</li>
<li>The maximum loan amount you can borrow</li>
<li>The interest rate on your loan</li>
</ul>
How to read your credit report
The simplest way is to check the CIBIL score which falls in the range of 300-900, with 900 being the most creditworthy. Having a score of 750 and above is considered good, any score below 750 will make it harder for you to get a loan. Other components of a credit report include –
<ul>
<li>Credit Summary It shows all the credit accounts you hold currently and you had in the past. This will include credit card accounts, home loan accounts, etc…</li>
</ul>
<ul>
<li>Account History This part of the report gives details of all the accounts given in the previous section.</li>
</ul>
<ul>
<li>Public Records This part of the report deals with major financial mishaps like bankruptcy and criminal arrests.</li>
</ul>
<ul>
<li>Credit Enquiries Here they show every time a financial institution has looked up your credit report in the past 2 years.</li>
</ul>
So, as you can see the Credit Score is a comprehensive document that helps lenders trust you with their money. And unlike your 10th marksheet (which is of no use to you until you change your job🤦‍♂️), the credit report will be useful to you throughout your adult life.

A credit score is a representation of the creditworthiness of an individual. Explore the blog on Freecharge to understand everything about Credit scores.

We see it everywhere. “Check your credit score for free”, “Credit Score&hellip;

Credit Score- All you need to Know About | FreechargeBiz

<h1>5 Simple Ways To Improve Your CIBIL Score</h1>
Well if you thought that scoring well in exams was the most important thing, you may be in for a rude shock. Also when your parents told you to keep your scores high and life will be good, they were right-at least for the <a href="https://blog.freecharge.in/all-that-you-need-to-know-about-credit-score/">CIBIL score.</a>
Having a good Credit Score can take you places in life. To be able to get big-ticket loans, you must start building on your CIBIL score as soon as possible. The moment you take a loan and start paying it back it starts impacting your CIBIL score
<h2>Wondering what is a good credit score?</h2>
Sadly, there is no magic number or range that qualifies as a good CIBIL score in every case. However, anything over 700 is considered good.  Based on your credit history your CIBIL score can range anywhere from 300 to 900. 
To help you understand easy and doable ways to improve your credit score we have listed the top 5 ways to do so. Read on!
<h2>It is the size that matters</h2>
Take. Small. Loan.
You heard us! Take a loan only when you are in absolute need and try to take as small a loan as possible. The smaller your loan the better you will be at repaying it without any hassle or discomfort. Small loans are also a good idea to get you in the habit of paying your EMIs in time for when you have to take a bigger loan.
<h2>Credit cards are like relationships- stick to one</h2>
They say you need to find one, and stay with them and they are right!
Get yourself a Credit Card that offers you great perks, cashback and a lower rate of interest. The longer you continue using a particular credit card, the more extensive your credit history becomes, and the better your credit or CIBIL score gets.
A lot of credit cards today offer a free 1-to-3 month repayment cycle. If you have a credit card like this or can get one, you may want to consider using it for all your expenses. You can pay back for these expenses from your income at the end of the month. As long as you spend only what you can afford to pay back, you’ll be good.
<h2>Two-timing or multi-timing will bite you back</h2>
Take one loan-pay it back-repeat.
Okay, so here is the deal, to prevent your CIBIL score from crashing, pay back one loan before you take another one. Think of this as food. We know you want it all but you can only eat some. So get only as much as you can eat. The same goes for loans- take only as much as you can pay back and do not take more than one Loan at any given point in time. If you take multiple loans at one time you will come across as somebody who is stuck in an unforgiving chain of borrowing. This is definitely not a good look for your CIBIL score.
<h2>Anniversary and  Month-esary you just can’t forget</h2>
Any anniversary or month-esary that you forget is going to take you down.
Ain’t nothing taking you down like forgetting to pay back your credit card bill. So get your reminders in place and you may want multiple of those to ensure you pay your credit card bills in time. Paying your credit card bills in time is going to help you increase your credit or CIBIL score significantly. Delayed payments will not only result in a bad CIBIL score but also attract a penalty and a higher rate of interest.
<h2>Review will take you far in life</h2>
This will also help you build yourself the life you want.
We cannot tell you about ways to improve your credit or if you don’t regularly monitor your CIBIL score to see what is wrong and what is right. It is only then that you can figure out how can you improve on the score that you have now. It is almost unavoidable to monitor your CIBIL score and to understand the impact that your borrowing and repayment made and will make.
Remember when you were in school and used to get your exam sheets only for you to realise that your teacher has made a  marking mistake. That can happen with your CIBIL score too. If you monitor your CIBIL score regularly, you can report inconsistencies, if any and get them rectified to improve your CIBIL score
The sooner you start focusing on improving it, the better it is going to be for you. So, what are you waiting for? Check your <a title="Check your CIBIL Score now" href="https://www.freecharge.in/?utm_params=true&amp;utm_source=newsletter&amp;utm_medium=blog&amp;utm_campaign=CIBIL" target="_blank" rel="noopener">CIBIL</a> score now.
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Want to Improve Your Cibil Score? Here Are 5 Ways To Increase Your Cibil Score and Improve Your Credit Score Report.

5 Simple Ways To Improve Your Credit Score | FreechargeBiz

<h1>Credit Card – Evil Stepmother Or Fairy Godmother</h1>
The analogy is quite apt don’t you think? But before we get too carried away with the fantasy, let’s look at the facts.
<ul>
<li>India has the lowest credit card adoption rate compared to other countries with high GDP like Canada, the USA, UK, China, Brazil, Germany, Japan, etc</li>
<li>According to GlobeNewswire, there are only 3 credit cards per 100 people in India compared to 32 for every 100 US citizens.</li>
</ul>
Most of us have been taught to spend only what we earn and credit cards have the bad rep of being used for things one can’t afford. But this is far from the truth, credit cards if used properly can help us manage our expenses efficiently.
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Advantages of a credit card
<ul>
<li>Increases purchasing power </li>
</ul>
With a credit card, you have additional money whenever you need it. In case of unexpected expenses like a broken phone or a medical bill, you won’t be left scrambling for funds.
<ul>
<li>Helps accrue interest on salary</li>
<li>Helps build a credit history</li>
</ul>
When you pay your credit card bills on time your credit score will increase. This in turn will make it easier for you to get loans.
<ul>
<li>EMI advantage </li>
</ul>
You can opt for EMIs for big purchases making it easier to handle your finances. 
<ul>
<li>Offers and rewards </li>
</ul>
With reward points that can be redeemed for cashbacks, gift cards and more, it makes sense to make payments with your credit card.
<ul>
<li>Interest-free credit</li>
</ul>
Unlike a loan, you don’t have to pay interest on the money you spend as long as you pay back the whole credit card bill before the due date. 
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Disadvantages of credit card
<ul>
<li>Build-up of interest </li>
</ul>
Many people misjudge the actual amount that they need to pay and end up paying only the Minimum Due. This builds up interest, but paying the whole due should be enough. 
<ul>
<li>Hidden costs</li>
</ul>
Don’t fall for the ‘FREE Credit Card’ gimmick. Always research different cards for hidden fees like joining fees, late payment fees, renewal fees etc, and choose one that suits your needs.
<ul>
<li>Overspending</li>
</ul>
Many people end up using credit cards without a thought about paying back the money. Keeping an eye on your spending is enough. 
<ul>
<li>High rate of interest</li>
</ul>
Compared to other loan products like personal loan, credit card interest rates tend to be higher. It is better to check whether you should take a personal loan or use your credit card before you make a purchase. Here is how you can compare –
<a href="https://blog.freecharge.in/all-that-you-need-to-know-about-credit-score/">Credit Score</a>
In conclusion, whether a credit card ends up being your Evil Stepmother or Fairy Godmother is in your hands.

Know the advantages of credit cards and disadvantages of credit cards. Read about the top good and bad comparison pointers for using credit cards.

The analogy is quite apt don’t you think? But before we get&hellip;

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