5 Best Personal Finance Tools of 2024

A new year begins with the ray of hope for greater profitability & that your investments will only move positively. 2024 has witnessed too many ups & downs in all economic and financial aspects however this year still looks to be promising for finances. So, it’s best to grab the opportunity & channelize resources in the best possible manner. To be precise, the right investments matter!

According to the World Economic Situations And Prospects (WESP), Indian economy is expected to grow at 7.1% for the financial year of 2024. Through this blog, we suggest the 5 best personal finance tools to invest your money in money wise way.

Best Personal Finance Methods

Invest in Gold

Putting money in gold has always been considered ideal for safe & conventional investment. You can easily invest in gold by purchasing gold materials or you can also opt for traded funds/ bonds, so it's a decision in your hands. Besides this, you can make investments into different fund schemes in the form of gold and more. And also its been estimated how investments in gold can bring in better returns in the financial year of 2024.

Invest in Debt Mutual Funds

Investors who are completely risk averse can think about debt mutual funds which have fixed returns compared to equity investments. Debt Mutual Funds are open-ended funds which an investor can choose to assure portfolio success and get good returns. This kind of financial strategy can give you a better return as against fixed deposits.

Also read: What are the Best Personal Finance Books 2024?

Invest in Public Provident Fund

In the third quarter, the government declared that the interest rate for the small savings scheme will remain the same. Many banks have cut their fixed deposit rates as the Indian Reserve Bank plans to introduce key policy changes. And this is positive news for small scale investors. If you choose a 15 year term, then it can turn out to be effective to earn returns on the savings.

Invest in ULIPS

Every ULIP (Unit Linked Insurance Plan) comes with the advantage of tax-free termination, low-cost coverage, liquidity structuring and convenience in fund transitioning. These advantages are extremely profitable as they have lower allocation rates. Infact a few companies mostly repay the mortality charges when the fund matures in future. Under this arrangement, investors can divide their money based on the risk potential so that build a balanced portfolio for later. This kind of investment provides premium gains and this amount can be paid either monthly or annually in a lump sum.

Invest in Mid-Cap Equity Funds

Mid cap equity funds are considered to be the best investment since it focuses on companies with a middle range capitalization in the financial market. These mid-cap companies range from 100 to 250 in the classification list of SEBI. Investors will be on a competitive edge if the companies grow and turn into large-cap companies existing in the financial market. It is therefore better if you invest only when you have a high risk profile and an investment block of 3-5 years at-least.

Also read: Personal Loan Vs Line of Credit, What is the Best Option