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By V. Viswanand
With the onset of the festivities, comes various kind of expenditures. While many are for personal consumption, most households also plan key investments during these times be it in real estate, gold or any other form of financial value. Therefore, balancing between 'wants' and 'necessities' can be a fine line to walk especially if you don't plan finances well in advance. To ensure you loosen the purse strings in the right way, follow these simple tips to ease spending and maximize savings.
Having a 'special' budget allocated for the festive season can help you estimate your spending threshold. While it is important to save for gifting, shopping and other kind of expenses incurred, ensure an additional amount is kept aside for emergency spends including medical/health or unforeseen incidents such as an accident etc. Always exercise discretion while spending - not everything is a necessary purchase, therefore prioritize key requirements over secondary items in your list. This will also lead to lesser financial challenges and stress
Having a 'special' budget allocated for the festive season can help you estimate your spending threshold. | Photo by Alexander Mils on Unsplash
Invest in a financial protection tool
This is a good time to consider investing in a term insurance plan. Term insurance is a sound investment if you have dependents and are the sole breadwinner of the family. It is also useful if you have liabilities such as a home loan, a car loan or other debts. Term plans act as a safety net for your family and ensure that they remain financially independent and continue to live the lifestyle you provided for them, even in your absence. Some term insurance plans offer monthly payouts to the nominee (for a certain number of years), along with the lump sum amount (sum assured) that can provide a regular income.
Term insurance is a sound investment if you have dependents and are the sole breadwinner of the family. | Photo by Scott Graham on Unsplash
Secure long-term future
Make it a point to expand investments into a variety of financial tools to grow your corpus and create a second stream of income. For instance, ULIPs (Unit Linked Insurance Plan) are life insurance cum investment options, which provide you with an opportunity to invest in different funds with a chance of multiplying your wealth with a protection cover. ULIP helps accumulate the desired amount within a specific period basis market return. It is suitable for both salaried and self-employed individuals with dependents who seek an investment plan that offers the combined benefit of wealth creation and life insurance under a single policy. You can invest to secure your retirement, or plan your children's higher education, or any other financial goals
Make it a point to expand investments into a variety of financial tools to grow your corpus and create a second stream of income. | Photo by Michael Longmire on Unsplash
Define goals and pay yourself first
Setting financial goals is a lifelong exercise and it's important you evaluate your current financial portfolio and standing. The wise old dictum of 'not putting all your eggs in the same basket' should be applied here. Start early and 'pay yourself first' through systematic monthly savings and make changes as per your requirements - be it your child's education, marriage or any other milestone, money will be needed for everything. Importantly, make sure to clear your all your dues - credit card, pending loans etc so that you are not caught off guard later.
Setting financial goals is a lifelong exercise and it's important you evaluate your current financial portfolio and standing. | Photo by Adeolu Eletu on Unsplash
The one key lesson that we all have imbibed through the pandemic is to be always financially prepared. As per a survey launched earlier this year, 69 per cent of urban Indians were compelled to be more proactive about financial planning among other aspects. To bridge the gap between our earning and spending, it is important that we equip ourselves with the right knowledge and financial tools for a safe and secured tomorrow. (IANS/ MBI)
Keywords: India, finance, business, plans, insurance, invest, spender, festivals
Mahanadi Coalfields Limited (MCL), a subsidiary of Coal India will set up a 50 megawatt (MW) solar power plant in Odisha's Sambalpur at a total cost of Rs 301.92 crore, moving steadily towards its goal to achieve carbon neutrality by 2024. MCL has placed a turnkey order to set-up a 50 MW solar power plant with a Chennai-based firm M/s Hild Energy Ltd, which will establish this green energy project within a timeline of 10 months, the MCL said in a statement on Saturday.
This solar plant would cater to the captive power requirement of MCL. The Central PSU had successfully set-up a 2MW solar power plant in Sambalpur in 2014. The company said it has pledged a target of installing 182 MW of solar power by 2024 in order to become a net zero energy company, aligning itself to use cleaner forms of energy for coal production.
The company said it has pledged a target of installing 182 MW of solar power by 2024. | Photo by Mariana Proença on Unsplash
This 50 MW solar power project will reduce CO2 emission by 91,020 tonnes per annum and carbon offsets of around 24,824 tonnes per annum, claimed the MCL. MCL is the leading production subsidiary of Coal India, having mining operations in Angul, Jharsuguda and Sundargarh districts of Odisha. Having achieved the highest ever capital expenditure of Rs 2,419 crore in the financial year 2020-21, the company has coal production and dispatch targets of 163 million tonnes and 182 million tonnes, respectively.
MCL was the coal mining company to introduce environment-friendly surface miner technology, which contributes over 95 per cent in coal production. As another environment-friendly initiative, the company has successfully introduced vertical rippers for blast-less over-burden removal in Hingula and Kaniha opencast projects. (IANS/ MBI)
Keywords: solar plant, carbon neutrality, Odisha, Sambalpur, Coal India, subsidiary, Mahanadi Coalfields Limited, solar energy
As the nation celebrated the 114th birth anniversary of his father - renowned poet Harivansh Rai Bachchan - megastar Amitabh Bachchan remembered his dad as he penned a heartfelt note for him. The actor took to his blog where he poured his heart out and also shared an unseen photo with his father. The image in question is from Big B's wedding in 1973, where the two are caught in a sweet moment as they look at each other.
Amitabh Bachchan wrote on his blog,
"My Father , my all .. November 27th his birth in the year 1907 .. Which makes it his 114th Anniversary .. He is in the heavens, with my Mother and they celebrate .. as do we , in thought word and deed .. (sic). But first."
He then posted the picture followed by elaborate paragraphs. The megastar wrote,
"Those rare moments when one would find himself rushing against the winds to prevent the distance between us and to close it down as soon as it can be. The day of my wedding and his expression of fulfilment to not just be in congratulation but instead to be in the face of a belief, a chime, an ultimate season of love and great passion, of the quarries of the fears and conditionings of these deprived gym routines kart ..(sic)". "This could have been unknown for long facilitating years, to give not expected versions and lastly large scale informations of the insides ; but as time passed by, as does now , they explained purposely, the values of education and similarity .. Be in peace and love .. (sic)",
the veteran actor concluded his note. (IANS/ MBI)
Keywords: Amitabh Bachchan, Harivansh Rai Bachchan, actor, blog, birth anniversary, 114th birthday
By Plabita Sharma
The World Vegan month of November usually brings with itself an increased amount of dialogue and searches about Vegan lifestyle, sustainable living and clean beauty. Before pondering any further, it is important to understand what the Vegan lifestyle is and how it goes beyond the concept of consuming a plant-based diet. Veganism essentially is a lifestyle that is driven by compassionate choices and an increased awareness of one's actions on the world. Thus motivated by the two, a vegan individual usually carefully curates their day-to-day practices in a manner that does little to no- harm to the planet, the people and all of its inhabitants.
Beauty as industry has time and again been scrutinised for its effects on the consumers and the ecosystem - this can be during the manufacturing process or the effect it has on the consumer's thought processes. Now, as the world moves towards adopting Global Sustainability Goals, committing to a world that works with the natural resources instead of against them - it is only fair for each individual to be curious about making the right choices to make their beauty bag as consciously curated as possible. With multiple brands coming up with new standards of vegan and sustainable beauty, many consumers are left confused and doubting the authenticity of these claims. So here is a quick guide that can help you make the right choices:
Vegan and cruelty free labels: Keeping true to the traditional meaning of Vegan - any vegan beauty product means that it is completely plant based and has no animal ingredients or any of their by-products like honey, beeswax, dairy product etc. Similarly, cruelty-free as a label means that the ingredients or the final product did not test on animals or harm any animals during the production process. One way to test the authenticity is to check if these products are legally certified by PETA (People for the Ethical Treatment of Animals), or verified by Vegan organisations as The Vegan Society and others. Cruelty-free and vegan products are also generally categorized by having cleaner and gentler formulas as they are mostly deprived of harsh chemicals and solvents.
Any vegan beauty product means that it is completely plant based and has no animal ingredients or any of their by-products like honey, beeswax, dairy product etc. | Photo by Drew Dizzy Graham on Unsplash
Ethical and natural ingredients: It is equally important to invest in products that use ethically sourced and sustainably harvested ingredients. Since most vegan products tend to be plant derived it is of utmost value to ensure that while the source is nature, the impact of manufacturing is also minimal so that there is no harm done to the environment. Often the face scrubs used by us are most damaging not just to the face and to the marine life as well; thus opting for more natural ingredients rather than synthetic ones is quite beneficial. Some natural scrubbing ingredients are sugar, salt, coffee which are safe for the coral reefs and far gentler than synthetic scrubs.
It is equally important to invest in products that use ethically sourced and sustainably harvested ingredients. | Photo by Brooke Lark on Unsplash
Sustainable and ecofriendly packaging: While the ingredients and formulation can be certified, it is also important to pay attention the quality, material and nature of the packaging in which the product is being stored. With an increase in clean-beauty standards, the consumption of such products has also increased, thus giving brands the opportunity to further develop their packaging in a manner that is sustainable and its increased quantity does not harm the environment. This could translate into using raw materials that are recycled and can be renewed or even introducing the concept of up-cycling the product packaging for decoration or storage purposes. Fore example, The Body Shop has recently launched a new line of vegan hair care and body butters; that are not only made of 95 per cent ingredients of natural origin but the packaging is made of recycled plastic that can further be recycled thus continuing the recycling system. Their makeup brushes also have wooden handles instead of plastic ones this adds to their classy appearance and use of ecofriendly material.
The Body Shop has recently launched a new line of vegan hair care and body butters; that are not only made of 95 per cent ingredients of natural origin but the packaging is made of recycled plastic. | Photo by Oli Dale on Unsplash
The above is a small snippet in a long list of things that can help contribute to a cleaner and more consciously lifestyle. Where demand increase, supply follows - as people begin to demand ethical, responsible production and products, more and more brands have begun to deliver. Household names such as The Body Shop have pioneered conversations on clean, green and sustainable beauty for decades - thus making them a frontrunner for several old time vegan people.
(Article originally published on IANSlife) (IANS/ MBI)
Keywords: Beauty, makeup, clean, November, World Vegan month, New Standards , Vegan, Conscious