December 2018

Search, health foods on Google and invariably you will get a list of fruits. A balanced diet that involves a daily dose of fruit is always recommended by doctors and nutritionists. The problem is, we often ignore this advice. This holds true when we talk about money!

Institutions deal with money in a variety of ways – the end result is to make more money for them like any other business and hence, push more customers to borrow.They almost make you feel that if you do not have an EMI then you are not managing your personal finances well!

Since our launch in April 2018, we have engaged with a number of people from different walks for life – students, college professors, tech geeks, analysts, government officials and many more. One common concern that we picked up is the mounting burden of loans. Loans taken for higher education, buying a
house, purchasing a new car, loans on credit cards and so on. EMIs take away the ability of improving personal savings.

In just 4 years India’s personal debt has moved from 9% of GDP to 11.5% of GDP. That’s an incremental 7 billion.

In comparison, household savings have sharply dropped over the same4-year period. What does this tell us? Indians are spending more and savings less.

Debt can be a financial instrument that can erode savings rapidly if not controlled early in the day. Warren Buffet raised this as the single most destructive habit at a time when credit was being taken out by just any American including those that could not afford a loan. The result: The Sub Prime Crisis.

Phundo believes that savings early will help achieves one’s financial goals. Using the simple method of putting aside small amounts on a monthly basis will ensure that you live retired life in comfort.

Act now! Convert you EMI into a good EMI. Remember to have your daily dose of fruits. SELECT, INVEST, RELAX the Phundo-way on support@phundo.com


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