How to manage your money online

How to manage your money online

 

 

Despite having the resources to invest, many let good investment opportunities pass merely because they want to avoid the sheer drudgery of the process. This is where going online can help you. The internet has gone far beyond providing bill payment and stock trading in the financial services world.

Today, some of the best investment opportunities are available online without hassle and without any intermediaries. No longer is it necessary to fill lengthy forms, write out cheques and photocopy documents providing proof of your existence. In the online world you need not worry about making mistakes in your address or other details. We take a look at the range of services you must avail online.

 

Online bank account

 

Not only can you view your statement live, you can transfer funds, make payments and just about do any bank transaction online. Be it your telephone bill, credit card bill, electricity bill or even your insurance renewal premium, all of that can be paid online through your bank account even if you do not have a credit card.

You can remit funds through NEFT (national electronic funds transfer) to anyone anywhere in the country without having to write and post cheques with the transfer taking place in hours rather than days.

 

Share trading

 

Tired of being put on hold by your dealer? Tired of writing cheques, depositing them and filling in demat slips? It’s time to switch to online trading. Online trading is like having a broker’s terminal before you. You can view prices real-time, with data such as the best five ask and bid price, along with other parameters like the day’s high, low and the volumes traded. You can also analyse your portfolio online.

“Today, a total of 11% of all equity trades are executed online, compared to 9.5% a year ago,” says Aseem Dhru, MD and CEO, HDFC Securities. The ‘lite’ versions launched by some brokerages work fine in case you are using a low speed internet.

 

Mutual funds

 

Today, mutual funds can be bought and sold online. “We have seen a big surge in customers buying mutual funds online especially after new Sebi guidelines abolishing entry loads,” says Vineet Arora, head products and distribution, ICICI Securities.

There are several advantages of using the online route to buy mutual funds. After the one-time paperwork, subsequent investments and redemptions can be made with the click of a mouse and you do not have to sign forms and cheques for every investment. You can get valuable research advice and by using financial planning tools, you can understand whether you are a conservative, aggressive or moderate investor.

 

Company & bank FDs, bonds

 

Though they carry higher credit risk, company fixed deposits offer a higher interest rate than banks. “We do a due diligence before recommending fixed deposits to our investors,” says Arora of ICICI Securities. You can invest in fixed deposits online.

 

IPOs

 

Investors applying in IPOs can use the Applications supported by Blocked Amount (ASBA) route. If you have an online broking account, an ASBA application can be done at a click of a button. Doing it the physical way would be a very tedious. Using this method, though funds are blocked, money is pulled out only for the amount allotted. Thus you continue to earn interest on the money parked in your savings bank account.

 

Insurance

 

You can buy certain Ulips and term insurance online. In case you buy certain HDFC Standard Life insurance policies, you stand to enjoy savings up to 40% on allocation charges. “Our objective is to empower the population to make a decision of selecting a life insurance on their own,” says Sanjay Tripathy, executive vice-president and head, marketing, HDFC Standard Life.

For the term insurance buyers, Aegon Religare has launched cheap term insurance plan -- i-Term -- on its website.

 

Credit cards

 

Credit card bills can be paid online from your banking account, using third party transfers. If you look at facilities such as Visa Bill Pay, you get reminders for your bill payments. If you are keen on saving money you can choose to stay with cards that offer you a ‘cash back’ up to 5% of your bills on certain heads.

With enhanced security measures, online payments using credit cards are gaining popularity. It not only brings you discount deals, but also helps you track your expenses.

 

Home loan servicing

 

Many banks like HDFC Bank allows customers to pay home loan EMIs online. This works best when you are stationed abroad. Banks such as HDFC Bank, ICICI Bank have made available income tax certificate on their website for the home loan customers.

 

3 burgers a week enough to invite asthma

3 burgers a week enough to invite asthma

 

Children who love junk food and eat at least three burgers in a week are inviting asthma, says a latest research.

The study which was conducted on 50,000 children across 20 countries revealed that the risk of asthma, because of improper diet, is highest of all in better-off countries, express.co.uk reports.

The findings showed that youngsters who enjoy a healthy diet rich in fruit, fish and vegetables have the lowest risk to get affected by the disease.

When compared between rich and poor countries, it was found that a diet high in fish protected children against wheeze in well-off countries, while a diet rich in cooked vegetables guarded youngsters in poor countries.

Elaine Vickers, of Asthma UK has advised children to "eat a healthy, balanced diet and get plenty of exercise".

 

Do I know you?

Do I know you?

KOUNTEYA SINHA TIMES NEWS NETWORK , TOI Crest,

Dementia, or disorders of the brain - of which Alzheimer's disease is just one manifestation - is rising at an alarming rate in India. And it is a problem that we are hardly equipped to handle...

Romita Guha was always known for her smiling demeanour. But the once soft-spoken and affectionate 74-year-old retired University professor began behaving 'rather strangely' a few months ago. She had short attention spans and spent hours in her garden staring into space, or watching squirrels play. Guha complained of being hungry about 10 times a day, but did not eat when served. Unable to cope with the present condition of her once-active mother, Guha's daughter Malini decided to consult a doctor. An MRI scan showed that a part of Guha's brain had shrunk - it's what the doctors call "localised atrophy of frontal temporal lobe". And Malini was categorically told, "Your mother is suffering from Alzheimer's disease. And you will now be required to play a very special role - of a caregiver, which will not be an easy job."

The global burden of dementia - disorders of the brain that affect memory and language - of which Alzheimer's is just one manifestation, is set to rocket. And India, with growing life expectancy, will be facing quite a bit of the heat. In such a scenario, are we equipped to take on this new challenge - of taking care of those who can no longer remember things clearly, communicate with us easily or show behavioural changes that we don't seem to comprehend?

"No," said almost all the experts TOICrest spoke to. Caring for a loved one with dementia poses many challenges for families and caregivers. Says Dr Praveen Gupta, neurologist at Artemis Hospital, "The biggest problem in India is that dementia is often unrecognised and underdiagnosed. With the life expectancy of a normal Indian now pegged at 75 years, dementia is threatening to become a major problem. Most people also think the problem with memory and speech is a normal age-related problem, which it is not."

A recent study confirms such a trend. When compared to China and Latin America, relatives of Indian patients were much less likely to acknowledge that elders in their household were suffering from memory loss. When asked, around 90 per cent of relatives in Latin American countries said that they did notice a memory problem in their elderly parents or grandparents, which could mark the early onset of dementia, compared to only 25 per cent of Indians who said so.

Adds Dr Gupta, "What's worse is the fact that institutional care for such patients is minimal in India. It is mainly home-based, with the patients being looked after by family members. That's why the caregiver needs to be properly educated. After all, it will be like dealing with a completely new person - one who has strange behaviour patterns, changing sleep patterns, memory loss and confusion."

According to the latest World Alzheimer's Report (2009), there will be more than 35 million people worldwide with dementia in 2010 and this number is set to almost double every 20 years to 65.7 million in 2030 and 115.4 million in 2050. Almost 60 per cent of the people suffering from dementia in 2010 will be from low and middle-income countries like India, rising to 70.5 per cent by 2050.

Scientists believed that by 2020, around 10 million Indians above the age of 65 would suffer from dementia. By 2040, the number would increase to around 22 million. According to the report, the demographic ageing of population is proceeding more rapidly than was first anticipated, especially in India. "The percentage increase in the number of people with dementia in the next 20 years will stand at 107 per cent in South Asia," the report said.

Dr Kameshwar Prasad, professor of neurology at AIIMS, says that the number of trained caregivers must keep pace with the patients, including those within families. "Education of caregivers and family members about dementia, its effects on the patient, how best to manage care and respond to symptoms, is vital. Taking care of such patients can be very taxing and what's really tough is to see their loved one, whom they have looked up to all along, suddenly start becoming so helpless."

It is important for caregivers to understand that the patient's 'strange behaviour', which could include delusions that somebody is planning to kill them, abusive or violent streaks, getting suspicious, etc - are things they are not doing deliberately. "All of this is out of their control, so it's vital for the caregiver not to try and find a reason for such behaviour. If one has such a patient in the house, it is important they meet a dementia specialist and get counselled on how to take care of him/her," says Dr Prasad.

But that is not the end of the problem. According to the World Dementia Report, about 40-75 per cent of caregivers can suffer from significant psychological illnesses as a result of their caregiving, and 15-32 per cent get afflicted with clinically diagnosable depression. "Caring is a fulltime job - it needs an average of around eight hours per day," say experts. "That's why you need to be trained in such caregiving. The caregiver must get proper sleep. Therefore, they have to plan their life around the patient," says Dr Gupta.

WHO recommends that the health industry of developing countries such as India needs to work on a long-term plan for dealing with dementia and its after-effects. Worldwide, the economic cost of dementia has been estimated at $315 billion annually. The total annual costs per person with dementia have been estimated as $1,521 in a low-income country, rising to $4, 588 in middle-income countries and $17,964 in high-income countries.

Dealing with a dementia patient
- Speak pleasantly. Body language is important. Use facial expressions, soft tone of voice and physical touch to convey your message

- Limit distractions and noise. Address the patient by name, identify yourself by name and relationship. If the patient is seated, get down to their level and maintain eye contact

- Use simple words and sentences. Speak slowly, distinctly and in a reassuring tone. Refrain from raising your voice. Use the same words to repeat your message

- Ask one question at a time. Those with 'yes' or 'no' as responses work best for the patient

- Be patient while waiting for a reply. If the patient is struggling to answer, it's okay to suggest words

- Give gentle reminders about the steps they forget and assist with steps they cannot accomplish on their own

- If they get upset, change the subject or the environment

- Holds hands. Touching, hugging and praise will get the person to respond

- Remembering the past is a very good exercise. Many people with dementia may not remember what happened 45 minutes earlier, but they can clearly recall what happened in their lives 45 years ago

- Use humour whenever possible

- Avoid aggression and agitation. Do not try to restrain the patient if he gets agitated

Dementia decoded

Symptoms of dementia include

Recent memory loss; difficulty performing everyday tasks; problems with language; time and place disorientation; poor judgment; misplacing things; mood swings; personality changes; loss of initiative

Dementia is common among older people. By 2050, the average Indian life expectancy will rise from the current 64.7 years to 75.6 years. By 2050, the number of Indians aged above 80 will increase more than six times from the current 78 lakh to nearly 5.14 crore At present, 20 per cent of Indians aged 80 and above suffer from dementia The number of people aged 65 years and above in India is expected to quadruple from 6.4 crore in 2005 to 23.9 crore, while those aged 60 years and above will increase from 8.4 crore to 33.5 crore in the next 43 years