Hello! Just popping in to say that I have written not one, but two articles on how to save money for a holiday and other holiday and travel related money hacks, for Verve and The News Minute and I’ve compiled both of them for the blog (including a bonus tip for the blog!). I feel like with the advent/invasion of social media, taking a holiday has become some kind of public outing and there’s no denying a certain kind of pressure to travel to really exotic/fancy places, which doesn’t come cheap. We travel to spend quality time with the people we want to (and ourselves) but lately, I see that people are putting on like, a show, when they go on vacation, with constant Instagram stories and facebook updates. I’m guilty of this myself and I am consciously going to avoid it henceforth – while I do enjoy sharing on social media, I definitely want to let go of the ‘upload right here right now’ attitude and enjoy the moment (by the way, if you’re holidaying in Europe, staying in the moment will also help you protect your belongings from pickpockets).
I recently wrote about why ULIPs aren’t a great investment for my Rupee Rani column and I thought I’d write a quick post here talking about my own ULIP experience.
ULIPs or Unit Linked Insurance Plans combine insurance with investment. Basically, insurance companies collect money from you to invest on your behalf while they also give you life insurance cover. So, it’s like a Mutual Fund in a way, with an amount of money that is promised to your family in case you die (how cheerful!). I was made to invest in one back in 2012 because of my incredibly pushy bank branch manager and my inability to say no back then. I’ve only regretted it since. For starters, the money doesn’t come back to you until the policy period matures and retrieving it before it does is an incredible pain in the ass. So I’m stuck paying premiums until 2019 and will only receive the returns in 2022.
The second reason is something that I realized more recently. It is the amount of money that you will have to pay in “Charges” for your ULIP – basically, they’re the Insurance company’s expenses that are not invested on your behalf. They are exorbitant and more importantly, insurance companies are incredibly sneaky in the way that they portray them to be minor.
For some reason, I feel like it’s been 2018 for a while now. 2017 seemed to pass by in a blink, but 2018 seems to be taking its time and truthfully, I am okay with that. ANYWAY, about six months ago, a lovely person from Flextronics, I’m going to call her ‘A’, sent me an email asking if I would be interested in conducting a small workshop with the women employees there about personal finance and the basics of personal finance. When I first read the email, my immediate reaction was to decline because I thought I wouldn’t be able to handle it – I mean, I’m just a dork with a blog. I told her my baby was a little too tiny to be left alone (he was!) and asked if she would be able to reschedule to early 2018, while fervently praying that she would forget about it altogether.