What portion of your salary should you spend on loan EMIs?
Most people buy a house or a car by taking a loan from the bank, but do you know what is the maximum portion of your salary that you should spend on EMI? What is the 40 percent EMI rule? What are the disadvantages of spending more on EMIs? Among home loan, personal loan, auto loan and credit card bills, which loan should you eliminate first?
We live in a digital world and the younger generation has a natural inclination towards adopting new technologies. But where does that leave our mothers?
Digital literacy among women in India is a matter of concern and there is a digital gender gap here as well. On the occasion of Mother’s Day, Money9 wants to bridge that gap. In the times of covid, when everyone is online, you can take up the task of explaining online banking and cybersecurity to your mother. Digital literacy has become the need of the hour, and mothers need to skill themselves to keep up with their tech-savvy kids.
Nisari Mahesh, the founder of HerMoneyTalks, admits that women are less interested in online banking, payment apps, fintech apps, and cybersecurity than men. Even among the retired population in India, men have adopted online banking and payment, but women are still relying on their children for these needs.
Giving an example of her own family, she says that her mother prefers to use the easy payment platform. There is hesitation in the senior women in the family towards technology which has to be overcome.
Mother’s day: What can be your contribution?
Digital literacy has reached most Indian schools, but sadly, it is not reaching the homes of these students. Now, it’s time to organise a digital literacy class for your mother and help her become a ‘Digi-mom’ from a ‘super mom’. Helping them understand varied concepts such as digital banking, cybersecurity, online payment, etc. will help them transform their ideas into revenue
You can start with the basics and teach your mother to create a customer ID for online banking, logging in, etc. Guide her through each step. It is your turn to handhold her and guide her through this journey of her life.
You could teach and guide her on how to make online payments. When you teach them online banking it is also important you educate them to identify fraud calls and message
Nisari suggests that many organizations should come forward to drive digital literacy in India. She says that many banks are taking steps to improve financial inclusion in the country.