Post
Personal Finance
5mo
a sales executive
How to Break Free from Credit Card Debt and Save Money?
I'm 33 years old and making ₹50,000 per month after deductions. My wife is currently not working to care for our young child, but she's looking for a remote QA manual tester job using Selenium.
I'm struggling to save money because I use credit cards for most of my purchases, making it difficult to track my spending. My monthly expenses include:
Electricity: ₹1,000
Yearly insurance: ₹20,000
Property tax: ₹2,000
Food: ₹2,000
Clothing: ₹3,000 (for myself, my wife, and our child, every 2 months)
I'm currently saving ₹1.5 lakh in a fixed deposit and transferring ₹10,000 each month to another bank for additional fixed deposits. I've also invested around ₹1 lakh in gold.
I need advice on how to save more money each month.
gemsbond
5mo
works at
Keep 12 months worth emergency fund in FD and then start SIPs
a sales executive
author
5mo
@gemsbond Yes the first idea is to keep an emergency fund. Thanks for suggesting.
an operations executive
5mo
I did something similar and it's been a game-changer. Having that emergency cushion gives you peace of mind, and SIPs are great for long-term growth. Made my finances way less stressful
a sales executive
author
5mo
@an operations executive What are SIPs if i might ask? I just got employed. I'm sure ill come to kno... see more
View 1 more reply
an assistant manager
5mo
6 month emergency fund in FD
Health insurance
Term insurance
Then start equity, gold and real estate… diversify it.
a sales executive
author
5mo
@an assistant manager Have health insurance for 3 of us - manipal Cigna Term Insurance - LIC - 20k p... see more
View 1 more reply
biryanienthu
5mo
An Assistant Manager
You’re doing a good job with just 50k. I Appreciate it!
You can do great if you start investing 15k a month in nifty 50 index mutual funds. Increase SIP every year based on your salary increase and in 15 years you’ll have 1.5-2 crores.
a sales executive
author
5mo
@biryanienthu I want to save the first emergency fund as few suggested then will start moving to MFs... see more
View 3 more replies
widemermaid
5mo
A Senior Software Engineer
Stop eating outside food regularly, it will give you a hefty hospital bill in your late 40s or early 50s. Along with financial investment, invest in your health. This will save you lot of money in future (hospital bills) Join gym or yoga or any sport. Enroll your w... see more
an operations executive
5mo
user 2
Make monthly budget.
Stay within budget.
Save whatever you have at the end of the month.
I'd advise halt using cc as you can easily overspend and get into debt trap.
View 4 more replies
crunchytikka
5mo
works at
I think you need to be thinking of making more money. Upskill yourself, invest in a few courses, switch jobs, take up part time roles (if possible).
a sales executive
author
5mo
@crunchytikka I am in the support field. Hence switching is not happening as there are not many call... see more
fastandcurious
5mo
works at
First make a list of expenses that fall into necessity vs expenses that are based on want.
Once this is divided. I would say Monthly income, subtract the amount of necessities and keep it aside. (For example if rent is paid on 10th then conside... see more
casuallycrying008
5mo
An Ops Executive
Why are you unable to track your funds? Make a Google sheet and you and your spouse add income and expenses in it for tracking. Irrespective of the mode the expense was incurred in.
a sales executive
author
5mo
@casuallycrying008 I tried most of them are mandatory expenses hence I found no use in tracking
View 2 more replies
a deputy manager
5mo
You are still doing better thn most of the people earning this much. Great job !!
But, if you want to save or invest more the only way to do it is to earn more. Try to find another source of income for yourself apart from your primary job.
a sales executive
author
5mo
@a deputy manager On it bro!
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