Post
Personal Finance
10mo
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.
Comments
Popularity
an operations executive
9mo
user 3
That's a great start on saving. I would advise you to cut down the usage of the credit card and you can also use budgeting tools to manage your expenses.
a deputy manager
10mo
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
10mo
[a deputy manager](username) On it bro!
an operations executive
10mo
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
10mo
[an operations executive](username) What are SIPs if i might ask? I just got employed. I'm sure ill come to know more of these in a month or two but just to get started.. What are sips and how much do you invest in them?
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an operations executive
10mo
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.
Comment deleted
View 3 more replies
an assistant manager
10mo
6 month emergency fund in FD
Health insurance
Term insurance
Then start equity, gold and real estate… diversify it.
a sales executive
author
10mo
[an assistant manager](username) Have health insurance for 3 of us - manipal Cigna Term Insurance - LIC - 20k per year Currently holding 3 months emergency fund as FD. I need to add more into the emergency fund. We have lands (just given for rent to yield just to make sure land is safe), 2 independent houses in rural (not giving for rent as we visit and stay for 2-3 days there every 3-6 months) and 1 apartment in the city - we live here (it's doubled the money we invested now due to real estate boom) Gold has around 1 lakh stores that are made as ornaments.
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gemsbond
10mo
works at
Keep 12 months worth emergency fund in FD and then start SIPs
a sales executive
author
10mo
[gemsbond](username) Yes the first idea is to keep an emergency fund. Thanks for suggesting.
sumthingwong
10mo
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
10mo
[casuallycrying008](username) I tried most of them are mandatory expenses hence I found no use in tracking
View 2 more replies
mohmaya
10mo
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
10mo
[crunchytikka](username) I am in the support field. Hence switching is not happening as there are not many calls. I have been working in the same company for almost 3 years with a min 15% hike each year. I am upskilling myself recently and started doing course certifications on udemy.
chrispbacon
10mo
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
10mo
[biryanienthu](username) I want to save the first emergency fund as few suggested then will start moving to MFs.
View 3 more replies
khushoe
10mo
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 consider the money as spent on the 1st day of the month) Of the remaining see how much you want to save. After the money is put into saving, use the rest for want expenses. This can be adjusted
hoofhearted
10mo
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 wife as well. Healthy body leads to a healthy mind leads to financial success and stability.
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