Post
Personal Finance
3mo
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
3mo
works at
Keep 12 months worth emergency fund in FD and then start SIPs
an operations executive
3mo
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
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an assistant manager
3mo
6 month emergency fund in FD
Health insurance
Term insurance
Then start equity, gold and real estate… diversify it.
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biryanienthu
3mo
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.
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widemermaid
3mo
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.
an operations executive
3mo
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.
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crunchytikka
3mo
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).
fastandcurious
3mo
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
casuallycrying008
3mo
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.
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a deputy manager
3mo
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.
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