My take‑home salary is about 90K per month.
I have a home loan with an EMI of roughly 35K per month (215 months left).
Term insurance costs about 25K a year.
I'm also paying a credit‑card loan of around 11K per month (11 months left).
Monthly family expenses are about 40K.
I have roughly 4 Lakh in stocks and another 4 Lakh in PPF & EPF combined.
My family has about 20 Lakh in other savings besides mine.
I feel like I'm living paycheck to paycheck and I'm not sure what to do. I might get married by the end of this year.
What should I do?
You're basically moving from one paycheck to the next.
Your EMIs and loan repayments are almost equal to your salary.
How will you manage extra costs if you get married?
Even if your partner works, they may or may not be able to help financially.
If you're in IT, consider looking for a higher‑paying role.
Try to clear the credit‑card loan quickly – that will free up about 11K each month.
If your family can spare some of their savings, use it to pre‑pay the home loan; it will cut down the tenure and the burden.
What about wedding expenses?
I'm sure you're not 100 % financially ready for marriage – nobody is – so just plan realistically.
Brother, that home loan is a heavy load, especially if you're still single. Assuming you're around 30, using the 20 Lakh family savings to reduce the loan would be wise. In today's economy, carrying such a loan at your age isn't ideal. Aim for a higher‑paying job – something like 1.2 Lakh per month would give you breathing room.
It's too early for marriage if you're still living paycheck to paycheck and can't afford the extra costs unless your partner also earns well.
A single person spending 40K a month is quite high; you need to trim that down.
You said you're living paycheck to paycheck.
With a 90K salary minus 35K (home loan) minus 11K (card loan) minus 40K (family expenses) minus about 2K (insurance), you're left with roughly 2K, so the feeling is understandable.
You asked what to do. Have you tried cutting expenses and paying off the card loan first?
You also mentioned possibly getting married by year‑end – congratulations! Do you want to get your finances in order before that, or risk digging a deeper hole? Think of marriage as a milestone, not a solution.
Marriage is a want, not a necessity. It would be unfair to your partner if you're not financially stable first. At the very least, clear the credit‑card loan.
Once you're married, everyday expenses will rise in addition to wedding costs, and you'll be going out on dates too.
If you're living paycheck to paycheck, sort that out before bringing someone else into the picture.
The EMI component is quite high. Raising your income or getting family support would help a lot.
For me it's worse than just paycheck to paycheck.
Here are some straight‑forward steps:
1. Trim your monthly outgoings – 40K on a 90K salary with no investment outflow is risky. Try to bring it down to under 35K if you can.
2. Pay off the credit‑card loan as fast as possible; you'll free up about 11K each month.
3. If you've already paid off more than 60‑70 % of the home loan, skip extra EMIs; otherwise, consider adding one extra EMI per year.
4. Hold off on buying more stocks for the next 12 months. Put the money you save from expense cuts and loan repayment into a fixed deposit or other liquid emergency fund.
I know these steps are easier said than done, but the fact that you've realized the need to act is a big plus.
Believe in yourself – you'll get out of this. Happy to help.
Cut down family expenses and start building an emergency fund. Once that's in place, use any extra cash to make additional home‑loan EMIs or pre‑pay to reduce the burden.
Spending 40K a month as a single person is very high! Clear the credit‑card loan first, and consider postponing marriage until next year so you can save more. Don't overspend on the wedding.
I think getting married right now isn't the best timing. Sort out your finances first and maybe wait a year or more.