23M | Financial Advice
Hi everyone, I’m 23, working in Bangalore, and have saved around ₹8–9 lakh so far. I’m currently the only earning member in my family, while my father takes care of everything at home.
My father wants to buy a car, and honestly, I want to gift him one. My only concern is that using most of my savings or taking EMI might put me in a risky spot if an emergency comes up.
A close friend recently joked that his car just sits unused most of the time — and here I am thinking of buying one. So I’m a bit confused.
When I look back, there was a time when even ₹5–10k felt like a huge amount. Now it doesn’t feel that big because I’m earning. Maybe in a couple of years, ₹5–10 lakh won’t feel as big either — but my father’s happiness right now definitely will.
So I’m trying to balance emotions and financial responsibility. Would you recommend: • Waiting and saving more?
• Buying a car within ₹6–8 lakh on EMI? • Or any smarter approach?
Looking for genuine advice. Thanks in advance!
So, yo need to see if buying a car is a necessity or your just dad wants to buy because he always wanted to !
If its the latter case, then i think you can convince him to delay it by 1 or 2 years. Collect some more money be in a better position and then buy it on emi.
Emergency never comes with a notice. So save for that!
Having said all of that, he's you dad you know his desires better if you really wanna buy because its the only thing thatll make him more than happy right now, then go for it!
I appreciate your concern for your family and your want to help them.
But you cannot afford to gift someone 8lakhs.
You need to build up your own emergency fund first. You know how in airplanes they say always wear your own safety mask before helping someone else?
Your father's happiness is important, that's very true. But don't confuse money for happiness. They are proud and happy to see you doing well. But you need to get out of middle class mindset and think like a rich person and learn how to become truly wealthy. Then you can do huge things for your parents, much better than a car.
Anyway long story short, in my opinion once you reach a net worth of 50lakhs you can gift your parents 7 to 8 lakhs for a car.
Tldr. DON'T GET INTO EMI AND LOAN TRAPS NOW OR YOU'LL BE STUCK IN MIDDLE CLASS FOREVER. THINK IN TERMS OF NET WORTH NOT SALARY.
Also since you're earning a lot, 50 lakh net worth is a lotttt closer than you think.
Also also, you don't need to go all or nothing. Now you can gift your parents 1 lakh and allow them to use it to buy a car or upgrade their home or do whatever they want.
For example, I put in money into a common "vacation fund" for my family. Which we use to go on amazing trips together. You can do the same with your family, it will make your parents very happy. But right now at a net worth of 9lakhs, putting it all in gifts is ridiculous. You can afford to gift maybe around 1 lakh. Which itself is a great amount your parents will be very very happy with that
Buy insurance first 😅
I do have term life
Car loans have cheaper interest rate , go for 50-60% loan , whatever where emi doesn't feel a burden and you aren't paying too much in net interest .
