Need financial advice with the current CTC.
Hi All, I'm struggling financially to manage expenses in current inflation.
My CTC is 13 lakhs. I have a home loan debt of 25 lakhs in which the monthly EMI of 21k.
I have a debt of 5 lakhs that needs to be paid inside the family.
I'm married and having one baby is also taking care of my parents, no other income.
No peace of mind due to debts , struggling with expenses.
I need financial advice to overcome this situation.
According to your ctc, you may get nearly 85K per month. Let's consider 80k.
21K is Emi, 25K home run expenses.
You are left with 34K. Keep 10k for emergency fund, 4k for other expenses and use rest 20K for paying your debt slowly.
Nice advice better than being laid off and getting nothing and loosing house 🏠 as well
Please don't switch brother..listen to me...if you are laid off from other organization then you wont have anything to survive other than thinking something bad I am not telling.. On other side laid off from TCS is unlikely. So sink your expenses ,one day your debt will be clear.. Your skill set is not upto market lever i think..so dont go for switch
These good advices will keep you slave for entire life, tcs will not directly layoff but it will torture you and make your life miserable. Rather than spending your life in hell, better skillup get a good ctc and within 2 years you will be independent. And don't forget tcs is not the only company people are working everywhere and believe me now a days tcs is worst than many organization, pay cuts forceful RTO, toxic work culture and indirect layoffs, it's just TCS PR teams who hides these news they spend a lot of money to hide these things and try to make good impression of this company. Take decision for your benefits not for others slave mentality.
For your YOE your CTC is quite low. Little bit of Upskill and you can get good hike when you switch. Save extra money as emergency fund to secure your family and live peaceful life.
Is your wife yearning or Your father yearning or do you have any land or properties from Your father. Sit one day Please make Your mind peace and put on papers the exact numbers of debts and income of month
No, I'm the only one earning in the family. Apart from the house which I bought from home loan we don't have anything . I've been working for more than 10 years in IT in support roles.Im earning 80 k per month. No other savings.
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- Pls get ur emi period increased to ease out on emi, if your age/bank permits. You may pay more to bank, but it help tide the situation.
- Family debts has to paid as what ? Installments or one go? Can be delayed for sometime ??
- Are you claiming tax deduction or not ?
- Review your non critical expenses.
- What is major expense other than home loan ??
Reg financial advice: Are you claiming deductions under 80C, housing loan interest payment and other statutory deductions? Is there any obligation to clear off your family loan within a particular time frame? Consider increasing the tenure of home loan to reduce your EMI in the short term. Look for better offers outside.
What is your YOE and what is the technology you work on?
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