A Reddit user has posted about starting their career and wanting to be a part of family responsibilities. The 22-year-old revealed they were making Rs 45,000 per month and wanted to share the burden of Rs 20 lakh family debt.
“My parents currently have around Rs 20 lakh in debt, and I want to take responsibility for improving our financial situation rather than just spending whatever I earn,” the post read.
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The user is now trying to figure out how to divide their salary between repaying the family debt, building an emergency fund, investing for the future and covering their own expenses. They also want to keep some money aside for personal needs instead of putting their entire salary towards repayment.
“I'm completely new to investing, so I don't want to make the mistake of putting money into investments while we still have expensive debt. If you were in my position, earning ₹45k/month with Rs 20 lakh of family debt, how would you structure the money?” the post read.
Many reacted to the person's dilemma, sharing their views on how to help the family, while saving for personal needs.
I earn ₹45k/month and my parents have ₹20 lakh debt. How should I approach this?
by u/Virtual_Cheesecake28 in IndiaFinance
Most people suggested the person first decide their own expenses, build an emergency fund, invest some money and then help the parents with whatever is left.
“Firstly what's your emergency funds need? It should be 6-8 months of expenses so build that as aggressively as possible. I quit my job without such and that was a bad decision overall. You will learn your own monthly expense needs while doing this. Then you can easily focus on building assets (either SIP or RD and FDs) and repaying loans with whatever is excess…,” a user commented on the post.
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Some people also inquired whether the loan was due to the user's education or health or family issue.
“You don't have to take full responsibility for the debt btw. You can inform them that you are contributing, and are trying to help out as much as you can but the responsibility would not be with you to clear it,” another user said.
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