22YO M Currently, working as a frontend developer and getting 54k per month and it's a Remote job. Currently living in 1BHK flat with my parents in my hometown. I am saving around 40k each month. Also doing 5k sip per month apart from saving. Home loan is 1.5 lakh pending. Planning to close it by jan 2025. Education loan is 5 lakh pending. It's repayment will start from june 2025.
Now in the next 2 years there are high chances of me getting engaged. For that I need a good 2BHK house. Which will cost around 30-40 Lakh. I don't know how I will be able to manage it bcoz there is not any stability and job security inside the IT industry. Having fear that what if I buy it on loan and lose my job and not be able to pay emi
Also getting into a lot of overthinking from the past few days.
My friends and family see me as a winner but deep down I feel like I'm losing everyday.
I don't have anyone to share what I'm feeling.
Well I'm no finance expert but if you want to get the 2BHK and have a stress free life here's what you should do.
Also constantly upskill yourself:
I will advice you to wait and progress in your personal life on the other side of 20s. If you are 22 and making 54k , there is a very good chance you will make at least 2 times that after next couple of years.....
You dont need to have a home to get married : ) you can live on rent.
If you are considering to get engaged at 24ish then it’s kinda too young. You are yet to explore life.
I personally wouldn’t suggest buying a home so soon because it will tie you to that place. You will also lose leverage to negotiate since you would be worried about repaying loans.
As you become 28ish and ready for marriage, you’ll realise you wanna stay separate from parents or would need a bigger house for kid too… a lot of things come into play.
Best is to see if you can get a better job and it’s also advisable to rent and stay at a place before buying so that you are aware of all the pros and cons.
This answer might be a bit biased but this is my stand if were in your situation. 54k per month and you want to get a 2bhk you will be blocked for life. And if you are earning anything below 1 lakh p/m i would suggest you to start investing and upskilling. And with increased job salary use that ss collateral and get loan for a new house. If possible rent 1 or 2 portions of the house and that can help you in the emi
And forgot to add. Don't marry...freedom bhi rahega and time bhi milega for upskilling yourselves
Hi folks, I am an engineer + Mba working at an IT Consulting mnc, my current CTC is 15.5 LPA (Fixed). I am 29yr Male, My job is wfh and I live in a tier 2 city with my wife and my mother, I am the only earning member of the family and i ...
I've got a package around 40 LPA with 4 yrs exp, with 1.8L as take home
Now, my parents are looking to buy a house at my home town (tier 2 city). It costs around 65L, so have to a loan of around 50L which will be around 65k EMI every mo...
TLDR; I want help in financial planning for my marriage. I have 3 questions which are written at the end of this post.
Hi everyone,
I sat with my parents to prepare most basic itinerary for 4 functions of marriage, which also incl...
Bhai dowry lele and court marriage karle. Shaadi pe 50L (combined) kharcha karne se to better hi hai.
