Hi I'm Karthik, i have 15 lakhs credit and I have 30k salary and I don't have secondary income, please suggest me how to come out this problem.

Ans: Your current financial situation has multiple debt commitments, causing cash flow constraints. This issue can be resolved with structured financial steps. The key is prioritizing expenses, consolidating loans, and ensuring cash flow to cover necessities. Let's examine an approach that simplifies debt management and boosts financial stability.

1. Assessing Your Debts and Commitments

You have personal loans, credit card debt, and an overdraft. High-interest debts like credit cards and personal loans significantly impact your monthly expenses.

Your fixed obligations, including EMIs, rent, school fees, and essential expenses, are higher than your monthly salary. This imbalance needs addressing through focused debt reduction.

Consider consolidating high-interest debts into lower-interest options. This could include refinancing personal loans with lower rates, if available, to reduce the burden of high-interest payments.

2. Prioritizing Debt Payments

Prioritize high-interest debts, especially credit card balances. Credit cards typically carry the highest interest rates, so reducing or eliminating these will immediately lower financial stress.

Aim to pay more than the minimum on high-interest debts. This helps avoid accumulating additional interest charges, allowing more funds for other expenses.

Review each loan’s tenure and interest rate. Try reducing balances on short-term, high-interest loans first, which may ease monthly cash outflow over time.

3. Focused Cash Flow Management

Your monthly income is Rs 1.08 lakh, but fixed expenses exceed your earnings. Focus on generating positive cash flow by setting priorities.

Start by categorizing necessary expenses (e.g., rent, food, and school fees) and debt payments separately. This helps you understand essential cash outflows.

Limit discretionary spending temporarily until you achieve a more manageable financial state. Redirect any small savings toward debt reduction.

4. Increasing Your Income Sources

With a single income source, it can be challenging to meet all obligations. Explore additional income sources, such as freelance or part-time work, that fit your skills and schedule.

Consider opportunities within your workplace that might offer overtime or project-based incentives. Even small additional amounts can help cover essentials or support debt payments.

Another potential source is liquidating non-essential assets, such as unused electronics, jewelry, or investments, and channeling those funds toward debt reduction.

5. Reviewing Monthly Budget and Expense Cuts

Rent and school fees are fixed, but some flexibility in food and utility costs might provide savings. Keep these expenses within defined limits.

Set a target for savings on regular expenses, even if small. For example, 5-10% savings in these areas could help with debt servicing.

Track every rupee you spend, adjusting the budget monthly to ensure you stay within limits. This discipline helps in preventing unnecessary spending and redirects funds towards debt repayment.

6. Building a Contingency Plan

Set aside a minimal emergency fund, even if it’s Rs 5,000–10,000, to avoid credit card dependency during emergencies.

Any unexpected income, such as bonuses or gifts, should be allocated primarily towards debt reduction until obligations are more manageable.

Once your debt burden is reduced, aim to build an emergency fund that covers at least three months of essential expenses to prevent similar situations in the future.

7. Negotiating with Creditors for Relief

Approach your creditors, especially credit card companies, for possible interest rate reductions or restructuring options. Sometimes, they may offer relief on interest rates or payment flexibility for loyal customers.

For the overdraft and personal loan, inquire with your bank about reducing interest rates or switching to a secured loan. Lower rates mean lower monthly interest payments.

Keep communication open with all creditors, showing your commitment to repayment. This proactive approach may result in temporary relief or adjustments.

8. Reassessing Investment Goals and Plans

Focus primarily on paying off debt rather than investing during this period. Avoid any new investments or purchases until debt levels are manageable.

If you have small savings or assets, consider using them strategically to clear high-interest debts. This is a temporary measure and should be replaced by a renewed savings plan once debt obligations reduce.

Avoid risky investments like direct stocks or schemes promising quick returns. Stable and disciplined debt repayment is the priority.

9. Simplifying Credit Card Management

Limit your active credit cards to one or two with the lowest interest rates. This reduces the complexity of managing multiple due dates and payments.

Avoid making new purchases on credit cards. Switch to cash or debit card transactions for routine expenses to prevent adding to the outstanding balances.

Create a repayment plan targeting credit cards with the highest interest first. Small but consistent payments will gradually lower your overall balance.

10. Financial Discipline and Goal Setting

Financial discipline is key here. Set monthly targets to clear small portions of debt and ensure strict budget adherence.

Write down clear, achievable goals, like reducing credit card debt by 20% over the next six months. Achieving these smaller goals boosts motivation.

Reward yourself (in small ways) when you meet each target. This positive reinforcement keeps you motivated and helps maintain discipline.

11. Long-Term Financial Health

Once debt is under control, focus on rebuilding your financial base. Prioritize creating an emergency fund, then consider stable, low-risk investments.

Avoid high-interest debts in the future. If a loan is needed, look for the lowest interest option and evaluate its necessity.

Learn from this experience to maintain a balanced approach between income, expenses, and debt. This practice helps in long-term financial stability.

Finally

Managing high debts with a limited income is challenging but achievable with a structured plan. Focus on paying high-interest debts first, manage expenses, and explore additional income sources. Consistent budgeting and financial discipline will ease your journey. Stay focused, and over time, financial stability will be within reach.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: You are working in a manufacturing company.
You have a decent salary, but you are the only earning member.
You support four dependents — parents, wife, and maybe a child.
Your wife has a master’s degree in psychology.
Your parents cannot work.
Your income is not sufficient for future goals.
Even disciplined investments are falling short.
You follow a strict spending habit.
You are not allowed to do side businesses directly.
You are now looking for second income sources.
Even small income levels are acceptable.

This shows your responsibility and awareness.
Let’s now look at all possible 360-degree options.

Assessing Your Current Capacity
You are managing everything alone.
Income is not matching your goals.
There is no space to cut more expenses.
You are already disciplined and careful.

Now you need to grow income.
But company policy limits your direct work.
We need legal, practical and ethical ideas.

We also must protect your time and energy.
You cannot overwork and burn out.
You need to earn more without risking your job.

The best way is to leverage your family.
Use skills, knowledge, and time of your wife.
She is educated and capable.

Utilising Your Wife’s Skills
Your wife has done Masters in Psychology.
This is a strong educational qualification.
She can generate income from home.
There are many low-cost ideas available now.

She does not need to step out daily.
She can work from home with flexibility.
She can start small and grow with time.

Here are some possibilities for her:

Offer counselling services online.

Join mental health platforms as freelancer.

Teach psychology students online.

Start content writing for mental health websites.

Create small online courses in regional language.

Guide parents of children with learning needs.

Offer workshops for school students on stress.

Provide help for people dealing with exam pressure.

Do freelancing for research or case studies.

Each of these can be done part time.
There is no need to register business.
No need to invest big money also.

She should first try 1 or 2 options.
She must set up a dedicated work space.
A laptop, headset and internet is enough.
A basic office setup at home works.

She must start promoting through WhatsApp groups.
Use Facebook community groups and LinkedIn.
Many people want low-cost mental support.
She can offer Rs. 200–300 per session model.

Even if she gets 10 clients monthly, it helps.
This small income gives breathing space.
It also helps her grow confidence and experience.

Other Small-Scale Online Options
You may also explore passive-style income options.
These don’t break company rules.
You won’t be directly managing business.

Few examples include:

Writing eBooks and publishing online.

Creating educational PDFs or templates.

Contributing paid articles for niche magazines.

Selling simple designs or artwork online.

Partnering with YouTube channels for research.

Selling homemade craft under someone else’s store.

These ideas need time in early stages.
Once set up, they give small regular income.
No direct client involvement is needed every day.

Make sure you or your wife don’t put upfront money.
Do not buy stock or pay money for online jobs.
Focus only on skill-based efforts.

Skill-Based Courses for Wife
If your wife is not confident now,
She can upgrade herself for online work.

Some useful areas include:

Certificate in Online Counselling

Basic Digital Marketing

Child Psychology Workshop Training

Behavioural Therapy (CBT/REBT) short course

Workshop on school counselling

These are 30-day or 60-day online courses.
Many are offered by reputed NGOs and private bodies.
This builds confidence and skills for clients.

Let her do one course at a time.
Then start small, earn small, grow steadily.

Income Ideas That Don't Need Your Involvement
You cannot directly do second job.
Your company rules prevent this.

But you can invest in people or tools.
Some indirect methods may include:

Invest small amount in your wife’s online practice

Buy a used laptop for her work

Help setup a local tuition batch for children

Provide support to her for payment management

Let her take help of a friend for logistics

You are not doing business yourself.
You are only helping your household earn.
This is not a policy violation.

Also, avoid doing anything that needs your name.
Don’t run a YouTube channel in your name.
Don’t do affiliate marketing using office laptop.
Keep your primary job safe and respected.

Cash Flow Tips to Handle Pressure
Till second income begins, follow these tips:

Keep 6 months of expenses in emergency fund

Stop all luxury spends completely

Switch FDs to debt mutual funds for better returns

Track all expenses weekly in a diary

Use cashback and offer-based payments

Pause all non-essential subscriptions

Check if children’s school fees can be paid quarterly

Claim full tax deductions every year

Even Rs. 1000 saved per month helps now.
This mental space will allow you to breathe.

Review Insurance and Investments
Check your term insurance coverage.
You are the only earner for 4 people.
Cover must be at least 15 to 20 times salary.
If current cover is low, increase it now.

Health insurance must cover parents also.
Check if it includes hospital cash benefit.

Don’t invest in LIC policies for return.
If any endowment or ULIP plan exists, surrender.
Invest that amount into SIPs in regular mutual funds.

Avoid direct mutual funds.
They do not provide regular review support.
You need guidance from a trusted MFD and CFP.
They will help optimise your SIPs.

Ideas for Later Phase Once Pressure Reduces
After 2–3 years, once income improves,
You can also look at long-term sources.
These can include:

Renting one room as paying guest

Building a learning app with your wife’s content

Creating low-cost therapy group programs

Hosting wellness workshops in community halls

Monetising an app with sleep therapy audios

These are advanced plans.
Try them only after short-term goals are stable.

Final Insights
You are doing everything right.
You are responsible, clear, and action-driven.
You are facing a tough financial phase now.
But you are looking for ethical ways out.

You must now:

Support your wife to start earning

Try indirect income without breaking rules

Review insurance and surrender bad policies

Reduce fixed deposits and switch to better options

Keep growing SIPs slowly every year

Stay patient for 1–2 years while efforts take shape

Avoid real estate or risky investments now

Maintain financial discipline with strong family unity

If done right, you will get second income.
Even Rs. 5000 per month makes a big difference.
More important, it gives mental peace and self-respect.

With time and consistency, income will grow.
And you will be able to reach your family’s goals.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment