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Help! Married 11 years, Husband Doesn't Support Me Financially

Kanchan

Kanchan Rai  |502 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Dec 07, 2024

Kanchan Rai has 10 years of experience in therapy, nurturing soft skills and leadership coaching. She is the founder of the Let Us Talk Foundation, which offers mindfulness workshops to help people stay emotionally and mentally healthy.
Rai has a degree in leadership development and customer centricity from Harvard Business School, Boston. She is an internationally certified coach from the International Coaching Federation, a global organisation in professional coaching.... more
Asked by Anonymous - Dec 05, 2024Hindi
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Relationship

I am 39 and married for 11 years now, my husband doesn't support me financially at all. My salary is more than him but I bought house my own and paying all EMIS, looking for all household expenses and also paying school fees and other expenses for my son. My husband looks after only his parents, spend all money on them. Earlier we used to live together in inlaws house but they have spending habits for luxury, cloths, food etc even though my husband earns very less and my father in law retired with no income they were not ready to compromise on their spending habits. Whatever they had received after their retirement they entirety spent on their daughters marriages with no money left. When I got married they asked for my salary and used to give them. Mine and my husband salary was not enough for them so they sold house without informing me, I insisted them to buy at least small house but did not agree and kept on spending money on their lavish life, foreign trips, food, cloths etc. also helped daughters to buy house, maintenance and their childrens study. But did not let their son live life as ask him to pay rent for their house, household and maintenance expenses and they spend their money on their own luxury. They asked for my salary even though they have money and just spending for luxury and not even thinking for our future. When I denied to give salary, they asked me leave their house and made me difficult to live with them doing harrasment and taunts so I decided to leave and buy new house.Now I am living with my son separately, when my husband came to know about my new house he came to stay with us by not even paying single rupee to me. I asked him several time for money he only pays one or two thousand saying I don't have money at all to give you. Not taking care of son, his studies, school fees, do not help me in anything. My in laws keep doing his brain wash against me so that he will not support me financially or anyway. He always listens to his parents and sisters. There is no husband wife relationship at all between us. Not sure how to deal with it.

Ans: First, recognize and honor the strength it has taken to come this far. Buying a home, raising your son, and managing the weight of these challenges on your own are significant accomplishments that reflect your resilience and determination. That said, a marriage is meant to be a partnership, and it’s clear that your husband’s lack of financial contribution and emotional support has created an imbalance that’s unsustainable.

It’s important to look at the patterns in your relationship with clarity. Your husband’s decisions seem to be heavily influenced by his family, and this loyalty, while not inherently wrong, appears to come at the expense of his commitment to you and your shared responsibilities. The fact that he contributes so little financially and emotionally while benefiting from your efforts shows a lack of fairness and respect in the relationship. His parents’ behavior and expectations have added further strain, undermining your marriage and creating an environment of resentment.

You may want to consider having a clear and honest conversation with your husband. Express how his actions—or lack thereof—are impacting you and your son. Frame the conversation not as a confrontation but as a plea for understanding and change. However, if he remains unwilling to acknowledge or address these issues, it’s worth reflecting on what staying in this relationship means for your emotional well-being and future.

Seeking professional support, such as individual counseling, can provide you with a safe space to explore your feelings, gain clarity, and develop strategies for managing this situation. A legal consultation might also be helpful to understand your rights and options, especially if you’re considering separation or seeking financial accountability from your husband for your son’s needs.

Above all, focus on what you need to feel secure, respected, and fulfilled—not just as a wife, but as a person. Your son is observing how you handle these challenges, and by prioritizing your well-being and standing up for fairness, you’re also modeling strength and self-respect for him. Whatever steps you decide to take, trust in your ability to make decisions that align with your dignity and values. You deserve a life where your efforts are met with partnership and mutual care.

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Anu

Anu Krishna  |1452 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Jul 25, 2023

Asked by Anonymous - Jul 22, 2023Hindi
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Relationship
Please keep this anonymous I am married for last 12 years and I have a daughter. After marriage I lost my father and he was 70. I have a mother and we have a house with two floors that my father constructed. I am well educated and earn well. I am 42 now. After 4 years into marriage I suffered from cancer and suffered for 2 years with treatment and surgery. Still I managed to work and earn for my family and continued to work. After I fought cancer completely and did not have any cancer left in me. I am doing fine supporting my family. My wife and inlaws started accusing me of dowry constantly there after because I am a cancer survivor and there is no guarantee of my life and I may die any moment or my illness may take me away anytime. I am working and still providing for my wife and daughter from clothing, schooling, rent, food, recreation, trips. My wife does not spend even a little for family. She hoards all the money. My mother is a widow and she gets some pension and my wife stops me from giving money to my mother. My inlaws and my wife harassed me & my mother for the house asking to give the entire house. I have another brother and sister who are also entitled to own my father's property but my inlaws and wife harass me for full claim of my father property because I fell ill. This has been constantly faced by me in the last 10 years into my marriage. I am out of my illness and I am leading a normal life for last 8 years. I also safeguarded my wife and my daughter by purchasing a property of 2 crores from the money that I earned and have given full control of the property to my wife. Still my wife and inlaws behave the same that I may die anytime and they are always behind my mother's house for complete will and ownership. I am tired of all this, even during my illness, i supported myself financially and with my savings. I have worked for 20+ years and I have spent all my earnings and savings and purchased a 2 crore land property for my wife and daughter's future. I also have health issues and medical expenses for which I have no money left or savings left. My inlaws are rich and own 2 commercial complex which gives them about 2Lac rent per month. I have never asked for them for any financial help but still they are behind me and my family for money and property which all seems too much harassment for me. I need to save money for my daughter's education and marriage. Or I am telling my wife that we can use the property that I have made for her education and marriage but she does not agree and asks me to construct a new house worth 50Lac and again she does not want to pitch in and contribute. Can you guide me on how should I handle this financial committment that never seems to end inspite of giving off everything I have to them ?
Ans: Dear Anonymous,
The fact that you are sharing your story which is indeed sad tells me that you know what must be done but are hesitating to do it.
When there is no respect in a marriage and for the spouse and his needs and the issue has become money and to attain that money at all costs, that is not a marriage anymore. It only speaks of selfishness.
You are right in protecting your interests and that of your daughter. So, time to toughen up and say NO to your wife and her family. It may seem harsh to them at first, but be very assertive. You have the right to plan your finances especially when family around you have begun to act like predators.
So taking a loan is only going to bleed your finances more and if you are convinced you don't want to do that, then please don't.
Yes, there will be arguments and big fights, but do what is right by you and for you. It may seem selfish but it is only self-care and self-love. This should also help you become fitter physically and emotionally to lead a better quality life.

All the best!

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Anu

Anu Krishna  |1452 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Jun 03, 2024

Asked by Anonymous - May 27, 2024Hindi
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Relationship
Hello, I got married to the person who was behind me for years. I always considered him as my friend and supporter even after knowing his intention. My mom kept advising me we should go behind that person who cares and loves us. I obeyed her. Soon after things went into proposal mode his family started demanding for dowry and other stuffs. My friend was not from a well fed family which I was not aware. They lied to is they are very rich, hence they need what the demanded since the marriage news was widw spread wit no options we arranged and gave. My friend and his mother brain washed and convinced us to agree for this marriage. Even since I got married my husband and his mother is ruling on me and family. It was late when we got to know that they have been lying to is on their assets. Now when we ask them they deny and keep harassing me. My family got fed up of these fights started maitaining distance and since I Don want to trouble my divorced mother I stop complaining about the issues I am facing. My in-laws demand increases day by day. My mother-in-law is a mother of two kids a son and a daughter but everytime she tortures me and her son is quiet most of the time. When responsibility comes she supports her daughter and makes us to take responsibility which is not fair. Responsibiloty is parallel and must be shared. I am not well, my husband doesn't even give me money or take me to doctor. I am been told marriage means providing food and shelter. Please advise me what shud I do I am fed up
Ans: Dear Anonymous,
Basically you have been cheated; period!
What do you with even a basic thing like being cheated at a shop? Do you actually keep the product OR return it?
Yes, relationships are not like that BUT do understand that your marriage has been nothing but a transaction with mean minded people out to destroy you and your peace of mind.
There are no children in the equation so far...so do know you are free to take a decision. Today, it's harassment and giving you no money, tomorrow who knows what else!
Do you not see that they have begun to make you depend on them for the basic things? This is how it all begins before it gets into other shades of harassment which I do not want to speculate.
Put yourself first; be selfish and think about what to do next to actually live a peaceful and carefree life like the way it was before marriage.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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Anu

Anu Krishna  |1452 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Nov 21, 2024

Asked by Anonymous - Nov 18, 2024Hindi
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Relationship
Hi , I am married 2.5 years ago to a man , who is very less in education compared to me , this marriage was done as a compromise or in worries about my future as my parents are no more .. He and his family is average in all case ..cleanliness, hygeiene , social relations, religious practices , education , self respect , financial well being ... all these things are either meaningless for them or they vary poor in those . Nor even they have moral values , as they have cheated me by hiding my husband's age to me . I told them that we strongly believe in astrology and will not go without it . Still they gave me wrong information about his age and he is very elder to me .As I am well educated , employed and self dependant. So they somehow trapped me for marriage. After 3-4 months of marriage my husband was diagnosed (a type of oral cancer) caused due to consuming gutkha and ciggarettes. He lied and denied to have any disease still i started his medication . In some time I lost my job also still continued his treatment , tried to help him in his business , it made a big impact on my sqving too :( But because of his careless business practice , it didnt work for him. Also I paid many times his car's EMI . And supported in all types of expenses be it house hold , his medication or business . He has parental properties in village but they are hardly using it for their own use and wanted to use my money till now . As I now denied to give more money , now they have started looking to sell or rent / lease their property for their use . I have spent lot of money on them , I hardly believe they will try to pay it out fully to me or give some part of property for my safe future now :( I am now 43 and have no children . At other hand my brother is also alone( even being his wife and 2 sons) Wife is quarrelsome and has a history of false case of dowry on my brother and due to this my brother and my family sufferered a lot , its been 20 years now . But this has tortured my brother me and my mother a lot in past .Sis-in-law never let my nephews to stay or sit for some time with us (me or my mother ). And now as my both nephews have grown up my sis-in-law told them lie as if she was victim and , we were the culprit . Children were innocent , they didnt knew the fact , hence taking mother's side now. I thought that as my sis-in-law doesn't like us so unwillingly I decided to marry with a compromise , thinking that after my marriage all will be fine in brother's home , But nothing improved. And now my brother , after my marriage is emotionally alone at home , I feel very sorry about this . I want to go back and take care of my brother , as now he is 53 and emotionally very weak , diabetic and suffering other disease too . Sis-in-law is least interested in his health , care .. so as her children. Going back to parental (it is my father's home, so i also have legal right on that property )home and leaving husband is not so easy, .. Elder Nephew and sis-in-law can become very violent as they are always . I dont want to endanger my brother's health and if I dont go then also .. brother is taking care of him alone ..that too very casually ..how can i make all things correct . Please suggest .
Ans: Dear Anonymous,
Hello! Excuse me...
Take care of yourself first before trying to save someone else.
Your brother is a grown man and knows what is to be done. Allow him to process his life's situations. By stepping into it especially in your state of mind will make things worse. Also, if you want guidance on this, kindly post another question else it will get confusing for all of us here.

First think of what you must do to make things better for yourself. Ask yourself whether you are interested in continuing the marriage. A lot of your time, money and energy has been invested in it and based on a lie. You have no clue what else they have lied about...do you want a marriage that is standing on a bed of lies? is it possible for you to trust your husband and his family all over again? What can they do so that you place trust in them again?

If this is not possible, the you are in a place where you need to make decisions about your marriage and your life in general.

All the best!
Anu Krishna
Mind Coach|NLP Trainer|Author
Drop in: www.unfear.io
Reach me: Facebook: anukrish07/ AND LinkedIn: anukrishna-joyofserving/

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Ramalingam

Ramalingam Kalirajan  |7615 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 23, 2025

Asked by Anonymous - Jan 23, 2025Hindi
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Money
Hi sir Am 39 years ,working and I have an mutual fund portfolio of 42 L investment in large ,middle and small cap funds, I want to retire by 2030 with an corpus of 2cr. Currently am planning to invest lump sump 15 lakh. Is it possible to achive the target? Can you give me the advice
Ans: Assessing Your Current Portfolio
Your mutual fund portfolio of Rs 42 lakh across large, mid, and small-cap funds is a great start.

Diversification across these categories provides a balance of stability, growth, and potential higher returns.

However, reviewing your portfolio periodically is critical to ensure alignment with your financial goals.

Large-cap funds offer stability but grow slower, while small and mid-caps have higher potential with more risk.

With Rs 42 lakh already invested, consistent growth over the next seven years will matter.

Evaluating Your Retirement Goal
You aim to accumulate Rs 2 crore by 2030.
This implies that your investments must grow at an appropriate rate annually.
Considering your lump sum investment plan of Rs 15 lakh, your overall corpus will increase substantially.
However, achieving Rs 2 crore will depend on market performance and consistent fund review.
Insights on Your Investment Plan
Investing Rs 15 lakh in one go is strategic but requires careful fund selection.

Actively managed mutual funds can help you generate better returns over the years.

Avoid index funds, as they offer limited potential to outperform the market.

Actively managed funds, guided by a certified financial planner, help align your portfolio with your goals.

Direct funds may seem cost-effective, but they lack professional advice.

Regular funds, through an MFD with CFP credentials, provide guidance and periodic review.

Tax Implications
Equity mutual funds’ LTCG above Rs 1.25 lakh is taxed at 12.5%.
STCG is taxed at 20%. For debt funds, both STCG and LTCG follow your income tax slab.
Considering these tax rules, strategically plan redemptions closer to retirement.
Steps to Achieve Your Target
Step 1: Review and Realign Your Portfolio
Check if your current funds align with your goal and risk appetite.
Ensure a balance between large, mid, and small-cap funds for growth and stability.
Allocate a portion to flexi-cap or balanced advantage funds for risk-adjusted returns.
Step 2: Invest the Lump Sum Strategically
Avoid investing Rs 15 lakh in one fund or at one time.
Consider systematic transfer plans (STP) for gradual investment into equity funds.
This approach helps manage market volatility and ensures disciplined investing.
Step 3: Focus on Actively Managed Funds
Actively managed funds, guided by professionals, outperform market indices.
Avoid index funds due to their limited scope for alpha generation.
Regular funds with expert advice can ensure proper asset allocation and rebalancing.
Step 4: Increase SIP Contributions
If feasible, start additional SIPs to boost your corpus steadily.
SIPs instill disciplined investing and benefit from rupee cost averaging.
Step 5: Reinvest Dividends
Opt for a growth option instead of dividend payouts in mutual funds.
This reinvests earnings, accelerating your portfolio growth.
Step 6: Monitor Your Portfolio
Periodically review your portfolio's performance and rebalance when needed.
Ensure your investments align with your risk profile and market conditions.
Managing Risks
Your portfolio should be diversified across sectors and fund categories.
Avoid over-concentration in any single fund or asset class.
Rebalancing is crucial to ensure your portfolio stays aligned with your risk tolerance.
Retirement Planning Beyond Investments
Inflation Consideration
Account for inflation, which can erode your purchasing power.
Choose funds that can generate inflation-beating returns consistently.
Contingency Fund
Maintain a contingency fund equal to 6-12 months of expenses.
This protects your long-term investments during emergencies.
Health Insurance
Ensure you have adequate health insurance coverage for unforeseen medical expenses.
This avoids depleting your investment corpus for healthcare needs.
Retirement Expenses
Identify your post-retirement expenses, considering inflation and lifestyle needs.
Plan to cover essential and discretionary expenses without financial strain.
Final Insights
Your Rs 42 lakh mutual fund portfolio and Rs 15 lakh lump sum investment have potential.
Strategic planning, disciplined investing, and periodic review are vital for success.
Focus on actively managed funds and avoid direct funds for professional guidance.
With consistent effort, achieving Rs 2 crore by 2030 is realistic.
Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

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Ramalingam

Ramalingam Kalirajan  |7615 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 23, 2025

Asked by Anonymous - Jan 23, 2025Hindi
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Money
I want to create a corpus of 1 cr in next 10 years. I am doing a sip of 10k from last 5 years. What should i do and how much should i save now monthly and in what options?
Ans: You aim to accumulate Rs. 1 crore in 10 years. Achieving this requires a disciplined savings strategy and optimal investments. Your current SIP of Rs. 10,000 per month for the past 5 years is a great start. However, adjustments are necessary to reach your goal. Let’s create a step-by-step plan.

Understanding Your Current SIP Contributions
Current Progress

Your existing SIPs have built a decent corpus over 5 years.
Equity mutual funds provide growth, especially if the portfolio is well-diversified.
Impact of Time

Compounding needs both time and sufficient contributions.
To achieve Rs. 1 crore in 10 years, you’ll need to increase your SIP contributions.
How Much to Save Monthly
Additional SIP Contributions Needed
Review your target and adjust your SIP contributions.
Based on current market trends, increasing SIP to Rs. 20,000-25,000 monthly could help.
This will ensure you stay on track to meet your goal in the next 10 years.
Investment Options to Consider
Actively Managed Equity Mutual Funds

Actively managed funds offer better growth potential than index funds.
Fund managers help optimise returns by navigating market opportunities.
Diversify across large-cap, mid-cap, and small-cap funds for balanced growth.
Avoid Index Funds for Higher Returns

Index funds follow the market and may not outperform actively managed funds.
Actively managed funds provide a better opportunity for long-term wealth creation.
Hybrid Funds for Stability

Hybrid funds balance equity and debt exposure, reducing volatility.
Allocate a small portion to hybrid funds to stabilise the portfolio.
Systematic Investments Over Lump Sums

Continue SIPs as they help average out market volatility.
Avoid lump-sum investments unless the market shows a significant correction.
Tax-Efficient Investing
Minimise Tax Liabilities

Equity mutual funds offer better post-tax returns compared to debt funds.
Long-term capital gains (LTCG) tax of 12.5% applies only if gains exceed Rs. 1.25 lakh.
Avoid Frequent Redemptions

Keep investments for the long term to minimise short-term capital gains tax of 20%.
Regularly Review Your Investments
Monitor Portfolio Performance

Review your mutual fund portfolio annually.
Ensure funds are consistently outperforming their benchmarks.
Rebalance Periodically

Adjust equity and debt allocations as needed.
Maintain a higher equity allocation for the next 6-8 years, reducing it closer to the goal.
Emergency Fund and Insurance
Maintain an Emergency Fund

Ensure you have 6-12 months of expenses in liquid assets.
This protects your investments during unforeseen financial needs.
Adequate Insurance Coverage

Review your term insurance to ensure it matches your financial responsibilities.
Consider health insurance coverage to avoid medical emergencies impacting investments.
Avoid Common Pitfalls
Avoid Direct Mutual Funds

Direct funds lack personalised guidance.
Invest through a Certified Financial Planner (CFP) who can provide tailored advice.
Stay Consistent

Avoid stopping SIPs during market downturns.
SIPs benefit from market corrections by purchasing more units at lower prices.
Don’t Time the Market

Focus on long-term growth rather than trying to predict short-term market movements.
Final Insights
Reaching Rs. 1 crore in 10 years is achievable with disciplined savings and smart investments. Increase your SIP contributions to Rs. 20,000-25,000 monthly, focusing on actively managed funds. Review your portfolio regularly, rebalance when needed, and maintain financial safeguards like an emergency fund and insurance. These steps will ensure you meet your goal confidently and efficiently.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

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Ramalingam

Ramalingam Kalirajan  |7615 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 23, 2025

Money
Hello Sir/Madam, My age is 31,I got married in 2021, and I have a one-year-old son. I work as a digital marketing professional, earning ?80,000 per month. I have a home loan of ?20.30 lakhs that started in 2020. I am currently paying an EMI of ?18,000 per month, and since last year, I have been paying an additional ?4,000 per month. I am also planning to make a ?1 lakh prepayment from next year, for which I am saving ?5,000 per month to close it earlier. For investments, I have been doing an SIP of ?5,000 per month for the last two years, which I increased to ?10,000 last year for my retirement planning. Additionally, I have a ?50 lakh term insurance policy and am currently building an emergency fund. I believe I am managing my investment journey well, except for the house. Could you please suggest some points to enhance this journey?
Ans: At the age of 31, you are on a solid financial footing with a clear understanding of your goals. You're actively managing your finances, including taking steps toward early repayment of your home loan, building an emergency fund, and investing for retirement. These actions show discipline and foresight, which are key to long-term financial success.

Let's review your current financial situation and suggest some enhancements to improve your financial journey.

Strengths of Your Current Financial Plan
Income and Savings

Earning Rs. 80,000 per month is a strong base for savings and investments.
You're already contributing Rs. 10,000 per month towards your retirement through SIPs.
Saving Rs. 5,000 monthly for prepayment of your home loan is a prudent approach.
Home Loan Repayment Strategy

You have an active strategy to reduce your home loan faster by paying an additional Rs. 4,000 per month.
The Rs. 1 lakh prepayment plan from next year will significantly reduce your interest burden.
Insurance Coverage

You have a Rs. 50 lakh term insurance policy.
This coverage ensures your family's financial security in case of an untimely event.
Investment for Retirement

Your SIP investments are steadily growing, and increasing your SIP from Rs. 5,000 to Rs. 10,000 is a great move.
The goal of building wealth for retirement is well-defined.
Areas for Improvement
While your current strategy is strong, there are a few areas where you can make adjustments for greater efficiency and financial strength.

1. Home Loan Prepayment Strategy
Evaluate Loan Prepayment Impact

You're saving Rs. 5,000 a month for a Rs. 1 lakh prepayment. This will help reduce the principal, but it’s important to assess the long-term benefits.
Consider reallocating some funds from your emergency fund or monthly savings into a lump-sum prepayment, as this will reduce the overall interest burden faster.
A quicker reduction of principal can result in significant savings on interest payments over time.
Opt for a Balance Between Loan Prepayment and Investments

Prioritize investments for long-term growth, especially equity-based funds, to take advantage of compounding.
Ensure that prepayment does not come at the cost of your investment goals, particularly for retirement.
Reassess Interest Rates

If your home loan interest rate is high, consider refinancing to a lower rate, if possible.
This can save you money on interest and reduce your overall financial burden.
2. Investment Strategy for Retirement
Review Asset Allocation

While you are investing in SIPs for retirement, it is essential to regularly assess your asset allocation.
Diversify across equity funds, debt funds, and hybrid funds to ensure balanced growth.
Since you are young, maintaining a higher allocation towards equity will offer greater growth potential. However, ensure you periodically reduce equity exposure as you approach retirement age.
Active Mutual Funds vs Direct Plans

You mentioned your SIPs; I recommend you invest through a Mutual Fund Distributor (MFD) with a Certified Financial Planner (CFP) credential rather than opting for direct plans.
While direct plans save on commissions, they may lack the ongoing advice and portfolio adjustments that an MFD offers, particularly as your financial situation evolves.
Investing through an MFD with CFP certification can provide professional guidance on asset allocation, tax-efficient strategies, and portfolio rebalancing.
Plan for Systematic Withdrawal Plans (SWPs)

As you build your retirement corpus, consider shifting towards a Systematic Withdrawal Plan (SWP) to convert your lump sum investment into a regular income post-retirement.
This option offers flexibility and ensures a steady income stream while maintaining the growth potential of your invested corpus.
3. Emergency Fund Management
Adequate Emergency Fund Size

You're in the process of building an emergency fund, which is essential.
Ensure that your emergency fund covers at least 6-12 months of living expenses, including your EMI payments.
Invest this fund in liquid or ultra-short-term debt funds, which provide better returns than a savings account, yet offer easy access when needed.
Reassess Emergency Fund Allocations

Once your fund reaches the target, consider rebalancing the amount, based on your current lifestyle and expenses.
As your income increases over time, you might need to adjust the size of the emergency fund accordingly.
4. Insurance and Financial Security
Review Insurance Coverage

Your Rs. 50 lakh term insurance is a good start, but it's important to evaluate whether it adequately covers your family's future needs.
As your income and responsibilities grow, you may want to consider increasing the coverage to ensure your family's financial security in case of any unforeseen events.
Consider Health Insurance

In addition to life insurance, health insurance is a critical aspect of financial security.
Ensure that you have adequate health insurance coverage for yourself and your family, especially considering the rising healthcare costs.
Look for comprehensive family floater plans or top-up policies that provide extensive coverage.
5. Tax Efficiency and Retirement Planning
Tax Planning for SIPs and Prepayments

When investing for retirement, be mindful of the tax implications.
Equity-based funds are subject to long-term capital gains (LTCG) tax, but the tax rate is lower than debt funds.
Debt funds are taxed as per the income tax slab, so a balanced approach to equity and debt investments will help optimize your taxes.
Utilize Tax-Saving Instruments

Continue investing in tax-saving instruments like PPF, NPS, or tax-saving fixed deposits under Section 80C.
NPS also offers additional tax benefits, and it would complement your retirement planning well.
6. Long-Term Financial Goals Beyond Retirement
Child’s Education Fund

With a young son, his education is likely to be a major financial goal in the coming years.
Begin investing in child-focused funds, which will ensure that the education corpus grows in line with inflation.
Plan for his higher education expenses early to ensure that you can comfortably meet his needs when the time arrives.
Increase SIP Contributions

As your income grows, increase your SIP contributions over time.
Aim to contribute a larger portion towards retirement savings, taking advantage of compounding.
Final Insights
Your financial journey is already on a good track. By enhancing your loan repayment strategy, optimizing your investments for retirement, ensuring tax efficiency, and safeguarding your family’s health and future, you will build a strong and resilient financial foundation. Focus on regular reviews of your asset allocation, increasing your SIP contributions, and balancing debt repayment with long-term investment goals.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

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

...Read more

Patrick

Patrick Dsouza  |942 Answers  |Ask -

CAT, XAT, CMAT, CET Expert - Answered on Jan 23, 2025

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While writing this message, I am very shameful and guilty ???? about my marks to share with you sir.my Cat score 50%ile Xat: 35%ile Snap:40%ile Nmat:198 marks ???????????????????? I am Requesting ????????????????????????you an advice sir! I graduated in 2024 May in b.com! These exams were my first attempt. Now I am 22yrs old. At Present I am not doing any job, didn't have any course. at home there is a lot of pressure to join any b school. With these scores I don't get any colleges . I want to do an MBA in best b school. Sir how was SDA Bocconi? Will get I get with my nmat score? Should I apply for it?Sir with lot of pressure I am requesting you to give me a guidance ???????? will I join any b-school? If yes Name some best colleges with my scores? (Or) I am fresher will I search and do a job along with cat 2025 prep? Sir by seeing these scores :( If I prepare for cat this year will I crack? I want to give cat this year with very efficient and indepth practice by seeing these scores. Sir I am thinking that I want to give CUET PG to get best university seat to do an MBA like in BHU,JNU...so that I can prepare for cat 2025. How will be the career from doing MBA from Central universities.is there any problem doing MBA along with cat precisely? Is this good thing.? Or will I change my plan? If I prepare for this year. What about GAP year? How should I cover this Sir?? this is very important question. Pls sir ???????? i need suppport from you! As I discussed with my family about job. We have a small Tea business. I will help my parents and study. Present At home family condition is bad(parents health). we have a Brother,He is our family well wisher, behalf of his guidance i started to prepare for this exam and scored very bad. Now he is saying to prepare again for this year with lot of commitment and hard work. But He and my family is saying Not to do Job, work at Tea business and prepare for this year very hardly. Is this good decision.? Will it cover GAP year like doing family business? Thank you ???????? sir
Ans: SDA Bocconi may not accept 198 nmat score, but they have their own test if you want to try. With 198 NMAT, can try for IBS (ICFAI) and other colleges that accept the scores. Can also write ATMA, and MAT that will be held in Feb March so that you have more options to apply to. About repeating a year you can decide once this years cycle for admission is complete.

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