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Anu Krishna  |966 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Mar 29, 2023

Anu Krishna is a mind coach and relationship expert.
The co-founder of Unfear Changemakers LLP, she has received her neuro linguistic programming training from National Federation of NeuroLinguistic Programming, USA, and her energy work specialisation from the Institute for Inner Studies, Manila.
She is an executive member of the Indian Association of Adolescent Health.... more
Sameer Question by Sameer on Mar 28, 2023Hindi
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Relationship

Maam sir good morn.I m K.S .i am.the sole bread earner of my.family .i m 52 and do.not have a job. I m not a spend thrift but due to lot of loans i have taken for education etc i m totally stressed up. I.get depressed and do not have the motivation to move ahead in life. I want to clear up all my dues and i fight day in and day out to find a job but to.no success. Finance are getting.lesser.. I m on the verge of breakdown. Plz help.

Ans: Dear KS,
First things first. A lot of decisions have gone wrong. It cannot be erased, but certainly you must find a way of recovering from it.
Yes, it is highly disheartening, but once you decide that you want to be in a better place, you have to take certain actions to reach that better place.
So, time to quit being upset and taking firm actions on what to do next to get out of this situation that you are in.
Seek the help of someone within your family or friends circle who is strong with their finances and managing their monies well. Of course, they must be someone you trust as well. Share everything with them (you need the help, so kindly be truthful and honest with them).
Let them put together a plan of action that manages your existing financial resources and inbound channels and match that with all the payments and debts.
Allow them to 'advise' you as you need this strong advice right now. Discuss what's possible and what's not and they will come up with something that is close to perfect.
Once, you start with the first small baby step. things start to look up. Even clearing a small debt will take a load off your chest. So, get into that action mode NOW. And yes, do promise yourself that this situation is teaching you a lesson on how to be financially prudent and that you will learn from it.

Best wishes and look bright and happy NOW!

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Anu

Anu Krishna  |966 Answers  |Ask -

Relationships Expert, Mind Coach - Answered on Oct 27, 2020

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Relationship
Dear mam, I am 39. In the past few months I have been under financial stress. My salary was reduced by 25% since April 2020 and wife’s salary dropped to 20% of my salary. My EMIs are 70% of total income. I took moratorium. But, now moratorium ended and I am not able to manage the finances Also, I am not able to find a new job. Without any help, everyone is facing a financial crisis. I am not able to cope up . What should I do?
Ans: Dear RS, I empathize with your situation as this is something that seems like anyone’s story these days, given the pandemic.

Lot of uncertainties and much to think about especially with holding onto work and doing the best that we can.

What I could start of by saying: Look deep down at your expenses statement for the past 3 months. Look at what is necessary, what is not and what is a luxury.

Straightaway keep the luxury aside and focus on what’s needed and the best offer you can get on these by buying them in bulk and storing; like groceries or availing of festive offers and bargains.

Next what is a mandatory outgoing like Life Insurance policy premium, EMIs etc and how you can spread them over till the next financial year end.

Plan for the next quarter and even if you just break even, I think it will keep you afloat and give you the confidence that things are getting better.

The key to financial planning is to cut down expenses that we are not even aware of which we indulge in when money is in surplus.

That amounts to a huge chunk and every penny saved is a penny earned. 

Of course, if the bills are mounting and your EMIs have begun to outweigh your earnings, you might be forced into making some decisions; but remember do all you can before reaching that point of decision.

Do not be disheartened as phases like these don’t last forever and just like we look for a life jacket to save ourselves from drowning, we do know that that storm is temporary. Similarly, throw a life jacket on to tide this one and the storm shall pass.

Happy Saving. Take care and all the best.

..Read more

Sanjeev

Sanjeev Govila  |458 Answers  |Ask -

Financial Planner - Answered on Sep 20, 2023

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Money
HI ALL OR CONCERNED GURU/S, AM OVER 50, SALARIED, FAMILY OF 3, DAUGHTER IN IST YEAR IN BSC BIOTECHNOLOGY....WIFE HOME MAKER. I AM CERTAINLY FEELING SCARED....COULD NOT ACCUMULATE MONEY FOR SAVINGS, DO NOT HAVE ANY PROPERTY....SEVERELY UNDER DEBT. MORE SO AS FOR MORE THAN LAST TWO YEARS, FOR MY SIBLING'S SUSTENACE(TERMINALLY ILL PATIENT), EXHAUSTED SAVINGS, SOLD CAR AND MORTGAGED WIFE'S ORNAMENTS. SKIPPED EMIS OF MY PREVIOUS LOANS AND CC. HE DIED RECENTLY, FATHER TOO DIED TWO YEARS BACK, MOTHER DISOWNED ME HENCE NOT GOING TO GET ANYTHING OF MY FATHER.....I WANT TO GET DEBT FREE IMMEDIATELY BUT NO BANK OR NBFC GIVING ME FOR OBVIOUS REASON OF LOAN DEFAULT. I AM LIKE LIVING FOR TODAY. GETTING SCARED FROM LIFE AND THINKING OF GETTING PERISHED BY ENDING MY LIFE. IT IS LIKE LIVING LIFE IN A DARK TUNNEL, NO STREAK OF LIGHT AT ALL.....PLEASE HELP.
Ans: Referring to your query regarding the debt and uncertain expenses at all times. Please find some suggestions for your reference.

• Get a part-time job (Increase your Source of Income): If you have the time and energy, getting a part-time job can be a great way to earn extra money to pay down your debt.

• Make a budget: Once you have a good understanding of your cash flows, you can create a budget to help you track your spending and make sure your cash flow will be managed properly (Expenses are not more than your earnings)

• Prioritize your debts: Not all debts are the same. Some debts, like credit card bills, have higher interest rates, which means that you will be paying more in interest over time. Focus on paying off these debts first.

• Negotiate with your creditors: If you are struggling to make your payments, contact your creditors and see if they are willing to negotiate with you. Many creditors may adjust the repayment schedule you can afford.

There are some resources that may be helpful:

Debt relief organizations: There are a number of organizations that can help you get out of debt. They can provide you with counseling, and they can also help you negotiate with your creditors to reduce your payments or create a repayment plan.
• National Foundation for Credit Counseling: 1-800-388-2227
• Consumer Credit Counseling Service: 1-800-642-2227
• Credit Karma: 1-888-239-7066

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Ramalingam

Ramalingam Kalirajan  |3819 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 13, 2024

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Money
Hello Sir! Myself Madeswaran and I am 33 yrs old. I have worked for 10 years and I have no savings and saved nothing. I had 6 Lakhs in my savings 4 years back. Purchased gold for 1 lakh. Purchased car in 2 nd had for 3.5 Lakhs and Lost 3 Lakhs in forex an year back.I am having debt of 1 Lakh now and cleared Rs.50,000. Now my monthly income is only Rs.45,000. I have house expenses of Rs. Rs.30,000 and Loan emi of Rs. 5,000. I give. I am not able to find how the rest of Rs.10,000 money gets drained away. Now I want my financial freedom at the age of 50. What shall I do amd how shall I start. I am also looking for secondary income to get some financial buffer.
Ans: Hello Madeswaran! It's commendable that you're seeking to take control of your finances and work towards financial freedom. Let's assess your current situation and explore steps to get you back on track.

At 33, with a monthly income of Rs. 45,000 and monthly expenses of Rs. 35,000, it's essential to understand where the remaining Rs. 10,000 is being spent. Tracking your expenses diligently can help identify areas where you can cut back and redirect funds towards savings and debt repayment.

Given your previous financial setbacks, it's crucial to prioritize building an emergency fund to cover unexpected expenses and avoid going into further debt. Aim to set aside at least 3 to 6 months' worth of living expenses in a separate savings account as a safety net.

Addressing your existing debt of Rs. 1 lakh should be a priority. Focus on clearing this debt as soon as possible by allocating a portion of your monthly income towards repayment. Cutting back on non-essential expenses can free up additional funds for debt reduction.

Considering your goal of achieving financial freedom by the age of 50, it's important to establish a long-term financial plan. Start by setting specific, achievable goals and creating a budget to track your income and expenses.

Explore opportunities to increase your income through additional sources such as freelance work, part-time jobs, or starting a side business. Generating a secondary income can provide a financial buffer and accelerate your journey towards financial freedom.

Investing in yourself through education, acquiring new skills, or pursuing career advancement opportunities can also enhance your earning potential over the long term.

Finally, seek guidance from a Certified Financial Planner who can provide personalized advice tailored to your financial situation and goals. They can help you create a roadmap for achieving financial freedom and offer support and guidance along the way.

Remember, financial freedom is achievable with determination, discipline, and strategic planning. By taking proactive steps now, you can pave the way for a brighter financial future.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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