allspiceberry143
New member
So, story time- I (26F) come from a middle class family with my past being mostly tumultuous financially due to my father’s poor financial decisions, which continued until I passed out of college.
The only thing that kept us alive and steady was my mother’s teaching job of 35k and our rent-controlled house (which my mother managed to buy off when it got converted into an apartment with her little PF payout).
In terms of assets, we have some gold and a flat (which I paid for partially by taking a home loan the moment I got a job), and some corpus from selling off the other rent-controlled flat that I mentioned earlier.
I don’t consider that corpus ‘mine’ as it is rightfully my parents’ and I would rather they secure their old age than splurge on me or my siblings. My mother, however, did gift me her remaining PF payout of ~₹6 lacs, which I invested immediately 2 years ago and it now stands at around ₹8 lacs.
With this context, coming to my budgeting- I earn ₹1.5 lacs post taxes now, where 20k goes to rent, 25k goes to home loan, ~₹20k I send to my parents every month for their expenses, 15k I save in an RD for 6-9 months to pay off their mediclaim premiums (the remaining months, I either save that or spend on needs that may arise end of the year), ₹20k I invest in SIPs, and ₹20k I save in cash to build an emergency fund for my parents (once emergency fund gets built upto 1 lac, I divert it to a travel fund for myself). The rest ~30k or so goes to groceries, outings with friends, a little bit of shopping for myself, or simply carrying forward the remaining cash for next month.
I have gotten ~5-6 lacs in bonuses till now from my 2 years of working, and 3 lacs I have kept in an FD, and the rest I am saving for my mom’s dental implants and my dad’s knee replacement.
I feel like I’m doing the best I can given my situation, but I can’t help but feel guilty for not doing enough for myself or my parents. I would really love an unbiased, outside view on this, and maybe some helpful advice as well.
Sorry for the long read, and thank you!
The only thing that kept us alive and steady was my mother’s teaching job of 35k and our rent-controlled house (which my mother managed to buy off when it got converted into an apartment with her little PF payout).
In terms of assets, we have some gold and a flat (which I paid for partially by taking a home loan the moment I got a job), and some corpus from selling off the other rent-controlled flat that I mentioned earlier.
I don’t consider that corpus ‘mine’ as it is rightfully my parents’ and I would rather they secure their old age than splurge on me or my siblings. My mother, however, did gift me her remaining PF payout of ~₹6 lacs, which I invested immediately 2 years ago and it now stands at around ₹8 lacs.
With this context, coming to my budgeting- I earn ₹1.5 lacs post taxes now, where 20k goes to rent, 25k goes to home loan, ~₹20k I send to my parents every month for their expenses, 15k I save in an RD for 6-9 months to pay off their mediclaim premiums (the remaining months, I either save that or spend on needs that may arise end of the year), ₹20k I invest in SIPs, and ₹20k I save in cash to build an emergency fund for my parents (once emergency fund gets built upto 1 lac, I divert it to a travel fund for myself). The rest ~30k or so goes to groceries, outings with friends, a little bit of shopping for myself, or simply carrying forward the remaining cash for next month.
I have gotten ~5-6 lacs in bonuses till now from my 2 years of working, and 3 lacs I have kept in an FD, and the rest I am saving for my mom’s dental implants and my dad’s knee replacement.
I feel like I’m doing the best I can given my situation, but I can’t help but feel guilty for not doing enough for myself or my parents. I would really love an unbiased, outside view on this, and maybe some helpful advice as well.
Sorry for the long read, and thank you!