Hi everyone,
I am a 29M working as a Product Designer in IT. I currently earn ₹88,000 per month (in-hand). I got married 4 months ago, and my wife is currently a homemaker.
While I am grateful for my job, I am feeling a lot of financial anxiety. My marriage drained most of my past savings, so I am essentially starting from scratch. I want to be able to take my wife on dates and occasional trips to break the monotony of her staying at home, but I find myself overthinking every single rupee because my fixed expenses are so high.
Adding to the stress is job security. I have been laid off twice in the past 4 years of my career. While I am currently "safe," my present company is doing layoffs, which makes me realize how risky it is to rely on a single salary.
Here is my current monthly breakdown:
Income:
- Net Salary: ₹88,000
Fixed Outflows & EMIs (~₹47.3k):
- Home Loan: ₹40,000 (I know this is high for my income)
- Moneyview Loan: ₹5,700 (Helping my brother repay this; ~1 year left)
- Personal Loan: ₹1,600 (Helping my brother repay this; ~1 year left)
Living Expenses & Allowances (~₹15k):
- Wife's personal allowance/spends: ₹10,000
- My personal spends: ₹3,000 - ₹5,000
- Credit Card Bills: ₹500 - ₹1,500
Investments (~₹8k) - (Started 3-4 months ago):
- Mutual Fund SIPs: ₹5,000
- Recurring Deposit (RD): ₹3,000
Total Spends: ~₹70,300 Leftover: ~₹17,700
Whenever we plan a trip or a nice outing, my expenses easily cross ₹80k, leaving me with almost zero buffer or emergency savings.
I have two main questions for this community:
- Financial Planning: Given my current commitments, how should I restructure or plan my finances to build an emergency fund while still having a life?
- Side-Hustles/Passive Income: Given the frequent layoffs in IT, I strictly need to build a secondary income stream. What are some realistic side hustles, or passive income businesses, you guys follow for a second stream of income? I can start to increase my cash flow and take some pressure off my primary salary.
Any brutal truths, advice, or guidance would be highly appreciated. Thank you!