Welcome to My Finances!
This is my sixth-month update since I started this page.
The purpose of sharing these numbers is to get out of debt and become debt free as early as possible. The debt payoff method used is the avalanche repayment method.
I got inspired by the blogger a purple life who shares spending & numbers on her blog.
This month was very tiring for me & my family, due to shifting from New Delhi to Bangalore. I believe you can relate to me if you ever moved with your family to another city.
Life was comfortable in New Delhi, I spent close to five years of my life in New Delhi. The city is filled with beautiful people, parks, and Yum foods. Surely I am going to miss New Delhi a lot!
Luckily, I was able to find peace in Bangalore staying in a great locality filled with Greenery, I can’t believe the air quality index is less than 35.
Loved the weather, almost everyday rain visits us. I feel there is no need for air conditioner. Moreover, my wife & I stay away a night journey from our parents home. I believe we can visit them often.
The reason for my moving to Bangalore is purely personal, so I need to take care of the expenses. Due to moving, my debt level almost doubled (Wait, I didn’t swipe my credit card, that’s on my death)
Click here: How I paid off my credit card debt in 6 months?
I made an investment of 3000 rupees in a low-cost index fund, bought few equity shares in my brokerage account.
Investments
My Mutual fund holdings are primarily index funds, tax-saving funds, and little exposure to US market index funds. No more active funds, as I switched all of the mutual fund’s units to passive funds.
I contributed 3000 rupees this month. Planning to invest another 2000 in a tax savings fund in a few days.
The majority of the individual stocks are less than a year in portfolio, due to that negative return.
Note: All numbers are in INR.
Debt
Credit card debt.
Its NIL. You can check how I cleared my credit card debt in six months on my finances page.
Gold Loan:
I Topped-up my gold loan for remaining value. This amount was used to support my shifting. Now my gold loan stands at 1,70,000 INR. Will start to pay 6K from August onwards.
As long as I pay the interest every year, I can renew the loan tenure. Not much hassle from the bank like credit cards.
Cash:
This Loan I got this from my friend, the good thing is it interest-free.
I paid 10k this month, Will clear the remaining debt by August.
Thank You for reading!
