Seeking Advice on Fixing My Financial Situation After a Low-Paying Job
Hi everyone,
For the past few years, I have been stuck in a low-paying job that only pays 1 lakh. With that, I could barely cover my vehicle loan payments and basic expenses. Fortunately, I recently secured a new job that pays 3 lakhs a month.
However, I haven’t been very responsible with money in the past, so I haven’t saved much. My current financial situation looks like this:
- Fixed Deposit (FD): 1 lakh
- Stock Trading Portfolio (CSC): 1.8 lakhs
- Vehicle loan (6 more payments left . 70k a month )
My Current stats
- Age: 27
- Work: Software Engineer
- not married
- no properties
I want to start managing my finances better and work towards financial stability. Unfortunately, most of the people in my family who could offer advice are either in unpayable debt or financially dependent on someone abroad.
I’d really appreciate any guidance on the next steps I should take to get on the right track financially. How should I approach savings, investments, and budgeting with my new income?
Thanks in advance!