Saving tips please..ladies who have home loans want to know how u mange

Half of my salary goes for EMI of my home loan and remaining half of my salary is spent as below
- maid salary
- groceries
- LIC & other savings

Also I spend some money on my buying new clothes, shoes for myself or my DH

after that also I save 10% of my salary in my bank account which is then used for next month, so I always have excess amount in my bank.

 

Dear op,
An home loan is a huge responsibility. Please make sure u have enuf life insurance to cover the home loan amt. Also make sure to create an emergency fund to manage expenses incase of loss of job or unplanned lop leaves. D number of months u wanna back up is ur choice. Avoid credit card purchase and think before u buy anything. Dats my 2 cents

 

1) Take loan for the longest duration you can.
2)Insure your loan.
3) Every time you get some extra cash...like bonus,arrears etc...make part prepayment of loan.....make sure you are paying back the Principal amount and not the interest.There is no penalty on prepayment and can be done any number of times. Check with bank.

 

and if your housing finance bank allows and if you have an increase in salary or savings and can afford to pay a 1000 or 2000 towards the same emi. you can pay that against the principal. this is something you need to negotiate with your hfc. the number of months reduce even for a 1000rs against the principal.

 

I just did exactly as what Shanvy said above, recently. I foreclose my FDs and managed to pay a sum equal to an year of EMI payments. I am happy to see that it was adjusted against the outstanding loan amount and now I have lesser EMI to pay. But then, its a long way to go.

-rgs

 

Dear adinil
First make a list of all ur expenses then categerois which is most important for u and which u can avoid.use case for shopping and save money.
Best of luck