financial advice !!!

i need advice.
how to put an end to financial debts.
before marraige myhusband had many credit cards and some loans which my parents and i didnt know till one mth before marraige ours is arranged marraige.
again for marraige he took another big loan. and then he was without a job and thne my full salary was used to pay of loans after that my husband asked me to take loans to repay his till he got a job i strongly disagreed but after some mths when things were bad i had no option but to take another big loans. today my husband is abroad and earning to repay his loans and im paying 97%of my salary for loans now my inlaws are planning to take a big loan and very low rate of interest and pay off all outstanding loans from all differnt banks that have high rate of interests. i see our futureis stuck up in loans for atleast next 3 -4years. please help. i didnt expect to be stuck in debts so badly in life i have no savings from my salary at all.

Hi gisjul,

I may not be the correct person to advice you on this. but first ensure all the credit cards are out of your husband's reach...

track your statements correctly. To take a low interest loan and knock off all loans is a wise one..but also see the small print...and read it well before you decide, if there are any glitches in the offer....

Start to save through some systematic investment plans..which take even 500rs..today... so that way you will not feel bad that you dont have a savings...

Repayment and saving dont go hand in hand...but a little planning and strict discipline on expenses go a long way...and you are still young..so cheer up...you will definitley finish it off faster than you anticipated...
.
my opinions....

thanks shanti for the advice . yes indeed we have taken away all credit cards from my husband and even cut some of them. He realised his mistakes. Except my inlaws my parents dont know that my husband made me take loan on my name. both the parents are not on talking terms.
im going to make every effort to start saving.implanning to relocate with my husband abroad so that we can earn still more and repay back here.

Originally Posted by gisjul

thanks shanti for the advice . yes indeed we have taken away all credit cards from my husband and even cut some of them. He realised his mistakes. Except my inlaws my parents dont know that my husband made me take loan on my name. both the parents are not on talking terms.
im going to make every effort to start saving.implanning to relocate with my husband abroad so that we can earn still more and repay back here.

hi gisjul,
You are welcome...and all the best...but dont go saving and repaying without enjoying anything..because later you will regret....there are ways to enjoy life without spending too much...

Hi Gis,

Dont take any more loan for any other reason whatsoever.Now by going abroad, taking job and seeing both salary dont start getting lured by fascinations of foreign country - Gold / vehicle / house etc....Try to see that the loan taken already is settled first before starting to accumulate assets. Now if u r in minus, come to zero and then start adding. Hope u understand. But if u feel you still have little to save, pls save it for your emergency. Try to cut cost and look for cheaper alternative for each and every expense. Before starting the famil way try to save little more for all future expenses.

Of course as Shanvy says dont forget to live your life, enjoy your life. I can understand your feelings for your parents. Once you are abroad, they will be expecting you to save, buy assets etc. So be ready for convincing explanatins without hurting both sides.

Bala

absolutely right i do agree with you. my only fear is i dont want my parent to find out that even i have taken loan to pay of my husband's as my father already had a heart attack and a bypass surgeory due to this both sides are not on good terms. my inlaws are supportive. by going abroad with my husband at least i'll be able to save something for future besides the job here is very demanding and i have a shift i work as per UK timings from 2pm to 11pm. i think twice before i spend and if i become late then i miss my drop.i go home only to sleep and wake next moring to go to work life is soo busy there is no time for anything else or even for myself. i try to hide my bank statements when they come home by post from my father. i feel bad about all this . Life was very bad 5mths back then when my father found out my husband was without job and we had little tiffs with inlaws as we were living in one bedroom flat and a BIL unmarried they wanted me go to an extent to even divorce him . it was just 6mth for my marraige.
i was devastated and didnt want to leave him as i truly loved him.. time passed and now im learning to recover but still i feel bad that im hiding things from my parents.

Hi Gisjul,
Do not worry. Everything will be alright with proper plan and hardwork.This is time you both need to step up little more harder to get that all debts done. Until then just do not think about anything else like savings. You cannot do that. Everymonth make a financial budget plan u nd ur hubby combined, everymonth just update ur income, debts, and all other ur financial things....
this really really helps how much or at what level u both are financially this could even make u best plan to clear of debts.it is u have to plan that.

take ur own time, make a monthly budget plan and daily/monthly update all ur expenses, paying debts,income etc and try to analyse where u could even do much better job accordingly plan ur monthly finance. this really help. if possible, try to look for other income sources as possible which u might find atleast one ... i hope may be all these might help u to do better nd can do gr8 job.

Good luck....
Thnx,
Chitti.

thanks a lot chitii
i feel a bit relieved after getting soe advice to get rid of this burden.
thanks :thank you2: