TomorrowMakers

How I managed my finances post festive season- Setting the credit limit right
Praveen Nair
Retiree

Ever since I retired, I have looked forward to the festive season with added zeal. It is the buzz that I need once in a year in my laidback post-retirement life. I like to celebrate the occasion, get the house painted or renovated, buy gifts for my dear ones or go on a vacation. These things mean that I end up spending more money than usual, but at my age, it is wise to know your limits when it comes to spending. 

I have a fixed income coming in every month and I know exactly how much disposable income I have to spend in a year. That is why I am very certain about the money I borrow. Borrowing isn’t bad, as long as you don’t borrow more than what you can repay. Therefore, my credit limits are crystal clear. By setting my credit limits right I have always borrowed within my limits, repaid without defaults and always maintained my financial stability. All I did was figuring out the maximum amount of money out of my monthly income that I can use to repay loans. I made sure that my credit limit always stays somewhere within that figure. I don’t have a problem with credit cards or personal loans. It is all about their intelligent use that matters.

How I did it

Praveen Nair
Retiree

Ever since I retired, I have looked forward to the festive season with added zeal. It is the buzz that I need once in a year in my laidback post-retirement life. I like to celebrate the occasion, get the house painted or renovated, buy gifts for my dear ones or go on a vacation. These things… Read more

Swati Mehra

A couple of years ago I was over the moon after landing my first job. I celebrated regally during the festive season that ensued, only to land in a financial soup for the next few months. With gargantuan credit card bills and barely any cash left, I had no other option but to default the payment… Read more

Rohansh Pathak

It is highly unlikely that all the expenses made during the festive season were worth making in the first place. This is the time of the year when unavoidable expenses are bound to upset your budget plans, and you can do little about it. However, I have made it a point to have a look at the… Read more

Rahila Khan
Homemaker

I am a single mother of one. I lost my husband just 5 years into my marriage. Life has been a struggle for me, but I have managed it and today I have no complaints. 

I was a young widow with a 3 year old son when my husband passed away due to a heart attack. My parents were my rock… Read more