As I sit back and reflect on the past few years, it feels surreal to realize that I’ve checked off three major financial milestones by the end of 2024:
1) Paying off my education loan
2) Saving enough for my marriage
3) Retiring my parents
Each of these milestones represents a chapter of discipline, careful planning, and, most importantly, making the most of the resources and opportunities I’ve had.
Here’s my story — one that proves personal finance is indeed personal but can be navigated effectively with the right mindset.
Moving Back Home: A Strategic Decision
Three years ago, when I was starting my professional journey, I made a decision that many would hesitate to consider — I moved back to my hometown to live with my family. Although this was an emotional decision, it also had financial impact.
In the age of “finding independence”, ironically I found independence in staying with my family
While the allure of living independently in a bustling city was tempting, I knew that moving home would allow me to cut down on significant expenses like rent and utilities.
The decision wasn’t easy, but it was instrumental in giving me a financial head start.
It also meant I got to spend valuable time with my family, which turned out to be one of the best outcomes of this choice.
Saving From Day One: A Non-Negotiable Habit
The day I received my first paycheck, I committed to saving at least 20% of my income. I began investing this portion in equities, understanding that long-term growth requires exposure to compounding and market risks.
The key here was consistency — regardless of market fluctuations or life’s unexpected expenses, I never faltered on this commitment.
Over two years, these investments began to show promising returns, validating the importance of starting early and staying disciplined. Today my portfolio is in green, even though Indian equities have fallen a lot in the past few months
At the same time, I ensured that I never missed a single EMI payment on my education loan. Paying it off steadily over two years not only freed me from the mental burden of debt but also improved my credit score.
This habit of prioritizing loan repayment alongside saving taught me the value of balancing short-term obligations with long-term goals.
Saving for Marriage: Playing It Safe
Marriage is one of life’s most significant milestones, and I wanted to ensure that financial stress didn’t overshadow the joy of it.
From the very first month of working, I set aside a portion of my savings in fixed-income securities.
This conservative approach ensured that my principal was secure while earning modest returns over time. Fixed deposits, recurring deposits, and a few low-risk debt mutual funds became my go-to options; these allowed me to accumulate a substantial amount over the years without worrying about market volatility.
It also helped immensely that my parents — despite having retired — were financially independent and able to foot their own expenses. This independence on their part gave me the breathing room to focus on building a corpus for my marriage.
Moreover, my fiancée, who shares a similar financial mindset, worked on increasing her income during this period, and her contributions made a significant difference in achieving our shared goals.
As they say,
It takes two for a tango!
Cutting Costs and Growing Income: The Twin Engines
One of the key strategies that enabled me to achieve these milestones was focusing on cost reduction without compromising on the quality of life.
Living at home meant I didn’t have to worry about rent or utilities, which freed up a substantial portion of my income for savings and investments.
I also consciously avoided lifestyle inflation — the temptation to upgrade my spending habits as my income grew — and instead directed those increases toward my financial goals.
At the same time, I worked on improving my income. Whether it was taking on additional projects at work, upskilling in my field, or exploring side hustles, I ensured that I was growing professionally and financially.
The combination of a controlled cost structure and an increasing income made it possible to accelerate my savings rate over the years.
Retiring My Parents: A Priceless Moment
If there’s one moment from 2024 that stands out as truly heartwarming, it’s the day I told my parents they no longer needed to worry about their expenses.
Retiring them was a goal I had nurtured for years, and achieving it felt like giving back a fraction of what they had sacrificed for me.
Few things in life compare to the satisfaction of ensuring your parents can live their golden years comfortably and stress-free.
Lessons Learned: Personal Finance Is Personal
Through this journey, I’ve come to realize that personal finance is deeply personal, and there’s no one-size-fits-all approach. However, what’s universal is the importance of identifying your advantages and leveraging them to your benefit.
Whether it’s living with family, starting early with investments, or finding a supportive partner, making the most of these advantages can make a world of difference in achieving your goals.
It’s also crucial to maintain a balance; while I was disciplined with my finances, I never let it stop me from enjoying life. Over these three years, I’ve gone on numerous trips, spent quality time with loved ones, and built a healthier, more fulfilling lifestyle.
Achieving financial goals doesn’t mean living a life of deprivation — it means planning well enough to enjoy life’s moments guilt-free.
Looking Ahead: New Goals, New Heights
As 2024 comes to a close, I feel a renewed sense of confidence in the discipline I’ve followed since day one of my career.
These milestones are just the beginning, and I’m excited about what the future holds. With my family by my side and a strong financial foundation beneath me, I’m ready to reach new heights — both personally and professionally.
To anyone reading this, my biggest takeaway is this: start early, stay consistent, and don’t be afraid to make unconventional decisions if they align with your long-term goals.
The journey may have its ups and downs, but the milestones you achieve along the way make it all worthwhile.