facebookPractically living on pay check to pay check to pay back loans/bills. What should I do for my financial problems? Help? - Seedly
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Asked 3w ago

Practically living on pay check to pay check to pay back loans/bills. What should I do for my financial problems? Help?

30M currently married, stuck in a government job where I cant leave cause contract, but it's paying peanuts. Practically living on pay check to pay check to pay back loans/bills. Used up almost all our savings on our HDB renovation. Wife is pregnant, and if she stops working during her late trimester, I don't know how we can get through with our financial problems. I cant even think of investments because every single dollar is necessary for our living expenses now.


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Answers (7)

It’s hard for people to help you when you dont disclose your household income, how much your debt is (mortgage and others), did you do budgeting on your income, did you give your parents and in laws allowance every month, what’s your and your wife’s lifestyle (did you fund your lifestyle with credit card).

All those details that you left out can detect the root of your problem (whether you have income problem i.e. earning too little, behavioural problem i.e. both of you are avid spenders, or even relationship problem i.e. you cant agree with your wife on the nature of money and how to manage it).

Unfortunately, all the advices that seedly community give are useless if you have relationship problem.

I just refer you to “Dave Ramsey baby steps and debt snowball” method. You can google him and watch his shows on youtube. In my opinion, he is very good at getting people out of debt, but his investment advice is awful.

Hopefully your marriage will be stronger once you finish your “getting out of debt” journey!


1 more comments

Randy Reinaldo

3w ago

He actively encourages actively managed mutual fund with high fees. He argues that if pay more fees but the fund deliver consistent returns above their benchmark, everyone will be happy. The problems with that is there are empirical evidence that lower fees are good predictor of future returns, and it is very hard for you picking up mutual funds that deliver consistent return above index. Note that this is not an attack on his character (he is still one of the best finance persona in my opinion)

Lee Arjun Sasangan

Lee Arjun Sasangan

2w ago

I think it isnt to awful, its just preference and also skill? If u pick the right fund. You do perform well and get good returns. If you pick the wrong index it could also yield you lower gains. In general investing there is no good or bad. I think its merely prefered strategy and execution. Some ways might be easier or lesser hassle. But some might prefer other styles. But yes the case definitely needs more details and its more about clearing the debts first

Thank You!
Can you clarify
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Cash Flow:

To begin with, I will suggest for both your wife and you to conduct a comprehensive cashflow analysis. For the most part, this will give us a deeper understanding on your current financial situation.

More Details: Understanding Your Personal Cash Flow

Loan Repayment:

Next, you may look into the loans that you have. Thereafter, create a detailed repayment plan so that the loans won't go out of control. As a matter of fact, we will want to reduce the interest as much as possible while maintaining liquidity (in cash flow).

For this purpose, an effective way will be to increase the repayment amount, or to find alternative ways to fund loans of a higher interest. If necessary and when left with no other options, you may explore stretching the loan so that you can reduce the monthly repayment. However, take note that this will inevitably increase the total interest payable.


After a clear understanding on your cash flow and to control the loans, the next step will be to create a budget. To point out, a budget ensures that you know where your money is going to, rather than to wonder on where it had went. Here is a guide to help you: How to create a Monthly Budget

Once you have completed the budget, commit to it and make adjustments to improve your net cash flow. When necessary, you may wish to consider a part-time job, or to use your knowledge and skills to earn an additional income. With the same or additional income and lowered expenses, you will be able to breathe better. For instance, they could be to reduce some of the lifestyle spending in the variable expenses section.

Above all, houshold financial planning is about having an open discussion with your partner and to set common goals together. When everything is planned in a detailed manner, you will become more confident for the future.

I share quality content on estate planning and financial planning here.


Thank You!
Can you clarify
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This is so helpful 👍
What about


It's a really tough and stressful situation to be in. Having a child coming and possibility of losin...

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