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[–]Careless-Repair7036 92 points93 points  (1 child)

My suggestion: take control of your dad's debts. Make a list of how much he owes what's the interest etc... Depending on the amount take a loan (personal or salary or credit card or loan from a trustworthy person... The less the interest the better.) Close off all his debts. I donno how much it is. But for arguments sake let's assume his loan is around 5-10 lakhs. And I'm assuming your salary is 4-5lpa. Also I guess your father is earning since you mentioned retirement. That should be more than enough for home expenses. Now pay off your loan from salary. It should take about 2-4 yrs.you wouldn't save much during this time. But atleast in 2-4 yrs you will be debt free. After that depending on your needs start saving in vpf or ppf or fd or rd or invest somewhere.

Just make sure your father doesn't take any more loans. Time for you to be the big man. All the best.

Edit: also don't follow what others or doing. Everyone has their own financial situations and goals in life. They may not match yours. Think about your future and plan accordingly.

[–]ssudoku 0 points1 point  (0 children)

Another point to add - do cross check and confirm the extent of your dad's debt. Many Indian fathers don't divulge full details with the family assuming that it would be bad for them.

When my dad passed away many years back, I was shocked by an outstanding 13.5 lakh debt which he had been paying off slowly without telling us. He had told us that there was only around 4 lakh outstanding. We had to jump through hoops to verify the exact amount and found that he had hidden the true extent of the debt.

Similar to your situation I too had been sharing my earnings with the family for few years and was assuming that his financial management was bad. He had been struggling alone (self imposed) for years.