Seeking Financial Advice – Family of 5, Debt, and Feeling Stuck
Hi everyone,
I'm looking for honest advice because I feel like I'm stuck financially and don't know what I'm doing wrong.
I'm currently working as a Payroll Supervisor and earn PKR 80,000 per month. I know this is low for my role, and I've been actively trying to switch jobs. I've had several interviews but haven't been able to secure an offer yet. I suspect my salary expectations may be one of the reasons.
I have a family of five—my wife and three school-going children. Around 50% of my salary goes toward their school fees. The school is a decent middle-tier school, and I don't want to move them because it's close to our home and they're settled there.
I'm also paying PKR 25,000 per month in a BC/committee. On top of that, I have four credit cards with outstanding balances, and the repayments, which are around 20,000 per month, have become a major burden.
The biggest issue is that I recently calculated my finances and realized my monthly expenses are around PKR 120,000, while my income is only PKR 80,000. That leaves me PKR 40,000–50,000 short every month. To cover the gap, I've borrowed money from friends and relatives at different times, and now I owe approximately PKR 500,000 in personal loans as well.
Because of this cycle, I'm struggling to cover even my family's basic needs.
I'm trying to improve my situation instead of just complaining. Since I finish work at 4:30 PM, I'm also actively looking for a part-time evening job to increase my income.
About me:
- Education: bcom
- Currently enrolled in M.A. Economics (Karachi University)
- Experience: Payroll/HR
I'd really appreciate your thoughts on these questions:
- What mistakes do you think I'm making?
- Should I stop participating in the BC/committee?
- How should I tackle my credit card debt and personal loans?
- Are there any payroll, HR, or accounting certifications that could help me earn more?
- What part-time or freelance work would you recommend for someone with my background?
I recognize I need to make changes and am open to candid feedback that will help me resolve this situation. Thank you for taking the time to read this.