Need advice. Should I keep paying for the lot?
Problem/Goal:
I was influenced to purchase a 200+ sqm lot that costs around ₱13,000+ per month for 5 years. I only started paying for the lot a few months ago, and unfortunately, not everything I’ve already paid would be refundable if I decide to stop. I’m deciding whether to continue paying for it.
Context:
I’m 23, living in the city, and earning at least ₱80,000 per month, excluding my additional gigs. I recently stopped going to school after realizing that I had to become the breadwinner for our family of six, since I’m the eldest. My father recently retired from government service and decided to take a lump-sum pension equivalent to two years’ worth of pay. We’ve been waiting for it for almost a year now. In the meantime, my parents are managing muna our farm.
I pretty much pay for everything since the start of this year: our dues, monthly bills, groceries, and other family expenses. Whenever there’s an occasion, I’m also usually expected to spend for the family. My mother doesn’t directly pressure me to spend. Still, there's this invisible pressure, or sometimes even subtle comments like, “Ililibre talaga tayo ni ___,” that made me feel like I’m expected to shoulder it. Since I'm also resenting my father for our bad relationship (bc of his very harmful behaviour towards me and my sister), I still don't see the point in providing for him. I also lived alone before, as advised by my therapist, so I'm not used to providing for anyone. I also used to save around 30% of what I earned from my previous jobs.
I know that investing before building enough savings isn’t necessarily the best approach. I felt really pressured by my family to push for it. I’m not sure whether I should continue with the lot. The location is also quite far from the city, so I’m doubtful if it’s actually the right investment for me.
At this point, I’m leaning toward prioritizing savings instead. I’m considering putting more than half of my savings into a short-term time deposit, such as Maya, or opening an account only with a passbook so I won’t be as tempted to withdraw it whenever our expenses increase. I’m also thinking about getting health insurance or other appropriate insurance coverage because I really don’t want to suffer financially if something happens to us. I don't have debts, since I'm paranoid when it comes to that (family history).
If you were in my position, would you stop paying for the lot and focus on building savings and getting insured first? Or do you think it’s worth continuing with the lot despite my current situation?
Previous Attempts:
I can still save around ₱15,000 or more a month and have some money left over for myself, but because our expenses keep increasing, I’ve started having to withdraw from my savings to cover some of them. I already set a limit on how much they can spend, but yun pa rin.
Edited: Baka privileged ako masyado pakinggan, but my savings are down from six digits to five after paying their debts and for our expenses. A few ten thousands left, so please help 🥹