Planning pay-outs

While immigration as a whole is exciting in its own way, it does call for consistent planning and does involve a certain expenditure. I split my financial commitment into two parts. Part 1 is the bank balance of about INR 8.5 lakhs in bank. This seemed mind-boggling and least affordable couple of years ago. I could take the leap of faith to immigrate only when I had at least 50percent of this amount.

The next part of payment that I thought I could manage on the go are the periodic payouts. Given that I am a salaried employee who strives to make end meet, I need to meticulously plan and save for this. One may think that I could take a loan or seek help from others. I haven’t given it a thought beyond treating it as an option because I have never borrowed money, as a matter of principle. I have never been comfortable doing that even with family.

So, the past two months have been financially draining. Making ends meet has been challenging. I had to touch a bit of savings despite religiously budgeting on the day my salary was credited. Rationally speaking, I should review certain irrational spending. Probably, the planets are playing the drain game. Blame it on the stars. No matter what, if I don’t pause now and take a call, these payouts would be difficult.

My quick review:

Part 1 of 8.5 lakhs: I managed to save 6.5 lakhs out of which 4.5lakhs is in the post office as a deposit that gives me a monthly return of Rs. 2400 roughly. So that interest adds up to about 12k so far.

Part 2: This includes the following-

1. Payment for WES $230 (Anna paid for me as I don’t have international payment means. I have a fixed deposit of an indian equivalent for INR 13500/- to give it to Anna once I go to Canada. Of course, nothing can equate the immense love and care anna showers on me).
2. Hidden costs of WES: INR 2000 approx for Application fee for transcripts and INR 3000/- courier if my university doesn’t electronically transfer. Honestly, I didn’t see this coming. So that’s a total of 5k that I have no idea about how to manage because I did not plan for it. As I write this blog, I see a light there. Maybe I will take this amount from the interest generated in my post office account. Ok. Eureka! Issue resolved for now.
3. IELTS exam enrollment of INR 14700/-. I haven’t enrolled as yet. Maybe I will do it this week. Looking at dates for late February. I have to register this week to reserve my seat. I put aside 15k from my savings in the previous month. So this amount is lying in my account.
4. Government processing fees $ 825.00 CAD (Per Person)
5. Right of permanent residence fees $ 500.00 CAD (Per Person)
6. Biometrics — family (2 or more) $ 170.00 CAD applying at the same time and place

The last three items above need more planning. That’s $1495 roughly working up to INR 89700/-.

Going by the post office deposit interest in hand is remaining 7k (5k already allocated for Wes hidden costs). That leaves me with a commitment of 82700/-. Phew! Now this looks difficult. I am barely saving these days. When I foresee an expense, I have a conservative approach of saving for it through a bank recurring deposit. I know that idea would work but I am not able to provide for it for three months now.

Ok .. I have no idea now.

During such times when I fear that I can’t afford, I tend to give up. But something deep inside says I can handle this. Maybe I am on an anxiety mode. Now, I choose to silence that voice of anxiety.

Somewhere deep inside my heart along with a mountain of fear, there is little hope that this too shall pass. Miracles happen, you see!