Changing one’s lifestyle is always tough but this family did it

Dr Sujoy and Rupa Roychowdhury had to take some tough decisions to get their finances back in order.

It is easy to lose track of finances, and a busy schedule doesn’t help matters. Dr Sujoy and Rupa Roychowdhury had to take some tough decisions to get their finances back in order. Along with their adviser Uttam Kumar Sen, it took them a few years before they reached a certain level of stability. They admit that without the tough measures and a comprehensive financial plan, the story could have been very different. “I was in a real mess,” said Sujoy. It was not easy, but they knew they had to do what needed to be done.

Burden of loans and over-spending

Sujoy came back from the UK in 1996 to start practicing in Kolkata. The house they lived in then was too small for the family of four—the couple, and their two children, Mayuri, who is 26 years old now, and Shubhayu, who is 19. They took a home loan to buy a bigger house. This was followed by a car loan. “Car loans kept changing. Then we got two more houses,” said Sujoy. “I was earning enough, but had many loans. My father passed away prematurely, and some of his debt also came on to me,” said Sujoy, adding that his father was his bedrock and losing him shook their sense of security.  For full article, please visit http://www.livemint.com/Money/ttX18BUnWtyuSZ9z6aOIgN/Changing-ones-lifestyle-is-always-tough-but-this-family-did.html