Aspirations
Too many EMIs? Here’s how I kept it together (and so can you)
I went from juggling monthly payments in panic to finally building a routine that helped me breathe again.
Key insights
List every EMI and prioritise them clearly so you can manage payments without feeling overwhelmed monthly.
Include EMIs in your essential budget bucket using the 50-30-20 rule for better financial clarity.
Pay off smaller EMIs first, automate the rest to reduce stress, and stay consistent with repayments.
Let me take you back to a typical morning from a few months ago. It was the 8th of the month. My bank balance looked okay, but my mind was already bracing for the storm. Within a week, I knew I would get debit messages. A Car Loan, a Credit Card, EMI for a laptop, EMI for a phone, or even one for a shopping website purchase.
The scariest part? I didn’t even feel like I was living extravagantly. These weren’t impulse buys. They were things I had convinced myself I needed at that time.
The combined strength of these EMIs was stealing my peace of mind.
That's when I realised I needed to figure out how to manage multiple EMIs (before they completely took over my salary and my sanity).
Here’s how I got back on track and the EMI management tips that helped me reset.
Step 1: I made a brutally honest list
I opened a blank spreadsheet and listed every fixed outgoing:
- Car Loan: ₹9,200
- Laptop EMI: ₹3,800
- Phone EMI: ₹2,000
- Credit Card minimum: ₹4,500
- Streaming, bills, subscriptions: ₹2,500
- Rent: ₹13,000
Looking at the numbers like this hurt, but it also gave me clarity. This was my starting point for managing multiple EMIs.
Step 3: I followed a budget rule that actually worked
I always knew about the 50-30-20 rule. I had just never followed it. This time, I made it my base for how to manage multiple EMIs:
- 50% of my salary went toward essential costs like rent, utilities, and EMIs.
- 30% was for variable expenses like going out, groceries, or online shopping.
- 20% went directly into savings.
This version helped me treat my EMIs as fixed essentials. That small mental shift made a big difference. It showed me that I wasn’t just managing expenses, I was managing priorities.
Step 4: I paid off the small ones first
I had an EMI for a phone that was just ₹2,000 and had three months left. I decided to pay it off which freed up space in my next month’s budget.
Then I tackled the next smallest EMI. And then another. This snowball method was one of the best ways I found for how to manage multiple EMIs without feeling stuck.
Each payment I eliminated made managing my monthly budget easier.
Step 5: I set up automation for everything
Automation was a turning point in my EMI management strategy.
- I set up auto-debit for all EMIs, so I never missed a date.
- I automated full Credit Card payments.
This helped me stick to my budget and gave my future a safety net.
Step 6: I built a mini backup fund
Even saving ₹1,000 a month can build a buffer over time. I started with whatever I could spare and kept it in a separate account. Eventually, it turned into a little cushion that helped during a financial crunch.
Step 7: I put a pause on new EMIs
This was not easy. A new phone was on sale. The EMI looked tiny. But I remembered how it felt to be surrounded by reminders every week about what I owed.
So, I skipped it.
I made a rule. No new EMI unless something essential is needed immediately. This mindset shift was one of the most efficient EMI management tips I could share.
It helped me make better choices and protected the progress I had made.
Breathing space is everything
Managing multiple EMIs can feel overwhelming. It did for me. However, with a bit of structure and consistency, I turned what felt like chaos into something I could manage. Using a few EMI management tips helped me stop reacting and start planning.
If you are wondering how to manage multiple EMIs without losing control of your money or your peace of mind, start where I did. List it all. Prioritise. Automate.
Build a buffer and stop adding to the pile. It won’t all fix itself overnight. But a few smart moves now will eventually help you make better financial decisions with confidence.
Disclaimer: This article is intended solely for informational purposes. The views expressed in this article are personal. Axis Bank and/or the author shall not be liable for any direct or indirect loss or liability incurred by the reader arising from reliance on the content herein. Readers are advised to consult a qualified financial advisor before making any financial decisions. Axis Bank does not endorse or guarantee the accuracy of any third-party content or links included in this article.
By Axis Bank Learning Hub Team
