How to save?

Have you thought of debt consolidation A debt consolidation loan is the replacement of multiple loans and debts, such as credit cards and unsecured personal loans, with a single personal loan. It will cut back your monthly or weekly payment and maybe cheaper interest rate. With saving I always make sure I put 20 percent of my wages away each week before I pay my bills and living expenses. You can slowly increase that as you get a bit more a head. You can even start at 10 percent of your wages no matter what.

I feel you guys are just living on loan, seriously. Your emi's and loans add up to 6823+2226+4219 = 11,268
Add to that Rs8000 as monthly expense, makes it Rs21,268.
Total household income = 19,700+13,800 = 33,500
Total household expenditure = 21,268
Total monthly savings =12,232
You have 17 months to save and if you save this much every month, it amounts to 2,07,944 and that is 22,056 short.
Unfortunately, you do have to pay income tax as well, if I am not wrong.

Also, bank interests will not fetch you much, not atleast 22,000 in less than 2 years. Now that leaves you with shares, but its a big risk invovled, so i would advise you to stay away from it.

IMHO, if your monthly savings remain at 12,232 from above calculation, then you need to arrange extra 22,000 over 17 months, which means approx. Rs1,300 per month in addition to what you are saving.

I guess you are childless couple as of now, so don't plan a child at present and try reducing your monthly expenditure from 8000 to 7600. I know its easier said than done, but dear you should have actually worked upon your portion of household salary that is going as emi or cuts before enrolling for additional loans. Anyways, now that you need to save alot, reducing your monthly exp. to Rs7600 monthly and maintaining your other monthly savings, should help you alot.

Also, re-assess situation every month, you don't have much time, just 17 months.

Best wishes.