A Bengaluru techie has sparked a discussion online after sharing that despite earning ₹3.5 lakh per month after tax, he is struggling to save even ₹50,000 regularly.
Taking to Reddit, the 34 year old said he lives in Bengaluru with his four year old twin daughters and feels increasingly anxious about his financial future because of rising monthly expenses.
“34M, a regular tech guy living with my 4 year old twin daughters in Bangalore. My CTC is ₹96L, with ₹3.5 LPM base post tax, and the remaining ₹35L are ESOPs, which I am not counting since it is a startup. My typical monthly savings are around ₹45,000 to ₹50,000. I am stressed because of overwhelming expenses, and I seriously need some advice regarding this,” he wrote.
The post was shared with the title, “I earn ₹3.5 LPM and still am not able to save a mere ₹50,000.”
Monthly expenses leave little room to save
The techie went on to give a detailed breakdown of his expenses. He said his home loan EMI is ₹80,000, with six years already paid and around 10 years still left. His car EMI is ₹30,000, while the outstanding loan amount is ₹10 lakh.
{{/usCountry}}The techie went on to give a detailed breakdown of his expenses. He said his home loan EMI is ₹80,000, with six years already paid and around 10 years still left. His car EMI is ₹30,000, while the outstanding loan amount is ₹10 lakh.
{{/usCountry}}(Also read: ‘I chose the life that feels right’: Indian techie leaves Singapore dream job to start over in Bengaluru)
He also spends ₹40,000 on a nanny for his twins and ₹50,000 on preschool and daycare. Other monthly expenses include ₹6,000 for a maid and cook, ₹20,000 on groceries, ₹8,000 on gym and protein, ₹15,000 on utilities, subscriptions and household needs, and around ₹40,000 on family and in laws visits, travel and outdoor activities.
His net worth, he said, is around ₹3 crore, but it has “almost remained stagnant” over the past few years because he is able to add only ₹4 lakh to ₹5 lakh annually.
“I am not able to save anything, which is making me very anxious about my future. I am living in constant anxiety that if I get fired from my job, I will not be able to manage at all. Above that, I am increasingly burnt out with everything. I want a good break, but I am not able to take one because of piling expenses,” he added.
Check out the post here:
Internet reacts
The post drew several reactions from users, many of whom pointed out areas where expenses could be reduced. One user wrote, “Is your wife also earning? If not, then what is the need for daycare for the kids? Also, family and in law visits, travel and outdoor activities costing around ₹40,000 a month seems quite high.”
Another said, “The nanny cost seems too high. ₹40,000 for two four year old children in the same house and of the same age group feels excessive. This expense can easily be reduced.” A third user added, “The combined cost of preschool and daycare is a major expense that is eating into your savings.”
Some, however, tried to reassure him. One user wrote, “You are doing great. Things will get better with time.” Another commented, “You have savings of around ₹3 crore. Even if only 30% of that is liquid or semi liquid, you still have a backup for three to four years. Why are you so worried about getting fired? That is exactly what your savings are for.”
(Also read: ‘Developers are dime a dozen in Bangalore’: Firm asks techie to layoff 45 colleagues)
(Disclaimer: This report is based on user-generated content from social media. HT.com has not independently verified the claims and does not endorse them.)