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Income ₹1.7 lakh a month, savings just ₹2,520: Couple living paycheck to paycheck seeks financial advice
In the post, the couple detailed the financial pressures they are facing as they juggle loan repayments, household expenses and future goals.
A couple in their early 30s has sparked a discussion on Reddit after revealing that despite earning a combined monthly income of ₹1.7 lakh, they are left with savings of just ₹2,520 at the end of each month.
In the post, titled “Earning 1.7L, living paycheck to paycheck, mentally exhausted, need actionable input”, the couple detailed the financial pressures they are facing as they juggle loan repayments, household expenses and future goals such as buying a home, having children and saving for retirement.
“We are in our early 30's, got married 2 years ago, we started tracking our finances and we got a reality check soon enough,” the user wrote.
“Where do I even start fixing this? How do we plan for a house? When to plan for kids? How to save for emergencies? When do we save for retirement? Our finances will be better after 2 years but it feels like the time is running out on us,” he added.
The OP shared the breakdown of their combined monthly income of ₹1.7 lakh. He shared that while he earns ₹1.02 lakh per month, his wife earns ₹68,000 monthly.
The husband said that a large portion of their income goes towards repaying loans. Their monthly EMIs total ₹85,980, including a personal loan repayment of ₹70,154, an education loan of ₹3,000, a bike loan of ₹12,000 and a phone loan EMI of ₹826.
The OP shared that their fixed monthly expenditure adds up to ₹53,500, covering rent, maintenance, groceries, travel, medical expenses and utility bills. He also said that they have allocated ₹28,000 for variable expenses, including personal spending, leisure activities and family-related emergencies.
After accounting for all expenses, the Redditor said that they are left with just ₹2,520 every month.
(Also Read: 26-year-old man who failed IIT-JEE now earns 7 figures monthly, gifts father ₹55 lakh BMW)
Social media reactions
The post quickly caught the attention of social media users.
Reacting to the post, one user wrote, “Ur spending is not the problem. Ur loans are the real villian here. Untill and unless u close atleast Personal loan u can't save more. I will suggest wait for 4 months till ur bike loan gets over. After that with 12k prepay ur personal loan fast.
“There is only one way to fix your condition. Switch company for higher ctc. Believe me that’s the only way. If you both are in IT and early 30’s , you both are underpaid. You gave you context, i am 28 single earning 1.75 l after taxes. Your ctc should be 4-5 times * your year of experience . I repeat increasing income is the only way,” suggested another.
“Nothing much you can do than (1) earning more (2) cut down on your expenses , live below your means until the loans are paid up. Save & budget aggressively. The money you save from these cutdown, you can use for paying loans and save/invest the rest,” wrote a third user.
(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.)
