If possible pls share a rough idea / figure of your expenses section wise..
Will be helpful for planning
I follow the pay yourself first rule
Every month I transfer 50% salary from my salary account to savings, I don’t touch that money in savings account unless I need to invest into equity, MF, PPF etc
Then 30% salary is spent on needs like rent, sending money to parents, foods, travel etc.
Lastly 10-20% spent on needs like eating out, weekend parties, movies or they just stay in my salary account.
Add non-negotiable expenses like rent, food, electricity. Add another 10-20% of the expenses for misc like drinks, clothes, misc. Subtract it from your salary and put the remaining in RD every month.
Building the habit of consuming less and mindfully. One example is my office expenses upto 4k on the internet and phone bill, but I am on plans where I do it under 1k. It makes you resilient to unnecessary temptation.
+1
I've completed 1 year in my first job. I've tried saving and investing some money, help me decide what I can do better:
Income: 22LPA
PPF: 3 Lakh EPF: 2 Lakh MF: 5 Lakh Saving Account: 4.5 Lakh
Income for new FY post incremen...
1. All expenses are justified if you are disciplined with your savings and investing. Don’t miss out on present just ...
I am trying to form a habit of tracking where my money is going.
I used spilitwise for a long time, but now it seems for everything you need premium version. Do you guys use any app to track your monthly expenses?
Say u earn 17L yearly post taxes, how much from this u want to absolutely save and accommodate rest in the bills/entertainment/misc. Or u don’t budget on yearly basis but monthly? But then how would u account for payments like insurance ...
This should include everything from home bills, entertainment, medical expenses, trips etc. When I was single (back in 2016), my expenses were around 20k per month.
Now I easily go above 1L every month (without rent, we live in our ow...
20 K + 20 K in 2016 -> approx 35 K + 35 K = 70 K (assuming 7% inflation over 8 years). Extra 30 K can be attribu...
I found myself in a similar situation. I was hardly able to figure out whats going on. So this is what I did. 1...
Create an excel and make a habit of entering pareto expenses every month (The count would be at best 20 items). Fo...
