Manish has been working in a private company for the last eight years and his monthly salary is currently Rs 50,000. Manish is married and has two children, one is 7 years old and the other is 3 years old. Manish says that his entire salary goes to the expenses of the family. Every time he gets a salary, he thinks that he will save 10,000 rupees from this month, but it has not been done yet.
Actually, Manish wants to understand how to balance his salary and expenses, so that the expenses of the house can also run properly, children can also be studied and there can be some savings for the future. They also know that only one child is going to school, but after a few years the other child will also go to school, which will increase the expenditure further. Also, savings will be their support in an emergency.
Not only Manish … This is the story of millions
Manish believes that his salary is Rs 50,000 a month and in this it is to be managed. There are crores of people in India, whose income is less than Manish, yet they save their income and expenses and save them. In such a situation, Manish must first make a list of his needs and he needs financial guidance.
Not only Manish, but whose salary is around Rs 50,000, they can also move forward by adopting this method. It has been told how to run a house in a salary of Rs 50,000 and how to save together.
First of all, everyone needs a house, whether it is a rented house or an EMI of home loan, this decision will have to be made according to the salary. Manish’s salary is Rs 50,000, so he can spend a maximum of 15% i.e. up to Rs 15,000.
Grocery: Manish should spend around Rs 7,000 a month. For this, first make a list and buy all the goods once a month.
Electricity, phone and broadband bill: You can spend 3,000 rupees in a month.
Children’s education: Right now Manish needs to spend Rs 5,000, because currently only one child is studying.
Transport (Office expenses): You can spend up to Rs 3,000 for this.
Entertainment and shopping: Do not stop getting out of the house due to savings. You can spend Rs 2,000 every month on entertainment and a maximum of Rs 2,000 on purchase.
Emergency Fund: Manish has to first prepare an emergency fund. For this, deposit Rs 2,000 in a separate account every month. After the emergency fund, a decision has to be taken regarding investment.
Investment: Manish should deposit at least Rs 5,000 in mutual funds every month.
Health and Term Insurance: This is necessary for the family, so spend at least Rs 3,000 per month for this.
Other expenses: Keep the remaining 3,000 rupees for small tasks.
Now that Manish will spend according to this chart, he will also prepare emergency funds within a year, will open the way of investment, and in a few years, despite the expenses of home expenses, children, they will invest thick funds by investing a little by little.