Source : INDIA TODAY NEWS
A chartered accountant based in Gurugram has shared an Instagram post on rising living costs after breaking down why earning Rs 1 lakh a month no longer feels as comfortable as it once did for many middle-class salaried Indians.
Muskan Mittal argued that “Rs 1 lakh per month is the new Rs 30,000,” suggesting that inflation and rising lifestyle costs have significantly altered what a six-figure monthly salary can realistically afford.
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“Rs 1 lakh per month is the new Rs 30,000. Not because you’re spending recklessly. Because life has become expensive,” she said.
To explain her point, Mittal outlined how a typical middle-class salaried individual earning Rs 1 lakh monthly might divide their income across essential expenses, discretionary spending and savings.
As per her estimate, rent takes up the largest chunk at Rs 25,000, followed by Rs 10,000 for groceries and food. Commute expenses, including fuel, cabs or metro travel, account for another Rs 5,000.
Basic utilities such as electricity, Wi-Fi and mobile bills add up to roughly Rs 3,000, while shopping and personal care expenses may cost around Rs 5,000 every month. Eating out and entertainment can similarly account for another Rs 5,000.
Mittal also allocated Rs 7,000 towards insurance, medical costs and emergencies, along with Rs 5,000 for family support, gifts and miscellaneous expenses.
On the savings front, she suggested setting aside Rs 20,000 for SIPs and investments, with another Rs 15,000 directed towards an emergency fund or additional savings.
Taken together, these expenses and savings allocations add up to the full Rs 1 lakh monthly income, leaving little room for excess.
The point of budgeting, she said, is not to save every rupee, but to strike a balance between present-day comfort and future security.
“The goal isn’t to save every rupee. The goal is to enjoy today without compromising tomorrow,” she said.
What is your take on this?
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SOURCE :- TIMES OF INDIA
