"If you don’t understand my silence, you will not understand my words"
1. Domestic (Food, Accommodation, Electricity & water) 25 %
2. Conveyance (Vehicle Fuel, Maintenance, Journey fare)10 %
3. Communication (Internet, Mobile)2.5%
4. Insurance 2.5%
5. Gift (for functions)2.5%
6. Deity (towards temples, Pooja, etc) 2.5%
7. Medical 2,5%
8. Textiles 2.5
9 .Miscellaneous (Cash in Hand For Emergency use)10%
10. Savings 40%
No life without Sun
Around 30% will go for food and related expenses. All other expenses will be around another 30%. Travel and entertainment and pilgrim tours will cost around 20%.
10% of my salary will go for my parents who stay in our native place. The remaining 10% will be reserved for unexpected expenses.
I think the general pattern of expenses will be like this only for almost all families who depend on their salaries.
Domestic expenses, conveyances, data expenses, etc. Expenses are many that have to be payed after the end of the month.
In general it is said that a person should save at least 20-30% of his earnings for future needs. There will be many expenditures which will crop up in future and they will require some capital for it. Like paying an advance for a house, marriage of children etc. Then, about 30-40% will go to food/provisioning etc. 15-20% or may be more will go to children education. For clothing, outing, socialising etc another 10-15% will be required. About 8-12% is required for conveyance and other misc expenses.
Depending upon the priorities the above distribution can change but it is always advisable to be within the limits of ones income. A consistent saver will have a better financial control over his life.
Knowledge is power.
Thoughts exchanged is knowledge gained.
The normal allocation of salary will be:
- Food, House, electricity, etc - 25%
- Loans - 25%
- Fees & other expense - 15%
- Medical & emergency - 10%
- Savings - 10%
- leisure & parties - 10%
- Helping hand - 5%
“Each day provides its own gifts.” —Marcus Aurelius
Santosh Kumar Singh
(Sr. Microsoft Dynamics Axapta Technical,Mumbai)