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  • Category: Miscellaneous

    How do you spend your Monthly Salary?

    How do you spend your Monthly Salary? There may be some EMI tension, Home expense, kids things expenses etc. I hope some people may not be married so they also can share how they are looking his future with his money. This topic can be interesting and beneficial for other people . Thanks in advance for your valuable contribution.
  • #668261
    Each person has his own plans with regard to his monthly budget. Some people have to repay the housing or vehicle loans. Other monthly commitments are purchase of ration and house hold requirement, payment of electricity, water , telephone bills etc., In addition we also need to save money for any exigencies.
    "If you don’t understand my silence, you will not understand my words"
    Unknown

  • #668265
    In fact, this is a secret fact that should not be shared with others. But I share it here. My 10 point program. My monthly salary is budgeted as below:

    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

  • #668271
    The major amount will go for housing loan for many. If there is no own house rent of the house is the main expenditure. On average 30% of the salary will go for this expenditure. My house loan is cleared. So there are no expenses for me in this front,
    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.

    drrao
    always confident

  • #668275
    Every person has his plans and priorities on how to spend the monthly salary. Everyone will be having some amount of expenses that one has to pay after the end of every month.
    Domestic expenses, conveyances, data expenses, etc. Expenses are many that have to be payed after the end of the month.

  • #668282
    It is said that earning is the result of the hard days work and appropriate spending is an art. One has to balance it as per ones income. We have to cut our coat according to our size. So the priorities will change from individual to individual.

    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.

  • #668321
    Being a housewife I do not have a salary but whatever I get to run the house especially the provision part I take utmost care not to cross the line. It is always better to control on our desires rather than repent in the longer run. It is difficult to earn money but very easy to spend.
    Thoughts exchanged is knowledge gained.

  • #668443
    The budget of every family depends upon the salary of the earning members. As most of the members have allocated percentage of their salary, I think its the normal format that every household will have. The only difference in the allocation will be when we have loans.
    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

  • #668536
    By observing all answers I think most expense are same only percentage change .My expenses are mostly same like you all mention only I do not like to take loan . Taking loan is good to save tax but its all are tension we need to enjoy our life tension free.
    Santosh Kumar Singh
    (Sr. Microsoft Dynamics Axapta Technical,Mumbai)


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