Is a Salary of 9 LPA Sufficient for a Couple to Survive in Gurgaon?
Living in Gurgaon, a bustling city in India, comes with its own set of challenges, particularly when it comes to managing finances. With a reported salary of 9 LPA (Lakhs Per Annum), you might wonder if this is adequate for a couple to survive comfortably. This article delves into the costs involved and provides insights into budgeting and investing for a secure future.
Initial Years: A Good Income
In the early stages of your career, a salary of around Rs 63000 to Rs 65000 per month can be a good start. While you may not be able to afford a luxurious gated community flat, you can certainly afford a 2 BHK apartment in a more affordable society. However, it's important to start planning for your future at an early stage. With the prospect of having 1-2 children and supporting your parents, a higher income becomes essential.
Future Planning and Early Investments
As a sole breadwinner, a salary of 9 LPA might seem acceptable now. However, it's crucial to plan ahead and make provisions for future expenses. I started investing from as early as 5-6 months after the beginning of my career, and I highly recommend that everyone starts investing early. Equity Mutual Funds (MFs) can be a good option, given my personal experience.
Don't be too stressed if you haven't landed a higher salary yet. Consider a career switch or the possibility of finding a better-paying job. Keep your future in mind and aim for a salary of above 15 LPA in the medium term.
Cost Analysis: A Monthly Breakdown
Based on the average cost of living in Gurgaon, here is a monthly budget for a couple:
Expense Amount (in INR) Rent (Maintenance) 30000 Groceries 10000 Electricity, Internet, Phone Bills 5000 Outings, Dining, and Entertainment 15000 Car EMI (Maintenance) 15000 Car Fuel 5000 Savings 15000 - 20000 Total (Gross) 150000Note: The figures mentioned are lower than current estimates. The revised expenses are as follows:
Revised Expenses
Rent (Maintenance): A 2 BHK flat costs approximately Rs. 22000, while a 1 BHK flat costs around Rs. 18000. However, to plan ahead, a 2 BHK is recommended. Transportation can be expensive, especially in summer and winter months. A car is necessary, which may have maintenance, washing, and insurance costs. If a car is not possible, a 2-wheeler can be an alternative.
Groceries and Daily Expenses: Previously, I missed out on several breakfast items, snacks, and daily essentials. I have now added these items. Considered items now include milk, bread, butter, cereal, eggs, tea, coffee, bournvita, biscuits, chips (lays, kurkure), soft drinks (coke, thums up), and more vegetables and fruits. Spices and other household supplies have also been updated. Here is the detailed list:
Updated Grocery List
Milk Bread Butter Cereal Eggs Tea Coffee Bournvita Biscuits Lays Kurkure Soft Drinks Coke Thums Up 2L Bottles Can be added: Cheese, more namkeen items Vegetables: Onions, Potatoes, Tomatoes, Bottle Gourd, Small Brinjal, Gawar Beans, French Beans, Capsicum, Cabbage, Cauliflower, Ladies Fingers, Carrot, Dhaniya, Chillies, Curry Leaves, Garlic, Ginger, Lemons, Chicken, Wet Coconut, Banana, Apples, Pomegranate, Pineapple Spices: Rai, Jeera, Dhaniya, Haldi, Mirchi Powder, Kashmiri Mirchi Powder, Sabzi Masala, Garam Masala, Hing, Oil, Jaggery, Salt, Ajwain, Tamarind, Dry Coconut, Fennel, Different Masalas, KetchupHouse Supplies: Bath Soap, Shampoo, Ariel, Detergent, Vim Soap, Rin Soap, Phenyl, Harpic, Anti-Mosquito, Dettol, Handwash
Internet in Gurgaon: The cost is 499 INR per month (excluding GST).
Future Considerations
As a couple living in Gurgaon, it's important to consider the long-term future. With two children and the need to support aging parents, a higher salary becomes essential. Plan for medical emergencies and other unforeseen expenses. Continuous investment in diversified portfolios can help secure your future.
Conclusion
While a salary of 9 LPA may seem sufficient in the short term, it's crucial to plan for the long term. By starting investments early, keeping track of daily expenses, and securing a better-paying job, you can ensure a comfortable and secure future for you and your family in the bustling city of Gurgaon.