What should be the salary for a employee if he wants to save 70k
How much salary per month should be for a software engineer so that he can save plenty money.. like 60-70k.. and live banglore life in happiness..
Everything you have asked here is subjective?
What is happiness for you?
What kind of lifestyle do you want to have. Folks earn 30k and live in Bengaluru( I don't know about their happiness index).
So if you make even 1 lakh every month, you can save 70k.
Meanwhile you can earn 5lakhs per month and not save anything and not be happy too.
Let me be clear.. I have monthly expenses of 50-60k .. nowadays everything is expensive there.. I invest 40k in mutual funds etc.. then what .. should 1.2-1.5 lakhs per month is fine for me?
Yes 1.5 looks like a good starting point. No one will say no to more money though, you just have to see at what expense you are earning that extra buck.
Also you should have a safety net created apart from your MF savings, this saving should be approx 6 months of expenses, which you can withdraw anytime, it can be in FD or just in bank.
Also idea should be to save X% of your income, not an absolute number else you might grow financially but your savings will never increase.
The X is up to you, I would say anything above 50 is great.
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