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..
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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.