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1. Save 10% of the salary at the outset. So, Rs 10K a month. Put 5K in savings, 2K in a flexi FD and 3K in some sort of investment plan based on your risk appetite.
2. Living costs minus rent: Spend 20% of the salary . Thus, 20K on food, clothes, petrol, OTT subscriptions etc.
3. Car: Spend 20% (20K) of the salary per month to repay EMI on a car worth Rs 7.5 lakhs.
4. Spend 10% (10K) of the salary a month on luxury goods like iPhone, Swiss watch, expensive shoes and expensive suits. That's not enough, so maybe buy an iPhone through an EMI model and a second-hand Swiss watch.
5. Spend 30% of the salary on rent. Thus, 30K.
6. Finally, 10% of the salary (10K a month) + Rs 50K bonus on the girlfriend. Assuming moderate maintenance, save 2K a month for her birthday present (Rs 20,000) and remaining 8K a month should cover coffee at Starbucks every week and 1 dinner a month at a reasonable restaurant. The 50K bonus should cover 6 dinners a year at a 5 star hotel.
How's this for a plan?
Re OTT, just use pirated sites. You can get all the OTT content you want for free.
Re luxury watches, you can use Fossil or Tissot as a junior. People won't say anything.
Re girlfriend, she should pay the bills also, at least sometimes.
So if you really want the Partner cabin, then buck up and conduct yourself accordingly - dress well, be groomed, eat well, be seen at the right places, join the right clubs.
(2) too low, if you have anything close to the ideal T1 networking/social life
(3) this is a waste - why would you invest in a depreciating asset in a city like Mumbai (that too early career when its just your commute)
(4) what luxury goods will you get with 10K a month? Don't even think about going down that route till you make more money (A3/SA onwards)
(5) too low for any respectable neighborhood in Mumbai, with a practical commute to the office
(6) no comment on this buffoonery
But here are few observations -
Short answer: Avoid car and increase investments, rest looks good for a happening life....enjoy it.
Long answer:1. Getting a car might not be the best financial decision. In a city like Bombay it can also be mentally exhausting to drive in such traffic.
2. Bumping up savings could help but not at the cost of living life in your early years. Having money to enjoy with your partner/friends holds higher value than putting it in a 7% FD and sitting alone at home.
3. Investments:
3k investments is very less to be honest. You have to start the magic of compounding at the early stage of life, hence adding a bit more could boost your savings substantially in the future. Try aiming it towards 15-25k per month depending on how happening life is during each month.
Further, instead of keeping savings in your bank account replace it with FD (unless you need that money in coming 1.5 years).
Also, you could be better off to not count bonus as your income for this financial planning as it will help you be more conservative.
One suggestion - Please invest in educating yourself in managing finance.
Our dates include going to decent 3 star restauarants once a month where the cost of 2 would not exceed 1200/-. We went for movies once in 4 - 6 months because we were aware that it would cost us 500 pp. Both of us chose to invest in medium term and long term stocks and other investment instruments. Gifts were minimal for each other. We took a short trip to lonavala. We were well aware that the sacrifices we made were only temporary and definately worth a secure future.
Today our incomes have multifolded. Our medium term stocks are giving us returns (40% and upwards). Yet, there has not been a much change in our lifestyle barring the fact that earlier we used to plan our weekend dates and now we are planning our Wedding which is in Feb 2024
Just to clarify on investments - Our investments are in our own individual names, we do a lot a research on stocks and attend Finance and Wealth Creation Seminars