Couple Earns Rs 1.7 Lakh A Month But Saves Just Rs 2,520, Turns To Internet For Help

A couple with a combined monthly income of Rs 1.7 lakh revealed that they're barely able to set aside any money, with savings of only Rs 2,520. In a viral Reddit post, the couple said that they are living "paycheck to paycheck" and are "mentally exhausted". From asking about investing in a house to planning for children, the couple have now turned to the internet for financial advice and some "actionable input".

"We are in our early 30's, got married 2 years ago, we started tracking our finances, and we got a reality check soon enough," the viral post read. "Where do I even start fixing this? How do we plan for a house? When to plan for kids? How to save for emergencies? When do we save for retirement? Our finances will be better after 2 years, but it feels like the time is running out on us," he added.

Breaking down their monthly expenses, the couple explained that high living expenses, EMIs, lifestyle costs, and monthly commitments are eating up nearly all of their earnings. Even with no major debt, the lack of a savings buffer has left them feeling financially insecure. 

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Their post struck a chord online, with many pointing out that a high income doesn't automatically translate to wealth if spending isn't tracked properly.

"Ur spending is not the problem. Ur loans are the real villain here. Until and unless u close atleast Personal loan u can't save more. I will suggest waiting for 4 months till ur bike loan gets over. After that, with 12k prepay, ur personal loan fast," one user wrote in the comment section of the post, which gained thousands of views and over 500 upvotes.

"Phone Loan was unnecessary - Could have cut down personal spending for 3-4 months, and you would have had 20,000 for the phone. At this point, you've to reduce your variable expenses. Whatever extra money you are saving needs to go towards the EMIs to close them ASAP. Phone -> Bike -> Education. You'll free up 16,000 in free cash monthly. Put that towards a personal loan to reduce the number of months. You need roughly 10 Lakhs for a kid. From pregnancy to delivery to the initial 6-9 months of infancy," another user commented.

"There is only one way to fix your condition. Switch companies for a higher CTC. Believe me, that's the only way. If you both are in IT and in your early 30's, you both are underpaid. You gave me context. I am 28, single, earning 1.75 l after taxes. Your CTC should be 4-5 times * your year of experience. I repeat, increasing income is the only way," a third user suggested.