Managing Finances as a Young Married Couple: Our Approach to Saving and Spending

Managing finances can be a daunting task, especially when you are starting out in your career and have a lot of expenses to manage. However, with careful planning and budgeting, you can make the most of your monthly salary and ensure that you are saving enough for your future goals.

Meet Rohit and his wife, who both work in the IT industry and have a combined monthly salary of around 58K. Rohit works at Wipro Limited, while his wife works at TCS. They are both 24 years old and recently got married. They have been working from home due to the pandemic, which means that they do not have to pay rent at the moment.

Rohit has a clear idea of how he spends and saves his monthly salary. Let’s take a look at his spending and savings plan:

Household Expenses:

Rohit and his wife spend around 12k per month on household expenses such as groceries, electricity, DTH, etc. They make sure to budget for these essential expenses and try to find ways to save money where they can. For example, they may buy groceries in bulk to save money on the overall cost.

Personal Expenses:

Rohit and his wife allocate around 3k per month for their personal expenses. This includes things like cosmetics, snacks, and other small items that they may need or want.

Fixed Deposit:

Rohit invests 10k per month in a fixed deposit as liquid cash. This is a smart move, as it allows him to earn interest on his savings and have access to the money in case of emergencies.

Travel and Fast Food:

Rohit and his wife enjoy traveling and eating out occasionally. They budget around 1-2k per month for these expenses. This is a good way for them to enjoy themselves while still being mindful of their overall budget.

Internet Expenses:

Working from home means that they have to pay for internet services. Rohit and his wife allocate around 1200 per month for these expenses.

Clothes and Shoes:

Rohit and his wife allocate around 1k per month for clothes and shoes as per their requirements.

Investments:

Rohit invests around 30k per month in the share market. This is a good way for him to potentially grow his wealth over time. However, it’s important to remember that investments come with risks, and it’s important to do your research before investing.

Gym Membership:

Rohit and his wife are health-conscious and allocate 250 Rs per month for their gym membership. They make sure to take full advantage of the gym’s facilities and guidance.

In addition to their spending and savings plan, Rohit and his wife have a clear goal in mind: to build their own house. They are both focused on saving as much as possible to achieve this goal. Rohit also plans to take out a life insurance policy, which is a smart move for anyone who wants to ensure that their loved ones are financially secure in case of unexpected events.

Rohit and his wife are a great example of how careful budgeting and planning can help you achieve your financial goals. By being mindful of their expenses and prioritizing their savings, they are well on their way to building a secure and stable financial future.

How do you spend your monthly salary?

I am 24 years old and I am married to my soulmate. I work in Wipro Limited. And my wife works in TCS and our combined salary is around 58K. And below is my list of spending and savings.

Currently we are all working from home so there is no rent.
12k for running the household (groceries, electricity, DTH etc.).
3k for personal expenses of me and my wife (her cosmetics, wafers, biscuits etc.)
10k for Fixed Deposit in the form of liquid cash.
1-2k for travel and fast food (my wife and I love to travel).
1200 for internet expenses.
1k for clothes, shoes as per requirement
And I invest around 30k per month in share market.
250 for gym Rs. (with full necessary attention and guidance)

I find happiness in small things, spending lots of money doesn’t make me happy, having the right people around me makes me happy.

Planning to take life insurance as advised by many in the comments.

Some people may not like the fact that I have included my wife’s salary with mine. But what they don’t know is that we have a pretty good sense of the stuff. And we aim to build our own house. So we both are trying to save as much as possible.