¡®Your Salary Should Be Rs 20 Lakh To Cover Family Expenses¡¯, IITian Breaks Down Cost Of Living In Metro Cities
Recently, a social media post by Pritesh Kakani, an IIT Kharagpur graduate, has sparked a heated discussion regarding the financial challenges faced by families residing in major Indian cities like Mumbai, Delhi, or Bangalore.?
Kakani's claim that an annual income of Rs 20 lakh is necessary for a family of four to meet basic expenses in a metropolitan area has ignited a debate among internet users.
Breaking Down the Numbers:
Kakani's post on platform X provided a detailed breakdown of expenses for a family of four, emphasising that the suggested Rs 20 lakh budget strictly covered essential living costs without any indulgence in luxuries. His post, which included a screenshot of an Excel sheet outlining monthly and yearly expenditures, has garnered significant attention, accumulating over 1 million views since its publication on April 14.
According to Kakani's breakdown, yearly rent or EMI constitutes Rs 4,20,000, while school fees for a child amount to Rs 4,00,000. Additionally, food expenses are estimated at Rs 1,20,000, with travel costs set at Rs 1,50,000 for trips within Asia or anywhere in India, among other necessary expenditures.
Divergent Opinions:
The online discussion following Kakani's post witnessed a variety of viewpoints. Some echoed Kakani's perspective, affirming that Rs 20 lakh annually was indeed a realistic estimate for sustaining a family in a metro city, while others strongly disagreed.
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One user in agreement with Kakani remarked, "You are bang on. It is the minimum, I guess." However, dissenting voices questioned the inclusion of certain expenses they deemed non-essential. "I never knew dogs and cars were necessities. If you don¡¯t own a home, you should not buy a car on EMI. Personal Finance 101," commented one user.
Defending the Stance:
Responding to criticism, Kakani defended his position, stating, "Car is a necessity in Indian metro cities. Dog expenses are just 6K every year; ignore them. Owning a home is a long process; one cannot postpone a car for it."
Contrasting Experiences:
The debate escalated as participants shared personal anecdotes and conflicting experiences. One user shared, "We live in a metro city i.e. Mumbai. Family of 4 on yearly money of seven lakh, including everything. I don't have a car. It depends on what you choose. I can say spending 20L per year covers a luxurious life, contradicting your tweet."
In response, Kakani highlighted the exorbitant rental prices in cities like Mumbai, questioning, "Mumbai rent itself is 40K per month. How come you are managing in seven lakh?"
The ongoing discourse highlights the intricate nature of urban living expenses and the differing perspectives on what constitutes essential versus discretionary spending in metropolitan cities. It underscores the importance of understanding individual circumstances and preferences when evaluating the financial requirements for families in Indian metros.
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