It is a straight forward question, however, a delicate one as well. Because fixing a maximum limit in Salary is relatively easy, and it doesn't require. Isn't it? Yes!! The awkward part is setting the minimum Salary for survival in a city.
In a metro city like Bangalore, the cost of living would be high compared to other cities and small towns. Nevertheless, it depends on the people and how they want to lead a life.
To be precise, let's go ahead and see what the expenses in the city are.
We want a shelter to live in any city. So if it's a rented 1 BHK home, we need about 6000INR to 10000INR. If, in case, you are looking for pretty larger homes with 2 BHK, it would come around 12000INR to 25000INR.
Next comes the kid's educational expenses, which start with a minimum of 20000INR to 400000INR. The essentials like food items like a diary and other staple food sum up to a minimum of 10K INR to 35K INR. Anyone cannot survive without any entertainment in their life. So we need to be allocating any recreational activities expenses, which would range from 500INR and a maximum of 15000INR. Health is always essential, so for a health check or any ailment, a minimum of 500INR to 20000INR is estimated. And as always in any household, there are some unexpected and emergency funds required between 1000INR to 30000INR.
So when we sum up all the minimum costs, it comes to 38000INR. Hence, if we want a secured life with some savings, we need a 50k INR per month. If a person earns INR 50000 per month and is good at managing funds still can somehow stretch the living with no savings.
If we want to be more minimal and cost-effective on our charges, we can cut it down by reversing the rentals as EMI's. Or, if we are pretty calculative in spending, we could also quickly save some large amounts and buy a property paying upfront to minimise the interest rates.
As the city is posh, the minimum amount derived for a happy living is pretty high for a set of people. People's wastage has to reduce for any bracket, and minimal living is needed to utilise the hungry funds.
What we just executed above is quite simple, and to smartly minimise the expenses further, we need to be again minimal on the costs like wasting food and buying a lot of stuff. As we survive, we want our fellow mates to stay in a better way. We can still lead a peaceful and delightful life despite minimal living since we contribute to a better society.
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