Here's a breakdown of my estimated monthly expenses and what I spent last year.
My estimated expenses:
Monthly Expenses: 15000
SIP: 20000
Outside food: 2000
Travel, extra kharcha: 5000
Internet and mobile: 1200
Clothes: 3000
Car: 2500
House-related bill: 3000
Medical: 5000
Baby: 5000
Fixed: 20000
House related items: 2000
Personal items: 500
Total: 78700
Loan: 70000
Grand Total: 148700
Last year expenses (Jan-Dec 25):
Income: 1964962
Expenses: 1862553
The fixed amounts include LIC, Sukanya, PPF. Medical is high because of hair-loss treatment and my wife's post-patanum recovery.
We are a family of three – me, my wife and our baby.
I'm working from home now, and I need to control my expenses but I'm not sure how.
Spending 3000 on clothes every month?? You could also cut down on outside food. How much have you saved so far? Since you have a kid, you might want to start planning for her education.
Bhai, you have a 70k loan and 20k investment. The rest of your expenses look okay, so no need to stress. Once you clear the loan things will improve. By the way, what exactly is this loan for?
Nothing fancy - 20k is your investment. What's the loan for?
Bro, looks like you're mixing investments with expenses, which can feel overwhelming. A 70k loan is there, a 20k SIP, and 20k fixed for PPF/SSY - all good. That leaves you with 155k - 70k - 20k - 20k = 45k for monthly expenses. So 45k in expenses and the rest going into investments and loan repayment is actually fine. I assume you're not paying rent, right?
You're doing well, buddy. Many people face this in their 30s. Your salary will likely rise, and the EMI stays fixed. You already have an asset. The good news is the EMI will finish in a few years, after which you'll have no rent or house EMI, freeing up that 70k for investments.
A home loan of 70k on a 1.55L salary is quite high - almost 50%. Without the loan, you'd be mostly sorted.
You're counting investments as expenses. Investments should be a separate category from savings/expenses. Given your salary, the investment rate could be a bit higher. Try to clear the loan as soon as possible so you can contribute more.
What's your base pay that gives you this take-home after taxes and deductions? I'm trying to compare with RBI figures.
I think you're handling things well with a baby - that's natural. Consider focusing more on deterring waste and reusing items.