I drive a 10 year old Lancer, the car does not give me problems the way we expect out of a 10 year old, I have done two oil changes in the last 1 year, i have repainted the entire car by spending close to 30 k, the issues now are, it needs an oil chage, suspension needs attention and the clutch might need attention as well, the engine is fine. so with all this issues i was thinking of an upgrade but with an extreamly low resale value of a lancer, i cannot think of an upgrade, however i might be able to downgrade to a hatchback. Thinking i might get 1.5 lac for my car and a swift would cost me 5.5 lacs i would have to take a 4 lac rupee loan for 5 years and the EMI would come up to ~8k/month, while thinking all this i came accross this thread.
http://www.team-bhp.com/forum/owning...rade-swap.html
and i meticulusly went through each page of it.
This is whan i came accross this post
Quote:
Originally Posted by phamilyman yeah,
I know a guy who just 25, got married, earns some 8-9L in bengaluru (IT), pays some 15k pm rent, lavishes cash in his house, wifey is a homemaker. He drives a NHC (own EMI) because nothing else will do for him. The only problem with him is that the word savings doesn't exist in his dictionary. |
And i have a friend who is in the same kind of trouble and lost his job in Dec last year, he worked for a company for 5 years and his savings is nil. When i saw GTO's reply on the post above i felt that even i am unplanned,
Quote:
Originally Posted by GTO I don't want to go offtopic, but couldn't resist. Man, this guy is a serious nutjob.
6.xx lakhs : Income after tax
Less 1.8 lakh : Annual rent
Less 1.5 lakh : Minimum annual EMI on the NHC
Less 2.4 lakh : Averaged mimimum (@20k / month) annual household expense. Is 20K / month a safe figure for Bangalore?
Less 0.5 lakh : Incidental expenses
Less 0.75 lakh : Insurance premiums (car, health, life etc.)
Even an idiot can see that this guy is living in negative balance. And we haven't even accounted for holidays, shopping etc. etc. Ask him how many credit cards or loans he is carrying? Dude is sliding down...can you imagine the consequences if he loses his job? |
I might have survived the recession but will i be able to survive a jobloss? Have i saved enough for the rainy day may be not? I want fellow members to come up with sugestions and ideas however small or lagre it maybe becasue the rich become rich by spending their money wisely.
I know discussing salaries in public forum might be a bad idea but this is what my friends situation is. He used to earn 30K a month, his wife earns 10k
These are his monthly expenses
5K house rent
8K EMI
10K misc house expenses
3k phone bills(both him and his wife)
3k kid's monthly expenses
5k monthly recreation
He has some credit cards as well, Now that he had lost his job, all the expenses are borne by his wife and folks.
Now i get little more than he gets and my wife earns 15k a month,
4k house rent
7k EMI
15K misc house expenses(including fuel)
1k Phone bills
5k monthly recreation
I do not have any credit cards and all my EMIs are getting over by march 2011. As per calculation i have about 20k which i can put in savings every month, i am not someone who prefers a lavish life style or who dines in posh places ever month or has a taste for expensive things, but still i feel i too live on the edge, and i am sure many of the members might benifit from such a thread. I am now 29 and i feel its time to have so future planing so that i get the maximum out of today while saving for tomorrow. I dont want to make saving a burden on me where i would be saving a lot and living a extreamly lean life. our current plan to do some saving is to buy some gold every month not for the whole 20k that we have as extra but say 5-10k/month. I do not want to get into instruments which involves huge market risks, like mutual funds etc but i dont mind getting into smaller risk smallar but assured returns schemes. Please pour in your suggestions.
Pramod
Mods please merge if thread already exists.