Detailed information about the monthly expenses of an investment banker living in Mumbai is becoming increasingly viral on social media. This post has sparked a new debate on the real cost of living in Mumbai, one of the most expensive cities in the country. This professional, who lives in a posh area like Worli, said that his basic expenses every month are around Rs 1.3 lakh, and this does not even include holiday expenses. This post has become a topic of discussion especially among professionals working in fields with challenging and long working hours like investment banking.
Budget of Rs 1.3 lakh every month
While sharing information about his expenses on social media, the banker said that the biggest expense is rent. He pays rent of Rs 60,000 every month. He wrote, I live just 5 minutes away from the office. In investment banking, your time is your biggest asset. That’s why I don’t compromise on commuting time. He says that living near the office is not a luxury, but a necessity to save time amid long working hours.
Why is domestic help necessary?
Investment banking often requires working 80 hours or more weekly. In such a situation, it becomes difficult to find time for household chores. The banker spends around Rs 5,000 every month on domestic help. He said, I don’t want to spend the two free hours I have in cooking. His words seemed quite realistic to many professionals working in big cities.
Convenience also has to be paid
The banker does not have his own car. He uses taxi and cab services, which costs him around Rs 10,000 every month. They believe that this can avoid problems like parking and traffic and also maintain convenience.
Work till late night, hence eat from outside
Due to long office hours, he often orders dinner from outside. He spends around Rs 15,000 per month on this. He told that he often reaches home after 11 pm, so ordering food is the easiest option.
Expenses for electricity, groceries and meeting family
Apart from rent and food, he spends around Rs 12,000 every month on groceries and electricity. He said jokingly, Mumbai’s electricity bill brings you to the ground. Apart from this, Rs 10,000 is spent on meeting friends and social activities. Around Rs 12,000 is spent every month on flights to and fro Delhi to meet family. Adding all these expenses his monthly budget reaches around Rs 1.3 lakh.
Still, holiday expenses are not included
The most surprising thing about the post was that this entire budget does not include even a single holiday or travel expense. The banker wrote, the total expenditure is Rs 1.30 lakh per month, and there is not even a single vacation in it.
‘Mumbai withdraws earnings’
At the end of the post he compared Mumbai and Delhi and said that for the same lifestyle, living in Mumbai is about 1.5 times more expensive than Delhi. He wrote, Investment banking gives good salaries, but Mumbai silently withdraws that money. This post is becoming very viral on social media and has sparked discussion among people about how quickly the cost of living in big cities eats up a large part of the income, despite high salaries.
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