Imagine, if your monthly salary is Rs 2 lakh, what kind of life will you live? Most people would think that with this much money one can live a life of luxury. But social media The story of a 27-year-old IT professional on the platform Reddit has shocked everyone. Despite such a big package, this young man is still dependent on his monthly salary and is burdened with huge debts.
The expenses of marriage and new city were heavy.
Reddit user @lonewolf_2298 revealed that several major events suddenly happened simultaneously in his life. First the wedding expenses, then the financial support of the family and then the expenses of shifting to a new city 8-9 months ago. Rented house, new furniture, household items and security deposits completely spoiled the mathematics of his budget.
The burden of the entire household on one income
The trouble increased further when his wife lost her job. Now the entire responsibility of running the house fell on his shoulders alone. To deal with this sudden financial pressure, he resorted to credit cards and EMIs, which proved costly in the future.
complete account of debt
Techie told that he has a total of 4 types of debts. He has taken a loan of Rs 20 lakh from a relative, of which he pays an installment of Rs 25,000 every month. The second one is personal loan, its EMI is also around Rs 25,000 every month. The third is credit card debt, which costs Rs 30,000 per month, but it will be cleared in the next 2 months. Fourth, a loan of Rs 2.2 lakh has been taken by mortgaging a mutual fund worth Rs 6 lakh. Also read: No party, no travelling… yet the monthly expenditure in Bengaluru is Rs 74,000! Tech’s budget shocked people’s senses
People gave this advice
There was a lot of discussion regarding this post on social media. People gave advice in their own ways. Some users said that unnecessary expenses should be stopped immediately and the focus should be on repaying the loan with full force. One commented, first prepare an emergency fund and then eliminate the debt. Another said, spending 60 percent of the income recklessly is the real danger. Find the right balance between your needs, desires and savings. Also read: Salary Rs 2.2 lakh, but zero savings! You will be shocked after seeing the budget of this Mumbai couple.
Disclaimer: This news is based on viral social media posts and reactions of netizens. TV9 Bharatvarsha does not independently verify the authenticity of any claims made in this post.
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