Is 1 Lakh a Month Enough to Survive in Bangalore?

Living in a bustling metropolis like Bangalore can be both exhilarating and challenging. The high cost of living and the increasing demand for quality of life make it important to understand if a certain monthly income can support the lifestyle you desire. In this article, we'll explore whether a salary of 1 lakh per month is sufficient to survive in this city, taking into account various factors such as cost of living, housing, and lifestyle choices.

The Cost of Living in Bangalore

For those who wish to buy or rent an apartment in Bangalore, the cost can be quite prohibitive. A typical pricing range for new apartments is around 2 crore or more, making the monthly EMI for a 1.6 crore loan hover around 1.5 lakh per month. If you're opting to rent, it is advisable to set aside at least 2 lakh per month for high-end accommodation with all amenities, or a more budget-friendly option around 1.5 lakh. Purchasing an apartment with such a salary would definitely be a challenge.

Managing Expenses with 1 Lakh a Month

Despite common perceptions, 1 lakh per month is indeed a reasonable income for a family of 2 to 6 to survive in Bangalore. How you allocate and manage your funds plays a crucial role. Here is a suggested breakdown for a family of 2 to 3 members:

Rent: 30,000 for a 2 BHK flat in a reasonably good area. High-end apartments in prime areas might cost higher, but are not necessary for all. Food and Groceries: 20,000 for household necessities, including groceries in kirana stores. School Fees: 20,000 per month for two kids, which can be adjusted based on the school's fees (ranging from 80,000 per year to 10,000 per month). Other Expenses: Miscellaneous expenses such as house items, occasional travel, and entertainment can vary but should be kept under control.

Depending on your personal choices and the areas you choose to live in and the mode of travel (public transport, auto rickshaws, taxis, or personal vehicle), your savings can range from 50,000 to 60,000 per month.

Living on a 1 Lakh Salary for Different Family Sizes

The adequacy of 1 lakh per month as a salary depends largely on the family size. For a one-person household, a 1-lakh salary can easily be considered a royal amount. For a family of two or three, it is undoubtedly a very good salary. However, for families with four or more members, this salary might only afford a lower-middle-class lifestyle.

Financial and Emotional Well-being

Beyond the practical aspects, there are also significant emotional and psychological implications to consider. The article mentions that having more money sometimes leads to a loss of identity and a perceived fall into a community of fake people. This can lead to a sense of isolation and disconnection from genuine relationships. Therefore, a lower income might help to maintain a sense of authenticity and connection with meaningful relationships.

While 1 lakh per month can suffice for basic needs, it is important to manage your expenses wisely and live within your means. By carefully planning your budget, you can ensure that your financial health complements your emotional and mental well-being.