How to live a luxurious life in Rs 30000 salary per month?
A monthly salary is ₹30,000 may seem low, but with proper financial planning, you can live a luxurious lifestyle even on this. This includes the idea of renting out your existing 2BHK or 3BHK home, buying a new 1BHK or 1RK home where the cost is very low but locality is very good. By following these simple steps, you will improve your quality of life, increase your financial stability and achieve your dream lifestyle. If you want to know more check the below steps. Read and understand the tips of this planning.
1. Manage expenses smartly
Now a days it is very difficult to manage in less salary and how to live a luxurious life in Rs 30000 per month So, it is very important to manage expenses. It is important to control the things on which we are spending unnecessarily. Make a budget every month and keep a reserve fund for essential needs in it. While shopping, spend money only on essential things. Before buying new furniture, gadgets or branded clothes, think whether those things are really necessary.
2. Thinking of buying a new home
Living in an existing 2BHK / 3BHK home can be expensive, especially if it is larger than you need. Instead, consider living in a smaller 1BHK or 1RK home. Consider your budget when buying a new home. Consider a low-rate home loan that will reduce your financial burden. While living in this new home, you can rent out your existing larger home. This will give you monthly extra rental income, which can be a significant source of your savings and expenses.
3. Rent current home
Renting out your own 2BHK / 3BHK home will provide you an additional source of income every month. This extra income will provide you with funds to increase your savings and meet other needs. Consider market rates when deciding the rent and be careful in choosing the right tenant. Although this rental income is a little low initially, you can use it to cover monthly expenses and save some money.
4. Investment and savings
Consider long-term benefits while investing. You can save in places like mutual funds, PPF, FD, etc. Invest a fixed amount every month in PPF or mutual funds. This will give you good returns in the future and your financial condition will improve. Even your income is low, keep some amount aside every month for long-term plans. By investing on time, you can gradually increase your wealth.
5. Think wisely about loans
Although it is possible to take a home loan, check how much you can afford. Check the interest rates and repayment period of the loan. Even husband – wife both are earning and very difficult to pay the bills and expenses. Choose a home loan with a low interest rate and try to repay it as soon as possible. This way the stress of debt will be reduced, and you will be able to save money for future expenses.
6. Beware of expensive unnecessary expenses
Instead of spending money on expensive gadgets, phones, furniture or fashion clothes, focus on the essentials. If you want to buy your favourite expensive gadget, wait until you have saved enough for it. Avoid spending on expensive items without consulting.
7. Small, smart spending
Be smart to save on everyday expenses. Change your priorities a little. You can reduce the habit of eating out by focusing more on homemade food. Also, enjoy variety by changing your home cooking. Consider using public transport, avoid using your vehicle when possible and reduce fuel costs.
8. Add a business
Consider doing a business as a couple to increase your financial growth and income. In today’s digital world, you can start your own page on social media, write a blog or provide online services. Find online jobs based on your expertise, such as translation, content writing, or sales. These businesses will increase your income and give you a good lifestyle even at a low salary. Now a days YouTube channel has become more popular. If you are good enough in cooking than you will earn more than your expectations. You can join many webinars. How people are earning in this field. You can join free online classes also. Not only this field if you are good in other things like acting, singing, dancing, art, drawing, marketing. You can even make money with your hobbies and passion. Make your hobby and passion money making machine.
9. Mental happiness and satisfaction
Wealth is not just about money; it is a mindset. The concept of a “luxurious life” is different for each and every person. Therefore, achieving mental happiness and satisfaction is equally important on the path to financial progress. If we learn to find joy in the little and simple things we do, our lives will become more fulfilling. Time spent with friends and family and time taken out for self-care is also a treasure.
10. Long-term financial planning
Your financial goals require long-term financial planning. While creating a long-term fund, make a solid plan and invest in it regularly. This will also provide financial security in the future and you will not have to face troubles during retirement. Maintaining financial discipline even in monthly income can make life easier.
Conclusion:
Even on a salary of ₹30,000 you can live the lifestyle of your dreams with proper planning. By making necessary decisions, you will be able to strike a balance between spending and saving. By living in a new house, one can earn rental income from the old house, thereby achieving financial stability. Also, investing, financial planning, and disciplined spending will enrich your life.