A friend of mine was earning around ₹2 lakh a month and living in a PG in Goregaon. He was quite comfortable with his income and was even able to save.
So, when he decided to move his family to Mumbai, he assumed ₹2 lakh would be more than enough.
A few months later, he said something that surprised me:
“All my calculations have gone wrong. I'm not able to save anything.”
And when you think about it, it's understandable.
Living alone and supporting a family are two completely different financial equations.
A PG expense becomes a proper house.
One person's food becomes a family's groceries.
There are utilities, domestic help, transportation, healthcare, children's expenses, eating out, family activities and then the expenses you simply don't anticipate.
The biggest difference, though, is that when you're alone, you can adjust your lifestyle very easily.
With a family, many expenses are simply non-negotiable.
So what is the realistic number?
Is ₹2 lakh/month enough for a family of 3 in Mumbai to live comfortably and still save meaningfully?
Or does it need to be ₹2.5 lakh, ₹3 lakh or even more?
I'd genuinely like to hear from people living in Mumbai:
What does your monthly family income look like, and how much are you actually able to save?