How Staying Single can Help You Save Money and Build Wealth in India?
In this blog how stay single is actually good for your financial health and how it can help you to save more money and even build wealth for long-term.
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6/23/20263 min read
Hey Reader, I am sure you are wondering how staying single can help you make rich and financially successful in life. On this blog I will going to share something which is not openly discussed in Indian society and because of that many people suffered throughout their life and wonder why they are not growing financially even after working for hours a day, 5 to 6 days a week.
Let me example you everything with a hypothetical example.
Lets say there are two people name Ramesh and Suresh, they works for the same office, same position and same salary.
Ramesh is the only working person in his family, he works in corporate job and his in hand salary is 2,00,000 per month. He live in 3 bed room apartment in Noida with his wife and 2 kids.
On other hand Suresh also have the same, 2,00,000 per month in hand salary but because he is single and has no kids so he lives in 2 bedroom apartment.
Ramesh Expenses
Ramesh also has to pay home loan EMI of 50,000 rupees per month.
The school fees is 7,500 rupees for each child. Means 15,000 for both children.
His household expenses such as groceries, utility bills, transportation, insurance, going out on weekends, etc. are 60,000 rupees per month.
He also has a family car who's EMI is 20,000 rupees per month.
Ramesh earns: 2,00,000 per month.
Ramesh expenses: 50,000 (home EMI) + 15,000 (school fees) + 60,000 (home expenses) + 20,000 (car EMI) = 1,45,000 per month.
Earning 2,00,000 - Expenses 145,000 = Saving 55,000
So, Ramesh manage to save on an average 55,000 rupees every month.
Suresh Expenses
Suresh also lives in Noida and he also has to pay home loan but because his apartment is small his EMI amount is 35,000 rupees per month.
His household expenses such as groceries, utility bills, travelling, insurance, weekend outing, and other expenses are 25,000 rupees per month.
Suresh also owns a small car who's monthly EMI is 12,000 rupees per month.
Suresh earns: 2,00,000 per month
Suresh expenses: 35,000 (home EMI) + 25,000 (home expenses) + 12,000 (car EMI) = 72,000 per month.
Earning 2,00,000 - Expenses 72,000 = Saving 1,28,000
So, Suresh manage to save on an average 1,28,000 rupees every month.
On above example you learn how remaining single can benefit you financially even if you earn the same salary. But that is not the end in fact there are so many other important factors to consider such as...
Risk taking ability
Because Suresh is single and manage to save more money he can be more flexible with his job and finances. Means if he want to quit his job and start his own business, it is a decision with lot of risk but a person who has no responsibilities towards family can take such high risk to become super successful.
Less mental pressure
When a person is single it also helps to avoid unnecessary arguments and misunderstandings. Which is a big relief for a person who already have so much work pressure.
More free time
A person who has more free time can invest to learn new skills that can again help to increase the earning capacity.
Investing
A person who has more money left after all the expenses that simply means he can save and invest more money, he can invest in high risk but high reward asset classes like Stocks and Mutual Funds and also can invest in safe asset classes such as Fixed Deposits (FDs) and national savings scheme (NSC) to balance the risk.
No wedding expense
When you are not married you already save lots of money because you do not spend money on wedding function or honeymoon. Which again can be use to pay for home down payment or investing for long-term.
Conclusion
Being single can definitely give you many financial benefits especially in a country like India where basic things such as housing, education and health care services are becoming more costly with time while salaries are stagnant. The lots of people in India earn decent income but because their expenses are also so high they never able to invest and create wealth for themselves but as a single person you have the golden opportunity to utilize your time and money to create wealth so that later you do not have to work for money in your later years.
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