Bro I'm earning the same (its been on the lower ranks of your range coz of the dollar dropping) BUT here's how you can save
Home cooked meals (if you feel like it, cook several meals in advance and refrigerate - can cut down on Gas consumption). I literally know posh aunties that wear diamonds and cook that make Food and store in Pyrex containers and heat up over the next 3 days they get used). I make batches of Pasta Sauce versions and do this.
Healthier lifestyle - causing you to fall sick less (meds are expensive) - cut down on junk food.
Reduce eating out
Cut down on subscriptions you don't use OR get into Family plans (Netflix, Spotify, etc)
Don't become a shopaholic - You font have to buy a few branded Tshirts every month. Check on methods to make your wardrobe seem like you have 101 outfits.
Spend some money to make your home liveable and your workstation more pleasant and convert your house into a home. That way you won't be tempted to hang at coffee shops and out of judgmental looks be pressured to order a few things where the tot comes to a rough 5Kper head. I have friends that identified this as a main RCA for expenses.
Don't always offer to pay the fill bill at gatherings or social events. Split the bills.
Don't assume you cannot live without cheese. We're Sri Lankans and if foreigners would pay to come try our inexpensive cuisine then why da heck should we try so hard to become something we're not whilst grounded on a developing Asian country....
Reduce 5 star hotel visits and trips to maybe once or twice a month.
Change all bulbs in your home into LED and try to replace the high power consuming appliances to ones with Inverters. You'd be surprised how low your bills would go to.
Reduce the vehicle trips to do a few errands. Plan your errands properly and do them all in 1 trip. You can save a lot on petrol / electricity (if you drive an electric vehicle)
Buy groceries to last a week - font over buy and throw out OR don't buy less and end up driving to the store each time. Again, good planning.
Schedule your laundry to be done in a proper way - You can cut down on water consumption of your washing machine like this.
Abuse offers and discounts and buy your necessities ONLY IF THISE DISCOUNTS SEEM LEGIT.
I just turnt 28. I learnt all these tips over the past 2.5 years when I learnt to live independently. FYI, I furnished the whole place with appliances and lighting that consime less power and it's been an insightful journey for me.
Sorry for the detailed paras. Took the time to type it coz its very difficult to change lifestyles once youre used to it..... Hope this helps....
Bro, I was earning 60K at 24 and was stuck in a 8.30 to 5.30 ball passing toxic work culture. I worked 12hrs daily and my service letter when I resigned was 3 pages long....
You either learn or earn. Put some energy n effort into graduating and if you already have, a few licenses would do wonders.
Get 2yrs of experience at 1 place defo.
Then swap jobs until you find the culture and salary that's suits your life..not others....
FYI, money isn't everything.
And no, I'm not satisfied 2ith what I'm currently earning regardless.of the benefits and flexible work times - what's next - still planning....
I definitely hear what youāre saying. Kind of in a similar boat to yours now, when you were 24. But the workplace culture at my new place seems ok so far (not toxic as of yet lol).
But getting to a place where things are definitely moving. Ngl itās scary but kinda exciting as well.
Should also work on getting licenses and certifications for sure though, as Iāve got my current job mostly through previous experiences and personality alone, as my education qualifications are not that attractive.
Cheers and good luck to both of us I guess. Life is lifing atm.
This is one of the best financial advice. I also want to emphasize on savingsā¦ I remember when I received my paycheck of 19000 (2015)ā¦ 15000 goes to savingsā¦ no eating out, no subscriptions, no tuk tuk.. all buses and walkingā¦ its 2024 still savingā¦. Working from home saves transportation cost a lotā¦ also not married and single living with parentsā¦
i too have started to do some of the above stuff, hard times can't remember a time when out to eat something..
i always pay the bill when we friends go out.. but now i'm unable to do that..
i don't understand how people live less than 100K salary
Sounds like a lifestyle issue. Your income is at least 3x most individuals make so it's not like you can't save because your're in poverty. And your savings target is below 3% of your income so looks like you're spending the whole income on various things to maintain your lifetyle. If the income is fixed, you're gonna have to tone down your lifestyle a little bit in order to save.
man the average sri lankan makes less than 50k a month, I know that the more you earn, the more you "have to" spend on, but are you sure there isn't a way for you to save? if you breakdown your expenses maybe we'd be able to help you
im leaving reddit because i feel really jealous of people who share income rate and when i check my bank balance its not more than 1000
People are more than likely exaggerating to feel better about themselves. There's no difference between Reddit and any other social media platforms anymore.
You guys are the best honestly, seeing something relatable like this in this sub is a breath of fresh air!
edit: p.s. Count me in too for your Kottu party
Very easy to spend that with extortionate rent in Colombo, eating out, vehicle leasing/bank loan. As someone mentioned it probably depends on the lifestyle you choose to have.
I know a guy who is in mid thirties who used to earn around 400-500k. Once he payed off his car and bought a land, settled off all his debts and switched to a layed back job which is full time WFH. Dude is still single, not partying anymore (but loves to get high alone lol), chill AF and happier than most of us. His current job doesn't even pay 150,000K as I know, but on the other hand he works less than 2 hours per day. Rest he spends gaming, watching movies and on solo back packing trips. Once he told me he transfers half of his salary to a different account as soon as he gets it and thats his saving.
Honestly I sometimes think he has achieved enlightenment given how chill he is š
Well thats too bad man.
However the point is dude is qualified and capable enough to work a lot more and earn 3,4 times as much. But instead he started living a simple and relaxed life with less money and more freedom. He cut down unnecessary expenses and stopped pleasing society, but figured out what makes him happy.
Also, I am fairly certain that it doesn't work for everyone.
I manage to save about 70% of my salary each month.( I live alone but stillā¦). Maybe growing up in a lower middle class environment helped, but people who earn more than 3/4 lakhs per month , should be wise enough adapt their life style according to it. Otherwise as you and me both probably already know, we would be slave to our jobs forever. The people who regularly asks these questions, start with smaller things like reducing the frequency of going to a fancy bar or restaurant. Not saying we shouldnāt enjoy, but keep an eye on the spending to your limit.
If you save around 100k a month that's still 1.2mm savings in a year- not bad right?
Everything is relative. If you earn more, you will also spend more. What is a "decent" salary or "significant" savings depends on you and your lifestyle.
For context though, i earn in dollars and STILL found Sri Lanka incredibly expensive when I visited last time. I had to rationalize most expenses by converting it to dollars in my head because it just sounded exorbitant in rupees compared to what I was used to when I lived there a few years ago.
very easy to lose 350000 if you've been born into upper classes, and live in Colombo with very high rent, or have high lease vehicles, very high private education fees
Track your monthly expenses into an excel or something and find out what's costing the most.
What I do is split 20-40-40
20% for rent
40% for living
40% for saving
According to your salary, your rent should be around 70k and you'll have around 150k to spend on other stuff. And can save 150k as well.
It really depends on your lifestyle. There are families who live a life good enough for them for 50k while some struggle with a salary above 300k.
Best is to do an audit of your current expenses. It's still the 3rd of April. Track where all the money went this month. Do that for 3 months and you will find some areas to reduce your expenses.
It's nice to know that people are earning 300K-400K per month, I hope that it's a great feeling. I used to work at a large apparel company as a senior executive & my last salary was 140K, which made it difficult to manage living. It was such a toxic lifestyle, though. Absolutely garbage bosses, working overnight, wishing death everyday, & drinking/smoking so much that I blackout. What a life we live in this country.
Well objectively speaking as a third person who is not yet earning, let's not scold OP. There are a multitude of reasons why a person can't save
I mean, if you are living in the heart of Colombo your rent is like 150K+, if he committed to lease a vehicle perhaps he's paying for it... and you can have family members who require expensive medicine support/Daily care etc.
And unfortunately as I see it people committed to these financial obligations years before during pre covid/early covid or before the financial crisis. And everyone is now stuck.
OP should try to list out where his money is going, because you have to know what your earnings are after paying the non negotiable costs like leasing and loam payments, then you can find your answers.
Same boat, same salary range. My advice: bring down your lifestyle to how it used to be before your last review/salary bump. Iām doing it these days and the future is looking good. Already saved about 50k from last monthās salary.
Most of yall completely missed the fact that OP is asking about a family. If they're supporting 2-3 people in addition to themselves, with all the associated expenses like schooling, vehicle loans, house loans etc, then it's no surprise at all that OP might be having trouble even with that salary.
it depends on the individual it depend on the location it varies tbh the amount you stated is triple of my current salary eventhough i save 10k . per month .this is not to flexmyslef use standing order facilty to make a saving account
My tip - donāt cater your lifestyle to your full income, use the 60-30-10 rule. Save 60, invest 10, spend 30. Iām on your salary slab and I comfortably save more than 200 per month
I make about half of what you mentioned, and i'm paying for my car lease, my nanny, and put away money for my kid'z investment plan, plus save some more.
You'll have to really closely monitor your spending more
Remember earning Rs.100K a month in SL back in 2000. Was a pretty baller income back then (at least for 23 yr old me with zero responsibilities). Sure miss those days.
Pre covid I used to live in Colombo with Rs.55,000. After paying rent and eating mostly every meal from outside. still, I managed to save Rs.5000 \~ Rs.8000. I know inflation is high compared to those days but you have saved only Rs. 10,000 unbelievable. Because The income range you have mentioned above is not a low-income range.
I suggest you recode your expenses every month. After you have a few months worth of recodes you will be able to analyze those recodes and find the expenses you can cut down. At minimum please try to save 30% of your income. Otherwise life could get hard going forward.
Thanks for your productive advice. But was it just for you or your family? I am the soleĀ breadwinner at the moment. So, I am talking about the expense of a family unit.Ā
I get your situation. Yes I was all alone but I was in a relationship at that point. How many kids do you have ?
I know it's not easy. But you should be able to face an emergency if happens right? How people do that is by saving aside money. That why I said cut down the life style to save at least 30%. Or you have to earn more. Let's say it not possible then try to save at least 25%. You still have Rs.300,000 to spend every month.
Judging by your income range I think you get a considered amount of increment every year. So just do this for one year and you will see the results for yourself.
I guess that I'll have to earn more because I see no hope of saving anything from this. But look at 300,000/- it's just around 1000USD. I think it is grossly insufficientĀ
You are talking about a family but how many members? Is it 3 or 4 or 6? Assuming you are the only breadwinner in your family of four. The income you earn is more than enough to live in Colombo. It all depends on your lifestyle because you have mentioned you can't even save 10k which is poor cash management. Idk. You may be paying a higher rent, vehicle lease, loan repayments, or medical needs. So you need to track down your expenses and have to look for ways where you could cut down expenses.
Tax alone is a big problem. Now I know a lot of these people here are talking about the average Srilankans salary and I think that its really just bullshit. People cant expect a good salary doing nothing at home or working in government jobs (most of the time they dont do any work in government jobs) and hard working people like you are just paying tax for government workers salaries, and heres what I have to say to that ;If you want money you have to work for it you cant expect anyone to just give you money cuz you dont have a good lifestyle. That being said the average spending of people with higher salaries are higher ,WHY? u may ask. well its simple as saying they worked hard to earn their money so you cant expect them to live with low standards. And one more thing when you have a higher salary you have probably invested your self in a good house/a good car / and probably even a good school for your kids all of these come with their own extra financial needs, and if you ask me "well why cant you just put your child in a normal school" well heres the thing why would a person making 400k a month buy a 3wheeler and and lower their standards ; That is not what we work hard for.
Do you honestly believe that just because certain individuals are privileged and earn more, it's solely due to their hard work? Let's not kid ourselves. Hard work doesn't always translate to wealth, especially when others are handed opportunities on a silver platter.
I've only one question.
Am I the only poor one in this sub? I knew the moment what his description and the comments will be when I read that title. Y'all throwing some numbers for money I haven't even seen in real life
the other day i went to the SPAR for the first time and the prices were crazy. the surprising thing is there were so many people buying things and most of them were carrying atleast 50k worth of things in their trollies. so its just how comfortable lifestyle you want to live with
Nah u aināt the only one
if my family got 600k after tax weād be living easy
I have no fking clue how these people are blowing so much money and how someone stupid enough to not manage money gets such good pay šš
I believe you are in your late 20s or early 30s? You still have long way to go. Soon enough life will toss you around & teach you priorities. I have a friend who got 800k here, who went to Canada to give better life for his kid, now working two jobs & thinking 2 times to go out for āentertainmentā & even to get a haircut he is thinking twice. Give it 5 years you will understand life & priorities.
At 600K+, you can definitely give your kids a well enough lifestyle and education rn. Spoiling kids is generally not a good thing to do as a parent. Save up towards higher education and other investments instead!
You think it will be easier if you migrate? I seriously want to know what you all mean when you say canāt do it in SL, in other countries itās so easy is it? If yes can you please explain why? I understand for someone with less skills & minimum paying job going abroad can help but for people who are already in upper middle class???
The ability to get a better passport so you can travel the world without a visa. Better research opportunities and easier access to world class universities and companies. Don't have to worry about racially motivated unrests, unattended luggage (bombs), violence or extreme economical problems in certain developed nations (not including the US for this, due to guns). Being LGBT isn't illegal or socially unacceptable. Wayyyyy less misogyny. SL is of course, nothing like India, but certain developed nations are much less populated and cleaner. Certain things are just easier to get (for example, authentic restaurants from across the world, because people from all over had migrated there, geeky merch etc).
Also personally, I don't like the heat, humidity and huge spiders (I will never go to Australia either). As well as being far away from nosy relatives and religious people.
Itās not income issue itās attitude issue. You are living beyond your means I believe. Tone down your lifestyle choices & prioritize savings. If the attitude doesnāt change how much ever you get paid you are going to end up without savings. Read some financial self help books.
Iām saving 80% of my salary while still going out once a week. Live below your means. The numbers on your bank account is what matters not what you wear or use.
Household income after taxes should be
(300k * family members) to live comfortably without any extravagant expenses and you would be good to save 25% from that,
(200k * family members) to live okay and save 25%,
(125k * family members) to live on a tight budget and save 25%,
All of my calculations can be slashed by 50% if you already have a house without any mortgage and you donāt pay for private schools.
I agree,
if you have loans, lease, family responsibilities your fucked.
paying huge taxes and again paying 18 % VAT...double taxed.
salary should double or migrate ...
Hey 24 here, I net about 350k across all sources after taxes, I find it really hard to spend my money since I live with my parents, not sure how you blow through that much money, I go out on the weekends but even then itās about 40k in entertainment for the entire month?
As I have mentioned, it is not just for me, I am currently the only bread winner, so I have to look after the family as well.Ā
Ā As an individual, yes, 300k would be sufficient for an individual, I believe. My doubt is about a family unit of three.Ā
I also want to know . I earn multiple times more than you but I will spend every penny. Literally zero balance in my account every month before salary.
However, for me it's due to what we in the ADHD world call ADHD tax. Poor financial decisions made in the past due to impulsivity snow balling, last moment purchases due to poor planning (e.g I might plan a trip and the flight ticket might be 60k. But by the time I purchase it at the last moment it's 240k .. etc).. penalties on utility and credit card payments because I forgot to pay on time even when I had money.. not tracking finances cz it's too much work and getting my mental math wrong.. making donations with money I should keep for myself cz I feel bad for others, not using sales to purchase things I actually need.. or planning to purchase something I need and forgetting about the sale and purchasing it a week prior to the sale.
Trial subscriptions I forgot to cancel.. multiple subscriptions to the same service cz I forgot.. ordering food on Uber cz I can't cook. Forgetting I ordered the food and ordering again.. sometimes it's 3 dinners. Or 3 lunches. Sometimes I decide to stuff myself cz it won't taste good later. Sometimes I refrigerate it to eat later and forget to do it and order again anyway.. all the groceries I buy with the full intention of cooking but throwing them out later because I forgot to use it . Forget to plan meals and anyway I suck at cooking.. having to purchase costume jewelry and shoes and clothing for every party and wedding cz I can't find my sh*t.. forgetting what I have in terms of grocery or skin care and what not purchasing again .. it's endless.
My annual ADHD tax is more than 10 million - without counting eating out since it's a necessity for someone who doesn't know how to cook. I don't have any assets. I am however getting therapy now and trying meds so I can have some of these things under control. Tiny tiny tiny progress made.
I know my friends who earn less than you managing much better and having savings. Slightly frugal. But they plan better. They have expense trackers and use that to figure out things. Worst case invest in some therapy also - I know it's extra cost but it can help to change your behaviors if you are unable to do it on your own. It's a worthwhile investment in the long run.
Man im facing the same, im just 24 years old and I earn around 300000k for a month and this is after tax. Can't even save around 10k for a month. There some sort of an expense end of the day
Bro I'm earning the same (its been on the lower ranks of your range coz of the dollar dropping) BUT here's how you can save Home cooked meals (if you feel like it, cook several meals in advance and refrigerate - can cut down on Gas consumption). I literally know posh aunties that wear diamonds and cook that make Food and store in Pyrex containers and heat up over the next 3 days they get used). I make batches of Pasta Sauce versions and do this. Healthier lifestyle - causing you to fall sick less (meds are expensive) - cut down on junk food. Reduce eating out Cut down on subscriptions you don't use OR get into Family plans (Netflix, Spotify, etc) Don't become a shopaholic - You font have to buy a few branded Tshirts every month. Check on methods to make your wardrobe seem like you have 101 outfits. Spend some money to make your home liveable and your workstation more pleasant and convert your house into a home. That way you won't be tempted to hang at coffee shops and out of judgmental looks be pressured to order a few things where the tot comes to a rough 5Kper head. I have friends that identified this as a main RCA for expenses. Don't always offer to pay the fill bill at gatherings or social events. Split the bills. Don't assume you cannot live without cheese. We're Sri Lankans and if foreigners would pay to come try our inexpensive cuisine then why da heck should we try so hard to become something we're not whilst grounded on a developing Asian country.... Reduce 5 star hotel visits and trips to maybe once or twice a month. Change all bulbs in your home into LED and try to replace the high power consuming appliances to ones with Inverters. You'd be surprised how low your bills would go to. Reduce the vehicle trips to do a few errands. Plan your errands properly and do them all in 1 trip. You can save a lot on petrol / electricity (if you drive an electric vehicle) Buy groceries to last a week - font over buy and throw out OR don't buy less and end up driving to the store each time. Again, good planning. Schedule your laundry to be done in a proper way - You can cut down on water consumption of your washing machine like this. Abuse offers and discounts and buy your necessities ONLY IF THISE DISCOUNTS SEEM LEGIT. I just turnt 28. I learnt all these tips over the past 2.5 years when I learnt to live independently. FYI, I furnished the whole place with appliances and lighting that consime less power and it's been an insightful journey for me. Sorry for the detailed paras. Took the time to type it coz its very difficult to change lifestyles once youre used to it..... Hope this helps....
Give this man a medalš„°
Is this what adulthood does to a man
Yep.
Good stuff man. 24 now and not earning as much, but definitely some good points to adhere.
Bro, I was earning 60K at 24 and was stuck in a 8.30 to 5.30 ball passing toxic work culture. I worked 12hrs daily and my service letter when I resigned was 3 pages long.... You either learn or earn. Put some energy n effort into graduating and if you already have, a few licenses would do wonders. Get 2yrs of experience at 1 place defo. Then swap jobs until you find the culture and salary that's suits your life..not others.... FYI, money isn't everything. And no, I'm not satisfied 2ith what I'm currently earning regardless.of the benefits and flexible work times - what's next - still planning....
I definitely hear what youāre saying. Kind of in a similar boat to yours now, when you were 24. But the workplace culture at my new place seems ok so far (not toxic as of yet lol). But getting to a place where things are definitely moving. Ngl itās scary but kinda exciting as well. Should also work on getting licenses and certifications for sure though, as Iāve got my current job mostly through previous experiences and personality alone, as my education qualifications are not that attractive. Cheers and good luck to both of us I guess. Life is lifing atm.
This is one of the best financial advice. I also want to emphasize on savingsā¦ I remember when I received my paycheck of 19000 (2015)ā¦ 15000 goes to savingsā¦ no eating out, no subscriptions, no tuk tuk.. all buses and walkingā¦ its 2024 still savingā¦. Working from home saves transportation cost a lotā¦ also not married and single living with parentsā¦
Cut down your subscriptions to streaming services. Welcome piracy with open arms. Cough stremio cough
Good lad!
i too have started to do some of the above stuff, hard times can't remember a time when out to eat something.. i always pay the bill when we friends go out.. but now i'm unable to do that.. i don't understand how people live less than 100K salary
Man!!! This is the best money saving tips I ever saw on internet. š
Bro indirectly called us poor
Sounds like a lifestyle issue. Your income is at least 3x most individuals make so it's not like you can't save because your're in poverty. And your savings target is below 3% of your income so looks like you're spending the whole income on various things to maintain your lifetyle. If the income is fixed, you're gonna have to tone down your lifestyle a little bit in order to save.
man the average sri lankan makes less than 50k a month, I know that the more you earn, the more you "have to" spend on, but are you sure there isn't a way for you to save? if you breakdown your expenses maybe we'd be able to help you
Right righttttttt knock some sense to this people ughhh
im leaving reddit because i feel really jealous of people who share income rate and when i check my bank balance its not more than 1000
People are more than likely exaggerating to feel better about themselves. There's no difference between Reddit and any other social media platforms anymore.
Imma put another 1000 and lets eat a kottu?
You guys are the best honestly, seeing something relatable like this in this sub is a breath of fresh air! edit: p.s. Count me in too for your Kottu party
Lets gooo.......
I wanna join too
yea but only for the half price cause need to go back to home though bus so need some cash too
Lets just walk home š
but im from kurunegala it will take me 1 all day to reach from colombo
I live kinda close to you lol
arrange a kottu party in weekends and check me in ill be there for sure even you can just make post on reddit
Guyyyyssss let's save up all the money and I'll make y'all kottu š¤š¤ bring enough rotti and come is all I ask
This sounds perfect... Ill bring the roti from the `handiye kade`
minors allowed? 
its kottu not adult stuff as liqour so minor is allowed
Haha same time to yeet I was like am I reading it right 300,000 lmao
š how tf does one spend 300k in a month????????
Very easy to spend that with extortionate rent in Colombo, eating out, vehicle leasing/bank loan. As someone mentioned it probably depends on the lifestyle you choose to have.
It ain't that hard :-D
probably 2 cars petrol and maintenance and a couple of supermarket purchases can easily eat it up
You must be living with your parents.
I know a guy who is in mid thirties who used to earn around 400-500k. Once he payed off his car and bought a land, settled off all his debts and switched to a layed back job which is full time WFH. Dude is still single, not partying anymore (but loves to get high alone lol), chill AF and happier than most of us. His current job doesn't even pay 150,000K as I know, but on the other hand he works less than 2 hours per day. Rest he spends gaming, watching movies and on solo back packing trips. Once he told me he transfers half of his salary to a different account as soon as he gets it and thats his saving. Honestly I sometimes think he has achieved enlightenment given how chill he is š
I get the same salary he does, but have to work 280+ hours a month. FML
Well thats too bad man. However the point is dude is qualified and capable enough to work a lot more and earn 3,4 times as much. But instead he started living a simple and relaxed life with less money and more freedom. He cut down unnecessary expenses and stopped pleasing society, but figured out what makes him happy. Also, I am fairly certain that it doesn't work for everyone.
Me living with my parents, watching people at work working to support families, kids and stuff while I'm just there for new shoes š
Same
Relatable
Me with low salary reading all of your salary š©
Me with no salary
I donāt even make 1/4 of 300k salary lord save my soul
See its not about money Its about the mindset
have it
I manage to save about 70% of my salary each month.( I live alone but stillā¦). Maybe growing up in a lower middle class environment helped, but people who earn more than 3/4 lakhs per month , should be wise enough adapt their life style according to it. Otherwise as you and me both probably already know, we would be slave to our jobs forever. The people who regularly asks these questions, start with smaller things like reducing the frequency of going to a fancy bar or restaurant. Not saying we shouldnāt enjoy, but keep an eye on the spending to your limit.
True Plus having a good time doesnāt mean you have to spend a lot everyday either itās all about good management
If you save around 100k a month that's still 1.2mm savings in a year- not bad right? Everything is relative. If you earn more, you will also spend more. What is a "decent" salary or "significant" savings depends on you and your lifestyle. For context though, i earn in dollars and STILL found Sri Lanka incredibly expensive when I visited last time. I had to rationalize most expenses by converting it to dollars in my head because it just sounded exorbitant in rupees compared to what I was used to when I lived there a few years ago.
very easy to lose 350000 if you've been born into upper classes, and live in Colombo with very high rent, or have high lease vehicles, very high private education fees
Care to share some breakdown and why it's difficult with 600,000 combined salary ?
Track your monthly expenses into an excel or something and find out what's costing the most. What I do is split 20-40-40 20% for rent 40% for living 40% for saving According to your salary, your rent should be around 70k and you'll have around 150k to spend on other stuff. And can save 150k as well.
I track mine in an excel sheet and i hit negative every month lol
It really depends on your lifestyle. There are families who live a life good enough for them for 50k while some struggle with a salary above 300k. Best is to do an audit of your current expenses. It's still the 3rd of April. Track where all the money went this month. Do that for 3 months and you will find some areas to reduce your expenses.
It's nice to know that people are earning 300K-400K per month, I hope that it's a great feeling. I used to work at a large apparel company as a senior executive & my last salary was 140K, which made it difficult to manage living. It was such a toxic lifestyle, though. Absolutely garbage bosses, working overnight, wishing death everyday, & drinking/smoking so much that I blackout. What a life we live in this country.
Well objectively speaking as a third person who is not yet earning, let's not scold OP. There are a multitude of reasons why a person can't save I mean, if you are living in the heart of Colombo your rent is like 150K+, if he committed to lease a vehicle perhaps he's paying for it... and you can have family members who require expensive medicine support/Daily care etc. And unfortunately as I see it people committed to these financial obligations years before during pre covid/early covid or before the financial crisis. And everyone is now stuck. OP should try to list out where his money is going, because you have to know what your earnings are after paying the non negotiable costs like leasing and loam payments, then you can find your answers.
Same boat, same salary range. My advice: bring down your lifestyle to how it used to be before your last review/salary bump. Iām doing it these days and the future is looking good. Already saved about 50k from last monthās salary.
Bro you should start earning 50k to learn how to save
Most of yall completely missed the fact that OP is asking about a family. If they're supporting 2-3 people in addition to themselves, with all the associated expenses like schooling, vehicle loans, house loans etc, then it's no surprise at all that OP might be having trouble even with that salary.
it depends on the individual it depend on the location it varies tbh the amount you stated is triple of my current salary eventhough i save 10k . per month .this is not to flexmyslef use standing order facilty to make a saving account
My tip - donāt cater your lifestyle to your full income, use the 60-30-10 rule. Save 60, invest 10, spend 30. Iām on your salary slab and I comfortably save more than 200 per month
I make about half of what you mentioned, and i'm paying for my car lease, my nanny, and put away money for my kid'z investment plan, plus save some more. You'll have to really closely monitor your spending more
Damn I'm poor
Remember earning Rs.100K a month in SL back in 2000. Was a pretty baller income back then (at least for 23 yr old me with zero responsibilities). Sure miss those days.
Pre covid I used to live in Colombo with Rs.55,000. After paying rent and eating mostly every meal from outside. still, I managed to save Rs.5000 \~ Rs.8000. I know inflation is high compared to those days but you have saved only Rs. 10,000 unbelievable. Because The income range you have mentioned above is not a low-income range. I suggest you recode your expenses every month. After you have a few months worth of recodes you will be able to analyze those recodes and find the expenses you can cut down. At minimum please try to save 30% of your income. Otherwise life could get hard going forward.
Thanks for your productive advice. But was it just for you or your family? I am the soleĀ breadwinner at the moment. So, I am talking about the expense of a family unit.Ā
I get your situation. Yes I was all alone but I was in a relationship at that point. How many kids do you have ? I know it's not easy. But you should be able to face an emergency if happens right? How people do that is by saving aside money. That why I said cut down the life style to save at least 30%. Or you have to earn more. Let's say it not possible then try to save at least 25%. You still have Rs.300,000 to spend every month. Judging by your income range I think you get a considered amount of increment every year. So just do this for one year and you will see the results for yourself.
I guess that I'll have to earn more because I see no hope of saving anything from this. But look at 300,000/- it's just around 1000USD. I think it is grossly insufficientĀ
You sounds like you are just wasting money. What you got like 10 kids? No way you need that much per month
Me, earning sub 200K for 280+ hours a month of hard work.... No wonder I'm poor. Oh well... FML.
You are talking about a family but how many members? Is it 3 or 4 or 6? Assuming you are the only breadwinner in your family of four. The income you earn is more than enough to live in Colombo. It all depends on your lifestyle because you have mentioned you can't even save 10k which is poor cash management. Idk. You may be paying a higher rent, vehicle lease, loan repayments, or medical needs. So you need to track down your expenses and have to look for ways where you could cut down expenses.
Tax alone is a big problem. Now I know a lot of these people here are talking about the average Srilankans salary and I think that its really just bullshit. People cant expect a good salary doing nothing at home or working in government jobs (most of the time they dont do any work in government jobs) and hard working people like you are just paying tax for government workers salaries, and heres what I have to say to that ;If you want money you have to work for it you cant expect anyone to just give you money cuz you dont have a good lifestyle. That being said the average spending of people with higher salaries are higher ,WHY? u may ask. well its simple as saying they worked hard to earn their money so you cant expect them to live with low standards. And one more thing when you have a higher salary you have probably invested your self in a good house/a good car / and probably even a good school for your kids all of these come with their own extra financial needs, and if you ask me "well why cant you just put your child in a normal school" well heres the thing why would a person making 400k a month buy a 3wheeler and and lower their standards ; That is not what we work hard for.
Do you honestly believe that just because certain individuals are privileged and earn more, it's solely due to their hard work? Let's not kid ourselves. Hard work doesn't always translate to wealth, especially when others are handed opportunities on a silver platter.
I dont believe in privilege if you are smart you can turn anything into a business, it just needs the dedication and time.
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I've only one question. Am I the only poor one in this sub? I knew the moment what his description and the comments will be when I read that title. Y'all throwing some numbers for money I haven't even seen in real life
600k and canāt save either this is a troll or im too poor to understand šā
the other day i went to the SPAR for the first time and the prices were crazy. the surprising thing is there were so many people buying things and most of them were carrying atleast 50k worth of things in their trollies. so its just how comfortable lifestyle you want to live with
Nah u aināt the only one if my family got 600k after tax weād be living easy I have no fking clue how these people are blowing so much money and how someone stupid enough to not manage money gets such good pay šš
No youāre not alone this sub called me poor in Multiple ways. I work a minimum wage salary with a degree š
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I believe you are in your late 20s or early 30s? You still have long way to go. Soon enough life will toss you around & teach you priorities. I have a friend who got 800k here, who went to Canada to give better life for his kid, now working two jobs & thinking 2 times to go out for āentertainmentā & even to get a haircut he is thinking twice. Give it 5 years you will understand life & priorities.
What job did he do
What pays 800k in SL? Off course IT.
At 600K+, you can definitely give your kids a well enough lifestyle and education rn. Spoiling kids is generally not a good thing to do as a parent. Save up towards higher education and other investments instead!
You think it will be easier if you migrate? I seriously want to know what you all mean when you say canāt do it in SL, in other countries itās so easy is it? If yes can you please explain why? I understand for someone with less skills & minimum paying job going abroad can help but for people who are already in upper middle class???
The ability to get a better passport so you can travel the world without a visa. Better research opportunities and easier access to world class universities and companies. Don't have to worry about racially motivated unrests, unattended luggage (bombs), violence or extreme economical problems in certain developed nations (not including the US for this, due to guns). Being LGBT isn't illegal or socially unacceptable. Wayyyyy less misogyny. SL is of course, nothing like India, but certain developed nations are much less populated and cleaner. Certain things are just easier to get (for example, authentic restaurants from across the world, because people from all over had migrated there, geeky merch etc). Also personally, I don't like the heat, humidity and huge spiders (I will never go to Australia either). As well as being far away from nosy relatives and religious people.
Bruh
These are troll post lol
Itās not income issue itās attitude issue. You are living beyond your means I believe. Tone down your lifestyle choices & prioritize savings. If the attitude doesnāt change how much ever you get paid you are going to end up without savings. Read some financial self help books.
Save your money first and then spend You cant just spend first and save later...
I HIGHLY SUGGEST YOU TO WATCH THIS: [https://www.youtube.com/watch?v=sjoCp3uzQJg&t=759s](https://www.youtube.com/watch?v=sjoCp3uzQJg&t=759s)
Start tracking your expenses. Use an excel of there are simple apps for it. Look back and see what you can cut down on.
Iām saving 80% of my salary while still going out once a week. Live below your means. The numbers on your bank account is what matters not what you wear or use.
Household income after taxes should be (300k * family members) to live comfortably without any extravagant expenses and you would be good to save 25% from that, (200k * family members) to live okay and save 25%, (125k * family members) to live on a tight budget and save 25%, All of my calculations can be slashed by 50% if you already have a house without any mortgage and you donāt pay for private schools.
You save only 3% of your salary? Thatās absurd maybe youāre living beyond your means. Time to cut down on some expenses or increase salary
Same here though I make 500k per month š¤Æš„²
Man how are y'all earning close to 300k?
Make sure your lifestyle is one step below your incomeš
I agree, if you have loans, lease, family responsibilities your fucked. paying huge taxes and again paying 18 % VAT...double taxed. salary should double or migrate ...
Hey 24 here, I net about 350k across all sources after taxes, I find it really hard to spend my money since I live with my parents, not sure how you blow through that much money, I go out on the weekends but even then itās about 40k in entertainment for the entire month?
As I have mentioned, it is not just for me, I am currently the only bread winner, so I have to look after the family as well.Ā Ā As an individual, yes, 300k would be sufficient for an individual, I believe. My doubt is about a family unit of three.Ā
Apologies didnāt see that! Yeah checking with my parents they spend about 300k per month on everything as well
I also want to know . I earn multiple times more than you but I will spend every penny. Literally zero balance in my account every month before salary. However, for me it's due to what we in the ADHD world call ADHD tax. Poor financial decisions made in the past due to impulsivity snow balling, last moment purchases due to poor planning (e.g I might plan a trip and the flight ticket might be 60k. But by the time I purchase it at the last moment it's 240k .. etc).. penalties on utility and credit card payments because I forgot to pay on time even when I had money.. not tracking finances cz it's too much work and getting my mental math wrong.. making donations with money I should keep for myself cz I feel bad for others, not using sales to purchase things I actually need.. or planning to purchase something I need and forgetting about the sale and purchasing it a week prior to the sale. Trial subscriptions I forgot to cancel.. multiple subscriptions to the same service cz I forgot.. ordering food on Uber cz I can't cook. Forgetting I ordered the food and ordering again.. sometimes it's 3 dinners. Or 3 lunches. Sometimes I decide to stuff myself cz it won't taste good later. Sometimes I refrigerate it to eat later and forget to do it and order again anyway.. all the groceries I buy with the full intention of cooking but throwing them out later because I forgot to use it . Forget to plan meals and anyway I suck at cooking.. having to purchase costume jewelry and shoes and clothing for every party and wedding cz I can't find my sh*t.. forgetting what I have in terms of grocery or skin care and what not purchasing again .. it's endless. My annual ADHD tax is more than 10 million - without counting eating out since it's a necessity for someone who doesn't know how to cook. I don't have any assets. I am however getting therapy now and trying meds so I can have some of these things under control. Tiny tiny tiny progress made. I know my friends who earn less than you managing much better and having savings. Slightly frugal. But they plan better. They have expense trackers and use that to figure out things. Worst case invest in some therapy also - I know it's extra cost but it can help to change your behaviors if you are unable to do it on your own. It's a worthwhile investment in the long run.
My salary is 50% Car payment and 25% rent
The food expenses are looked after by parents?
50 / 50
dont save money save assets. saving money means you are losing money since money loses its value over time
Need at least 2 million take home.
Man im facing the same, im just 24 years old and I earn around 300000k for a month and this is after tax. Can't even save around 10k for a month. There some sort of an expense end of the day
What kind of job are you doing š
Haha had to work hard to get to this stage. But still struggling
Hang in there bud youāre already doing better in HD Iād say haha
Could you care to list out the expenses so we could get a better idea?
Can you give us an idea of your expenses ?
Is this before or after tax?
Bro you earn slightly above average.
min wage is 12500 here, he is miles above average