Planning for future household expenses

Planning for future household expenses

Inflation is a major destructive factor to your savings. The amount you spend for your daily expenses today will be a lot more in future once you retire, your savings will have to take care of your daily expenses. The amount you need to save for your future expenses have to be decided by projecting your current expenses in the future considering inflation. That’s the prudent way of allocating towards your future expenses.

Here is an example of what expenses will be in the future

Expenses in 2019Expenses in 2059(after 40 years during retirement)
Rs.10000Rs.57435
Rs.20000Rs.114870
Rs.30000Rs.172305

Allocating small amount for your future expense makes you less dependent on your children and that way it doesn’t disturb your child’s future expenses.

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