My family: Me, wife, two kids aged 18 and 16
My objective: Children's education, 2 BHK house
Monthly income: Rs40,000
Average expenses: Rs32,000
Monthly savings: Rs8,000
What I wanted: Higher tax exemption limit
It may appear impossible for a nuclear family to live comfortably in Mumbai. But one could not be more wrong. For one government employee, the Sixth Pay Commission has done wonders. Though Govind Singh’s salary has risen sharply over the last year, the increase in prices of goods along with the rise in college fees has somewhat mitigated what could otherwise be termed a windfall.
Anshu Singh, 18, is pursuing BE in Information Technology from Padmabhushan Vasantdada Patil Pratishthan's College of Engineering, Sion, and his sister, Sonali Singh, is working hard to crack the entrance for Indian Institute of Technology. The family of four is content but like any other parents, Govind and Manju Singh are worried about their children's future, and growing competition is adding to their worries.
Singh was hoping that the finance minister will increase the tax exemption slab so that he could save more money for his children. But this didn't happen, and now Singh is worried about funding his son's MBA in the near future.
With low bank rates, investing money is not so profitable, says Singh. Moreover, their dream of owning a two-bedroom house will be postponed once again as the budget didn't announce any relief for housing loans. They are currently living in government quarters in Matunga.
Govind, a railway employee, doesn't have to worry about medical expenditure because of the facilities available in government hospitals. But he is worried about the huge hike in college fees.
In the household budget, increase in prices of day-to-day goods and groceries form the major chunk. "I don't understand too much of economics and finance but when the prices of goods are raised, it definitely affects our pockets. I was hoping that the prices of goods will be cheaper but the budget has disappointed me," said Singh.
"We have already cut down on our entertainment expenses and even travel, but despite that, we cannot think of buying the much-needed vehicle for the family," said Manju.
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