This is one of the most popular topics and I personally feel that every individual will have their own perspective. I used to think a lot on this topic and from what I saw the value I had in my mind was continuously changing in the last 10 years I should say. When I first started my full-time job, I have to be honest that I was thinking the payment they were giving me was huge. I even used to wonder what am I going to do with this much money. I started my career with pay of 17,000 Rs per month.
Those were the days when the cost of living was also less and as I was just very young with very less responsibility, I did not see that as an insufficient amount to run my family covering all the basic needs. As years passed, the salary also increased but after a point, I started feeling that whatever I was earning was not at all-sufficient. Maybe the needs increased or my spending also increased. I used to be very satisfied with whatever less I used to earn back then. Today how much ever I earn, it is not at all sufficient and there is a huge fear about the future in my mind.
In India, the cost of living differs from one city to another city and people also get paid according to the cost of living in a particular city. At least that's how IT people demand more salary and get their needs fulfilled. I cannot imagine that today with the earnings we are getting it is hard to plan decent savings for the future. In this article, I'm not going to give any concrete number as to whether this sum should be sufficient but just discuss and cover the main needs we should be focusing on.
Basic security needs
In order to plan a peaceful life, it is important that the money we earn should fulfill our basic needs like food, clothes, and shelter. Sophistications come after that. But by security, we should also make sure we have enough savings to take care of our health. The medical industry is very costly in India and not everyone in the country can afford medical insurance. There is a high possibility that we might end up spending a lot from our pocket if we have any medical emergency for us or for someone close in the family.
People fear losing their jobs mostly by thinking of this high-end spending. Most of the other spending can easily be handled and there are ways to handle it even though we don't have a proper source of income. Security needs and unexpected spendings are the most important things that we have to worry about.
Needs differ from person to person
Some people might think that it would be sufficient to live with whatever they have in their life. Some people continuously think about increasing the quality of their life. Money is definitely one of the biggest barriers to all these. People might think that when we have more money in hand, it is easy to manage our quality of life. But only if we have more money in hand, big spending will be waiting for us.
Maybe I would have not done such spendings 10 years back but these days it makes me feel that I have changed a lot and I'm spending too much on things that I shouldn't be spending on. But most of the time we do things for the sake of doing it even though it doesn't give us any big benefit or happiness. We also end up doing big spending to keep other's happy too.
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