The Income Lab | Smart Money Tips for Middle-Class Indians

Saving ₹1 lakh in just six months might sound challenging, especially for a middle-class family in India. However, with clear planning, disciplined execution, and a willingness to adopt a few clever tactics, this financial goal is absolutely achievable! Here’s a practical roadmap you can follow to reach your own savings milestone. The Math: Breaking Down the Savings Target To save ₹1 lakh in 6 months, you need to save ₹16,667 every month . This number can look daunting, but is possible with a blend of disciplined budgeting, smart spending, and multiple income streams. Step 1: Tweak the 50-30-20 Rule A savings goal this aggressive demands rebalancing your monthly budget: 45% for basic needs: rent, groceries, utilities. 20% for wants: entertainment, shopping. 35% for savings: put away consistently each month. Commit to this split and track it rigorously. Step 2: Aggressive Expense Cutting Food and Dining Cook at home instead of eating out or ordering. Do weekl...

You're earning more than ever. But you're also spending more than ever. And your savings? Still stuck in the same place. Welcome to the Lifestyle Inflation Trap. But this time, there's a twist — AI can help you break out of it . You don’t need a financial advisor. You just need a smarter system. 🔍 What Is Lifestyle Inflation? Lifestyle inflation is when your expenses grow as your income grows . New raise? You upgrade your phone. Got a bonus? You book a vacation. Salary doubled? You move to a bigger flat. But the one thing that doesn’t double ? 👉 Your savings . This is why most Indian salaried professionals feel broke even at ₹1 lakh/month . 💡 How AI Can Help Fix This Problem You may think AI is just for tech bros and coders. But it’s already helping people like you control their money better — and smarter. Here’s how: 1. 🧠 AI Can Analyze Your Spending Patterns Apps like Walnut , Money View , ET Money , and even ChatGPT can: Scan your S...