Learn how to save ₹1 lakh in 6 months with a ₹50,000 salary in India. Who can realistically achieve it, step-by-step budget plan, tips, FAQs, and free savings planner.
Introduction
Saving a big amount like ₹1 lakh in just 6 months might sound impossible if your monthly salary is ₹50,000. But with the right budget plan, discipline, and smart money hacks, it can be done.
However, this plan is not for everyone. It depends on your lifestyle, dependents, and financial responsibilities. In this guide, we’ll define who this is applicable for, and then share a practical step-by-step saving strategy.
Who Can Save ₹1 Lakh in 6 Months on a ₹50,000 Salary?
This plan works best for:
Young Professionals (Singles / Freshers / Early Career)
- Living in metros/tier-2 cities with shared accommodation.
- No kids or major dependents.
- Limited financial responsibilities → flexible lifestyle spending.
Dual-Income Couples (No Kids)
- Both partners working.
- One income covers most household expenses → the other can save aggressively.
Individuals Without Heavy EMIs/Debt
- No home loan, car loan, or personal loan.
- Can allocate 30–35% of salary towards savings.
Who May Find It Challenging?
❌ Married individuals with children and schooling/medical expenses.
❌ Households with large EMIs (home/car/personal loans).
❌ Families with a single income and high fixed costs (rent, dependents).
If you fall into this category, consider:
- Extending the goal → Save ₹1 lakh in 9–12 months instead of 6.
- Adjusting target → Save ₹50,000 in 6 months, then continue.
- Prioritizing debt repayment first → savings later.
Step-by-Step Budget Plan
How to Save ₹1 Lakh in 6 Months on a ₹50,000 Salary??, follow below step by step guide!
1. Track Your Income & Expenses
- Net in-hand salary = ₹50,000.
- Divide into fixed (rent, EMIs, bills) and variable (food, entertainment).
- Use apps like Walnut, ET Money, or a Google Sheet.
2. Apply the 50-30-20 Rule (Modified)
- Normal: 50% Needs, 30% Wants, 20% Savings.
- For this plan: 50% Needs, 17% Wants, 33% Savings.
- That’s ₹16,500–₹17,000/month saved.
3. Cut Lifestyle Expenses (Save ₹3,000–₹5,000/month)
- Eat out only 1–2 times/month.
- Switch from cabs → metro/bike.
- Cancel unused OTT/gym subscriptions.
- Shop during sales, compare prices online.
4. Automate Your Savings
- Set up SIP or recurring deposit of ₹16,500–₹17,000 at the start of the month.
- Saving first = spending later (not the other way around).
Want to know more about SIPs, do refer our blog here.
5. Keep an Emergency Cushion (₹10,000)
- Hold in liquid fund/savings account for unexpected needs.
- Prevents breaking your main saving plan.
Sample 6-Month Budget (₹50,000 Salary)
| Category | Monthly (₹) | 6 Months (₹) |
|---|---|---|
| Needs (Rent, EMI, Bills) | 25,000 | 1,50,000 |
| Wants (Lifestyle) | 8,000 | 48,000 |
| Savings & Investments | 17,000 | 1,02,000 ✅ |
👉 By consistently saving ₹17,000/month, you hit ₹1,02,000 in 6 months.
Pro Tips to Boost Savings
- Use cashback apps like CRED, Paytm, PhonePe.
- Buy groceries in bulk → save ₹1,000–₹2,000/month.
- Meal prep at home → save ₹3,000–₹5,000/month.
- Avoid EMI for gadgets → delay until after 6 months.
- Use credit cards only for rewards → repay in full.
Investment Angle
Instead of keeping savings idle:
- Put ₹17,000/month in a Recurring Deposit or short-term Debt Mutual Fund.
- Expected return ~6% annually.
- Final corpus after 6 months = ~₹1.02–1.03 lakh.
FAQs
Q. Is it realistic to save ₹1 lakh in 6 months on a ₹50,000 salary?
Yes, if you’re single, no dependents, and no major EMIs. For families, adjust timeline/target.
Q. Should I invest the savings or keep in bank?
Invest in safe short-term options like RD or debt mutual funds, not risky equity.
Q. What if I have existing loans?
Focus on repaying high-interest debt first, then save aggressively.
Q. Can I save ₹1 lakh with kids and a family?
It’s tough in 6 months, but possible in 9–12 months with discipline.
Final Thoughts
This savings plan is ideal for young professionals, dual-income couples, or individuals without heavy EMIs. For others, it may take longer — and that’s okay.
The key takeaway:
- Save first, spend later.
- Track every rupee.
- Stay consistent for 6 months.
With this approach, you’ll build the habit of saving, and ₹1 lakh will just be the beginning of your financial journey.
Free Download – 6-Month Budget Planner (Excel/Google Sheet)
Click here to download your free planner to track income, expenses, and savings month by month.
⚠️ Disclaimer
This article is for informational purposes only. SimplifyWala is not a SEBI-registered advisor. Please consult a certified financial advisor before making investment decisions.