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The True Story Of A Bank Manager In Mumbai

The True Story Of A Bank Manager In Mumbai
A fascinating story that will leave you feeling a bit sad but at the same time is certainly going to make you a bit more sensible as far as the way you manage your finances are concerned.

The flow of this post is more like my musings than a STORY but it is a story nevertheless.

Today I am sharing with you the story of a bank manager of India's topmost or most popular bank. I cannot reveal the name of the bank but let's just call it SB.

I always discuss financial topics of relevance and interest during my Sunday classes and corporate seminars.

Principles like the Pareto principle, the Kyoto Bamboo principle, the Geese Principle, etc. are discussed openly so that all of us learn a bit about how to apply them in our own lives.

My students are the cream of Mumbai or what I often refer to as the Upper Crust of Indian society. I have trained students and employees who are already rich.

This story is about a particular gentleman called "Suresh" (name changed) who is working as a bank manager with SB.

He was a student of my weekend training program in Public Speaking and Personality Development.

He wanted to discuss his situation so he booked an online appointment to have a long session of two hours over Skype with me.

During the session I was astounded to learn about the financial situation that Suresh was going through.

I am revealing some of it here so that you can learn something from the same.

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Suresh is earning Rs.75,000 a month. Which is a pretty high salary for a bank manager anywhere in the country.

Out of this money, he has to pay off Rs.30,000 off as his home loan EMI each month.

That leaves him with Rs.45,000 right at the start of the month.

Since he is a bank manager he also bought a fancy car on a loan for which he needs to pay Rs.8,000 as the EMI.

This leaves him with Rs.37,000.

Then the school fees for his daughter is currently Rs.9500.

She goes to Jamnabhai Narsee in Juhu so you can check the fees there if you think he or I are kidding. This now leaves him with Rs.27,500 each month.

His car driver's salary is Rs.4,500 and the petrol expenses are usually Rs.2,500.

This now leaves him with just Rs.20,500 remaining for his monthly expenses.

But his expenses don't stop here.

His daughter's pocket money is Rs.3000 per month, he gives his wife (who is a housewife) around Rs.2000 for her expenses.

And he spends around Rs.1000 on cigarettes.

Shockingly, he is left with Rs.14,500 without even buying any groceries for the month.

But his miseries don't end there.

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His electricity bill (Rs.2000), cell phone bills (Rs.1800), gas bill (Rs.500 approx.), his landline phone bill (Rs.400 approx.), cable connection (Rs.700 for 2 connections) add up to another Rs.5400 out of his pocket every single month.

This leaves him with Rs.9,100.

When I heard his monthly expenses for just a family of 4 people (his wife, daughter, mother, and him) I was really shocked.

I didn't know how to react.

Here was a bank manager who seemed like a really rich man roaming around in a fancy car, living in a nice 2 bedroom flat in a decent locality, with a wonderful family, but all that he had left was now a little over Rs.9000 during each month.

But, wait, his monthly expenses are not yet over.

We haven't even entered the kitchen yet.

His monthly grocery expenses are between Rs.3,000 to Rs.4,500 but we will take it as Rs.3500 to be on the lower side.

Then social outings where he would take his entire family out for a movie followed by dinner once a month would end up costing Rs.1500.

This was for just 1 outing!

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Their house maid's salary is Rs.800 for sweeping and swopping the floors of his flat. She also does the dishes in the same amount. Lucky Suresh!

Suresh (the bank manager) now has Rs.4300 left in his pocket each month.

This might seem really hard to believe but you tell me where he could have calculated things wrong so that I can check again and tell you what he erred on.

I am quite certain I have left out a few things.

Like his daily newspaper expenses of Rs.300, milk expenses of Rs.1600, and a few other things that he probably forgot to mention.

The reason he shared his monthly expenses with me was because he was finding it difficult to make ends meet.

Just like you, when I first heard him reveal this I didn't know what to say.

Here was a bank manager in India's topmost bank earning Rs.75,000 each month but was left with hardly a few hundred rupees as his savings.

What's worse is that he is now suffering from severe hypertension and other medical issues which adds a further Rs.1500 to his monthly expenses for his medical bills.

The reason I am sharing Suresh's story with you is because I want you to focus on your expenses a lot more.

Over the years I realized that not just Suresh but many other high earning residents of cities like Mumbai are pretty poor at handling their own finances (and lives).

Even a guy like Suresh who is supposed to be a Bank Manager can mess things up for himself (and his family) big time.

Over the years, my wife and me have learned over a thousand ways to save money each year.

Thanks to our efforts, we have saved a cool sum of money for the future and earned ourselves total financial freedom.

On the insistence of our close friends and family, we have created a complete audio book series on the ways we live a fabulous life without spending much money.

I shared most of the secrets and tips we used with our bank manager and things are slowly starting to look better for him.

You can download our exclusive audio book series "1000 Ways To Save Money" from the homepage of Gobog.

Kindly note that this audio book is not available on any other platform and may not be available for download in certain parts of the country.

Savio DSilva
Savio DSilva
Audio Book Creator. Life Coach. Soft Skills Trainer. Counselor.
Meditation Practitioner. Food Technologist. Frugal Marketer.

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