🟢 Introduction: Why ₹10 Lakhs is a Powerful Goal
Saving ₹10,00,000 (₹10 lakhs) in just 2 years may sound ambitious—but with smart planning, disciplined spending, and strategic investments, it’s absolutely achievable.
In India’s ever-evolving financial landscape, achieving this milestone can:
Give you peace of mind in emergencies
Fund your business/startup
Help with down payments (property, vehicle, etc.)
Make early retirement or sabbatical possible
Act as a cushion for career pivots or further studies
Whether you’re a salaried employee, a freelancer, or even a young couple, this comprehensive budget plan will walk you through everything you need to know.
🟡 The Math Behind ₹10 Lakhs in 24 Months
Before jumping into budgeting tricks, let’s do the basic math.
Goal: ₹10,00,000
Timeframe: 24 Months
To hit this goal, you need to save:
| Monthly Savings Needed | Result in 2 Years |
|---|---|
| ₹41,667/month | ₹10,00,008 |
| ₹35,000/month + 10% annual interest | ₹10,03,954 |
| ₹30,000/month + Side Hustle Income + SIP Returns | ₹10,00,000+ |
If ₹41,000/month seems difficult, don’t worry. We’ll show multiple paths based on different income levels, financial responsibilities, and savings styles.
🟣 The 24-Month Savings Blueprint
Here’s a structured plan split into 6 phases, each 4 months long:
📍 Phase 1 (Months 1–4): Audit, Reset & Setup
Track your current expenses and income
Cancel unnecessary subscriptions
Open a separate “Goal Account”
Set up SIPs, RD or FD for auto-saving
Start with minimal investment: ₹15–20K/month
📍 Phase 2 (Months 5–8): Expense Optimization
Follow a Zero-Based Budget
Limit eating out, impulse spending, and apps
Use cash envelopes or UPI category limits
Shift to affordable brands
Try a no-spend weekend every month
📍 Phase 3 (Months 9–12): Grow Your Income
Ask for a raise or switch jobs strategically
Freelance on platforms like Upwork, Fiverr
Teach skills online (coding, graphic design, etc.)
Start monetizing a blog, YT channel, or Instagram
Target: ₹5K–₹10K extra income per month
📍 Phase 4 (Months 13–16): Invest Wisely
Start an SIP (Systematic Investment Plan) in index funds or balanced funds
Invest lumpsum in short-term debt funds
Avoid risky instruments like crypto or penny stocks
Reinvest all side income
Watch compounding kick in!
📍 Phase 5 (Months 17–20): Trim + Stack
Review recurring expenses again
Eliminate EMI burdens if possible
Sell unused electronics, memberships, assets
Use Diwali/Year-end bonuses 100% for saving
Target: ₹50K–₹70K additional boost
📍 Phase 6 (Months 21–24): Push to Finish Line
Boost SIP or RD deposits
Hold off on any large purchases
Delay gratification (vacation, phone upgrade, etc.)
Review total corpus monthly
By month 24—you hit ₹10,00,000!
🔵 Setting Monthly Targets by Income Group
👤 For Salaried Professionals (₹40K–₹80K/month)
Save 40% of your income
Cut down on rent by choosing shared living
Use office food coupons, travel reimbursements
Invest ₹10K–₹15K/month via SIPs
👨👩👧👦 For Couples (Combined ₹1.2L–₹2L/month)
One income for expenses, one for saving
Joint SIPs, health plans, cashback cards
Plan bulk buying, split utilities
Save ₹40K–₹60K/month comfortably
🧑💼 For Freelancers & Business Owners
Save a fixed % (at least 40%) of monthly earnings
Separate business and personal accounts
Use apps like Cred, ET Money for tracking
Invest in flexible recurring deposits or debt funds
🟤 Example Budget: ₹60,000 Monthly Salary (Single Person)
| Category | Monthly Allocation |
|---|---|
| Rent & Utilities | ₹12,000 |
| Food & Essentials | ₹6,000 |
| Transportation | ₹2,000 |
| Subscriptions, EMI | ₹2,000 |
| Personal Expenses | ₹3,000 |
| Savings + SIPs | ₹35,000 |
👉 In this budget, 60% of income is saved — aggressive, but achievable with discipline.
🟢 Lifestyle Tweaks That Make a Big Difference
Cook at Home – Save ₹5K–₹7K/month
Use Public Transport or Bike – Save ₹2K–₹3K
Buy Generic Brands – Same quality, lower cost
Track Every Rupee with Apps – YNAB, Walnut, Moneyfy
No EMI Zone – Don’t take new loans unless urgent
Challenge Yourself – 30-day No Swiggy, No Amazon, etc.
How to Save ₹10 Lakhs in 2 Years: Smart Indian Budget Plan
🟡 1. Best Investment Options to Reach ₹10L Faster
Simply saving money won’t be enough—strategic investing can give you a powerful boost, especially with compounding.
📈 SIP (Systematic Investment Plan)
Invest in Index Funds or Balanced Mutual Funds
Even ₹10,000/month for 24 months at 12% annual return = ₹2.8L growth
Recommended: Nippon India Index Fund, UTI Nifty Next 50
🔵 Recurring Deposits (RD)
Safer for low-risk investors
7–7.5% interest with post office, SBI, or small banks
Good for fixed monthly saving habits
🟢 High-Interest Savings Accounts
Use Airtel Money, Fi Money, or Jupiter offering up to 7.5%
Best for storing your emergency fund or surplus cash
🟣 Debt Mutual Funds
Short-term investing with low risk & better returns than FDs
Ideal if you don’t need the full amount liquid
🔶 Bonus: PPF (Public Provident Fund)
Lock-in of 15 years, but great for long-term planners
7.1% tax-free returns
Use if your ₹10L goal is flexible for future security
🔴 2. How to Save ₹10 Lakhs with ₹30K Monthly Income
Saving ₹41K/month may be hard for someone earning ₹30,000—but not impossible with the right combination of planning, earning, and investing.
Here’s how it can be done:
🧮 Strategy:
Save ₹10,000/month from salary
Earn ₹10,000/month through freelancing, tuition, part-time gig
Invest ₹5,000/month in SIP
Use tax-saving tricks to free up ₹3,000–₹5,000 extra
Add yearly bonuses, refunds, and Diwali gifts (₹50K–₹60K/year)
👉 Over 24 months, with income and investments combined, you can reach close to ₹9.5–10L, especially if side income is consistent.
🔵 3. Top 5 Budgeting Strategies (Choose What Fits You)
💡 A. The 50/30/20 Rule
50%: Needs (Rent, Food)
30%: Wants (Entertainment, Subscriptions)
20%: Savings & Investments
✅ Best for: Beginners with stable income
💡 B. Kakeibo (Japanese Cash Flow Style)
Write down income, spending categories, and savings goals weekly
Promotes mindful spending
✅ Best for: Emotional spenders or impulse buyers
💡 C. Zero-Based Budget
Every rupee is assigned a job
Savings are planned first, not last
✅ Best for: Aggressive savers
💡 D. Envelope Method (Digital or Physical)
Separate envelopes for food, rent, transport, etc.
When it’s empty—you stop spending
✅ Best for: Controlling overspending in specific areas
💡 E. Pay Yourself First
Transfer 30–50% to savings immediately after salary comes in
Adjust lifestyle to the rest
✅ Best for: Self-employed and freelancers
🟢 4. Financial Tools & Apps You Should Use
| Purpose | Recommended Tools |
|---|---|
| Expense Tracking | Walnut, Moneyfy, YNAB |
| Budget Planning | GoodBudget, Mint, ET Money |
| SIP Investments | Groww, Zerodha Coin, Kuvera |
| Side Hustle Income | Fiverr, Upwork, UrbanClap, Meesho |
| Savings Optimization | Fi Money, Jupiter, Paytm Money |
| Credit Score Tracking | CIBIL, CRIF, OneScore |
🟣 5. Protecting Your Savings Goal
Sometimes, unexpected events can derail your plan. To stay on track:
✅ Build a Mini Emergency Fund
Keep ₹50K–₹1L separately
Don’t touch your goal fund
✅ Avoid New Loans/EMIs
Postpone buying gadgets, cars, or taking personal loans
Use “wait 30 days” rule for big expenses
✅ Get Basic Insurance
Health Insurance: Minimum ₹5L cover
Term Insurance: ₹50L+ if you have dependents
These protect your savings from medical or life emergencies
🔴 6. Realistic Mindset for 2-Year Saving Challenge
Saving ₹10L is more about discipline than income. Here’s how to stay motivated:
Break it into small monthly or weekly targets
Join challenges like “No Spend Month” or “21-Day Frugal Reset”
Follow Indian finance creators like Ankur Warikoo, CA Rachana Ranade
Print a ₹10 Lakh Savings Tracker and stick it on your wall
Celebrate milestones (₹2L, ₹5L, ₹8L) with low-cost rewards
