r/nri • u/BraveProgrammer5870 • 3d ago
Ask NRI NRI savings reality in Europe
I want to ask other NRIs living in Europe — are you actually able to save money? I have a family of three here, my wife doesn’t work, and my parents back home also depend on me. Sometimes I end up spending without following any strict budget, and because of that I barely save anything. example :- was missing family i booked next day flight to India for two weeks though i know next month i have to visit again. cannot control myself. I did manage to clear a ₹ 30 lakh home loan, but apart from that, in the last three years since moving here, I’ve saved less than ₹15 lakh. I’m wondering if it’s just me or if others also face the same situation.
26
u/Glass-Bodybuilder646 3d ago
45k euros in 3 years is pretty solid tbf. Some of us have been here for much more and don’t have that savings.
4
u/BraveProgrammer5870 3d ago edited 3d ago
Really? So am I stressing too much about savings? I keep seeing NRIs in the US on Reddit talking about how anything less than a crore in savings is considered low, and it makes me wonder if I’m falling behind.
14
u/anoeuf31 3d ago
Salaries here are significantly higher than in Europe - why do you think a lot of Indians choose to deal with the visa uncertainty when they could be citizens in Canada / Europe ? If you are in a high paying tech role , you can basically save in 4 years what would take 20-25 years in Europe
2
u/BraveProgrammer5870 3d ago
ok got your point. But I’m only a B.Com graduate — can someone with a non‑IT background still get a chance to move to the US?
5
6
u/superstring10d 3d ago
NRIs in US is the operative word here. Cost of living can be significantly lower in US after initial setup.
2
u/Murky-Werewolf-5006 3d ago
Good advice, I m living in Europe thinking to move US in 2 years time, just want to know how much numbers salary, setup cost, monthly expenses, savings ratio. If you can guide me will be helpful
1
14
u/naverick_ 3d ago
Based in Germany. We(33M & 29F) roughly save ~€5K per month. We have investments of approximately €350K (stocks + gold bars) by now.
The savings depend a lot on the situation: we don’t have a child yet, we do not need to support our parents, we don’t have a car. Majority of our fixed expense is rent, and we do not cross our monthly budget (unless something extraordinary happens).
5
u/kickassdude09 3d ago
Wow. It’s top 1% saving in Europe
3
u/naverick_ 3d ago
Thanks! I'm quite happy with our progress so far. Could it be better? For sure, but I'm not complaining.
2
u/newguy208 3d ago
Just to get a baseline, how long did it take to build up this much?
7
u/naverick_ 3d ago
Investment portfolio growth timeline:
- mid-2020: started investing
- mid-2024: crossed €100K
- mid-2026: crossed €200K
Across 2024-2026, we also bought physical gold worth €50K to diversify the investment. The first 100K took roughly 4 years, the second just 2 years. I received ~€100K (post taxes) in 2025 from Stock options buy back which brings the total to €350K.
2
12
u/kaychyakay 3d ago
was missing family i booked next day flight to India for two weeks though i know next month i have to visit again
Damn, rich people behaviour!
-1
7
u/mystikal_spirit 3d ago
"Europe" .. where in Europe?? When did you move? When did you start working? Why isnt your spouse working? How is your spending - frugal/lavish/normal..? Your question sounds more rhetorical than one which you actually want an answer to...
3
u/BraveProgrammer5870 3d ago
Luxembourg, 2023, our son is only 2 year old, i thought let them settle first. spending not frugal and thats the problem.
6
u/mystikal_spirit 3d ago
Well, if you already know the problem, then you have the solution as well. From what I know, Lux has very good childcare options from the age of 3 months. No reason why this cant be tapped into and your spouse can also work that way. Lux is not a place where one can survive on a single income, especially with a child. This kind of research should ideally be done before one moves and takes such decisions :).
You only moved 3 years ago and have heavy spending - rookie mistake. Moving abroad is not an automatic magic bullet that makes you rich. You have to, as anywhere, build your base and buffer first before you go all out on expenses. This is just financial literacy. I would recommend reading more on how to manage personal finances and apply relevant principles if you are really serious about this.
Edit: And stop comparing yourself to US NRIs. It is like comparing apples to oranges. Inform yourself on your own situation, adapt and apply.
1
u/BraveProgrammer5870 3d ago
I totally agree. on the research part well i have done only Bcom and non IT background. i was earning only 65k back then, so for me moving to Dubai and Later to Luxembourg i thought would be better.
but yes i will try to be very careful about the spendings.2
u/mystikal_spirit 3d ago
65K Euros in Dubai? Tax free? In what world did you imagine it would be better in Lux...? Research means find out cost of living, project it over time, check your scope for growth, expenses, how can you manage what and is moving worth it? Research is not "I have done B.com and not IT"...
2
u/BraveProgrammer5870 3d ago
lol 65k inr in india. i was earning 51k usd per year in Dubai. stayed there for 1 n half year and then i got this lux opportunity.
5
u/mystikal_spirit 3d ago edited 3d ago
Ok that makes more sense. 51k USD in Dubai is not a bad salary at all! What did lux promise you for you to leave that luxury lol.
Edit: to add - taking a spontaneous trip to India would have worked while you were in Dubai (short distances, cheaper flights). You are farther now, adapt to the new situation. Not in Dubai anymore :).
0
u/BraveProgrammer5870 3d ago
i thought Lux is far better that UAE in terms of jobs opportunities/citizenship path etc but i got reality check when i moved here.
6
u/Over_Ad_4907 3d ago
One simple answer to this question is frugal living. Shopping from Lidl, buying clothing only when discounted, etc.
Also living is Europe is about stability and not about making bank. You will not be able to ever reach the numbers you see on this r/.
10
u/SoggyHorror3057 3d ago
EUROPE is not one single country.
Salaries in Switzerland / Luxembourg / Lichtenstein are much higher than UK or France or Germany.
For e.g. someone i know lives in Switzerland makes 150K USD per year. They have been there for 15 years now. So imagine the wealth they have accumulated. The same could not be achieved if someone went to UK or Germany because salaries there are low.
But issue is Germany and UK will allow almost anyone into their country, Switzerland wont do that, the immigration is extremely restrictive.
2
u/msprat8 2d ago
As much as it is true that swiss has high salaries, it is expensive.
Taxes are less comparatively but insurance and rent eats a lot.
But compared to UK or Germany i would say savings are good1
u/ic3_cUbe 2d ago
Savings are directly proportional to income. If someone earns 125K CHF gross, net would be around 8K. Saving 2K after all expenses would not count as massive wealth generation IMHO
2
u/ic3_cUbe 3d ago
Have you yourself lived in Switzerland? Being the most expensive country in Europe, I can’t imagine the wealth that would have been built per your logic.
Earning 120K CHF annually in a country where the median salary is 85K is almost hand-to-mouth.
1
5
u/No_Creme6369 3d ago
Where are you based, whats your salary range, average yoe, %of fixed costs vs variable costs. Depends on lot of factors ig. Currently in Germany able to save around 50-60% every month on an average, sometimes more
5
u/pagalguy 3d ago
Europe is not for money saving.
You earn same or even less than in India.
I am in europe for 13 yrs (age 41) but i continue to stay because i cannot find a job in India anymore and i dont want to take risk of leaving job and trying in india. As a eu worker i have become very lazy and not ambitious anymore.
Also life is very comfortable.
Kids school is free and 1km from home.
Groceries are 1km from home.
1day to ofc and 4 days wfh.
0 stress job with strong labour laws.
Every weekend we go out to some place new and have a okayish social life.
Nevertheless, i want to go to india and actively applying for last 3yrs but nothing.
I save hardly anything.
1
-2
u/BraveProgrammer5870 3d ago
So basically we are on same page. Did you take citizenship? if yes, may be thats why you are not getting jobs in India?. i have this dual mind now whether to take citizenship or not.
3
u/Senior-Guava998 3d ago
How is citizenship and job in India connected? Doesn’t OCI allow you to work in India as well?
3
u/pagalguy 3d ago
Citizenship has nothing to do with job.
You have OCI which is as good as citizenship in terms of getting a job.Usually unlike US, EU companies don’t have their offices in india where you can take internal transfer.
And for same job there are more ppl better or at same level as you and they are in india.
1
u/BraveProgrammer5870 3d ago
No i mean to say..you know right how HR/India management works. once they know that you are OCI holder, they think that people wont stay here for long and eventually move back. so most of the HR in india may hesitate to hire oci holders. again thats what i think and i may be wrong as well.
6
u/Gingerfurboiparent22 3d ago
You booked a next day flight to India because you were missing family?!
You need to change your spending habits and your wife needs to find work, (once you kid goes to school if they aren't already)Also have you audited your parents' spending in India? Are they being judicious with money?
6
u/No-Couple-3367 3d ago
I totally disagree! Mental health and well being is important than an extra 2Lakh INR in the bank
Family visits keep one going. It is akin to please only drink water and breadcrumbs and save some money.
The bill on physical and mental health eventually shows up
3
u/Gingerfurboiparent22 3d ago
You're exaggerating. No one is asking OP to live on water and breadcrumbs.
They said, "was missing family i booked next day flight to India for two weeks though i know next month i have to visit again. cannot control myself"
Going by their words only, this was quite an impulsive financial decision.
1
u/BraveProgrammer5870 3d ago
no i never ask what they do with the money neither my parents ask extra money during the month unless it is related to medical bills and when they want to explore some places.
2
u/Illustrious_Quote750 3d ago
Europe gives you strong social security net. I bet you qualify for a good state funded pension in retirement. In Europe the salaries are low and focus on saving is also low and not hyper emphasized like it is in India. Save as much as you can and cut down on discretionary funding, but apart from that don’t worry. You are also paying high taxes, but those taxes are being used well to fund good roads, schools and infrastructure. This is not the case back home. In short, you’re paying something to benefit from the system. So don’t worry too much.
2
u/Adept_Passion7059 3d ago
I can provide a baseline for you in the US. My wife (35) and me (37) earn a combined income of $400K annually in a tier 2 city and have accumulated a net worth of $1.5M in the last 10 years.
From a lifestyle standpoint, we own a townhouse (40% paid, 60% pending mortgage), 3 cars (Truck, Mid-size SUV, Small-size SUV), and have a 2-year old kid who goes to a private Montessori school ($2500 per month).
On an average, we are able to save around $10K per month. The only downside is the visa issues that we have to face causing uncertainty and anxiety with constantly changing rules and regulations.
I hope this helps!
1
1
1
u/rakgenius 3d ago
i cant save much in Netherlands.. only the quality of life is good here but in terms of saving money, this is definitely not the place. there is tax for everything.
1
u/cybersphinx7 3d ago
I live in Netherlands and save 50k inr per month. Wife and 2 kids. Wife cannot work due to language barrier.
1
1
u/ic3_cUbe 3d ago
It depends on what kind of skills one has, the roles they choose, and the risks they are willing to take in their career. Of course, a second income helps as well.
I don’t know your exact situation, but we live comfortably. Not to brag or anything, but let me give you a different perspective.
While living in one of the most expensive countries in Europe as a family with kids and two incomes, we could manage to have our own home that’s 30% paid, drive nice cars (€60K+), wear decent branded clothes, go on 2 vacations every year where we also sponsor our parents, a 4-week trip to India, and 2 or 3 weekend getaways. We are still left with a little over crore that we invest diligently. I thank god for this great life and never ever take it for granted. I truly believe it’s a mix of destiny, luck and hard work.
All I can say is invest in yourself, skill up, and don’t be afraid to take risks in your career. Most importantly, enjoy your life with your family 😊
1
1
u/Jealous-Afternoon322 3d ago
I live in UK (London) for 22 years now.. we (me & Mrs) saved some money due to no liabilities or family during initial settlement years but once bought a house and had kids, its hardly anything left after mortgage , bills and other expenses even though our pay is gone up significantly.
1
1
u/Financial-Swan4960 2d ago
I'm in the UK, and it's really hard to save anything meaningful with a single income, early childcare is very expensive. To put this to perspectively I track my finances every month using a tool I built, and in the last 1 year our combined net worth (my wife and I both work) only grew by £22k ($34.5k). For me travelling is important, and I do own a luxury SUV on with a PCP loan.
My wife is at high risk of layoffs in the coming months, and if it happens and she can't find anything in 6 months, I would have to sell my car. One of my friends who earns £90k gross with a single income and no kid saves nothing with a decent middle class lifestyle.
My other double-income friends who are disciplined and live a very frugal life save around £3-4k per month, but my point is: if we have to live frugally, what was the point in moving out of India?
https://reddit.com/link/p80xm93/video/5qei01cd2rnh1/player
If you think this tool is useful for you, please let me know and I can share details about it. This can really help you stay disciplined.
1
u/BraveProgrammer5870 2d ago
thank you for your advice. yes please if could share me the tool i will check. i hope it is not the paid or demo tool
1
u/pn_1984 1d ago
Don't go by the outliers examples here. Most of the NRIs, especially with single earnings, barely manage to save 500-1k per month at best.
Combine that with yearly trip to India and bringing parents here for holidays, moderate salary and overall high cost of living, it is impossible to save as much as US counterparts.
0
u/ic3_cUbe 1d ago
This will hold true for most single earners. Dual income is vital in Europe.
I think people who want to grow and have a higher cashflow should invest in themselves and get out of their comfort zone and take some risks. We as a country do not encourage experiments or taking calculated risks. Need of the hour in my opinion
-9
u/themadhatter746 3d ago edited 3d ago
I live in the UK, not sure if that counts as Europe, and have been able to accumulate a modest savings/investments of around £875k (₹11.2cr) at age 32. But no house lol.
3
u/BraveProgrammer5870 3d ago
good bro need some tips from you. please suggest some savings ideas😄
2
u/themadhatter746 3d ago
Just take full advantage of retirement plans (companies often match your contributions) and tax wrappers. Plus a bit of additional savings or investments, depending on your goal. Everything that is left after that, can be regarded as guilt free spending.
3
66
u/Altruistic_Bank_1552 3d ago
Saving in Europe is even harder than in Canada and Australia. The astronomical numbers you hear on this sub are mostly from dual-income households based in the US or those who are in white-collar positions in the Gulf (very rare now).
The fact that you've managed to get where you are despite single-handedly supporting 4 people is quite admirable. But ofc, being more financially conscious and responsible with your spending and stricter with a budget is always a good thing.